A licensed managing broker in Vancouver receives an offer on a listing represented by one of their licensees. The offer includes a deposit cheque for $15,000, payable to the brokerage. According to the Real Estate Services Rules, when must this deposit be paid into the brokerage's trust account?

Question: A licensed managing broker in Vancouver receives an offer on a listing represented by one of their licensees. The offer includes a deposit cheque for $15,000, payable to the brokerage. According to the Real Estate Services Rules, when must this deposit be paid into the brokerage's trust account?

Answer options:

• Within 7 days of acceptance of the offer. ✅ As soon as practicable, which is generally within 3 business days of receipt by the brokerage.
• Immediately upon receipt by the licensee, who then forwards it to the brokerage for deposit.
• Only after all conditions of the offer have been waived or fulfilled.

Correct answer: As soon as practicable, which is generally within 3 business days of receipt by the brokerage.

Explanation: Real Estate Services Rule 5-13 requires that money held by a brokerage in relation to real estate services must be paid into the brokerage's trust account as soon as practicable, which is generally considered within three business days of receipt.