BC Real Estate Trading Services Licensing Exam Practice · Question
Brokerage 'Coastal Homes Realty' receives a $20,000 deposit cheque from a buyer for a property in Nanaimo. When must this deposit be paid into the brokerage's trust account?
Section 28(1)(a) of the Real Estate Services Regulation states that a deposit must be paid into the brokerage's trust account within 3 business days of being re
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Question: Brokerage 'Coastal Homes Realty' receives a $20,000 deposit cheque from a buyer for a property in Nanaimo. When must this deposit be paid into the brokerage's trust account?
Answer options:
- Immediately upon receipt, before any offers are presented.
- Within three business days of receiving the deposit, regardless of offer acceptance. ✅ Within three business days of receiving the deposit if the offer is accepted.
- On the completion date of the transaction.
Correct answer: Within three business days of receiving the deposit if the offer is accepted.
Explanation: Section 28(1)(a) of the Real Estate Services Regulation states that a deposit must be paid into the brokerage's trust account within 3 business days of being received if the offer is accepted.
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Question explanations
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