What is the maximum amount of time a broker has to deposit earnest money into a trust account?

The correct answer indicates that a broker has three business days after the agreement to deposit earnest money into a trust account. This timeline is established to ensure that earnest money is handled promptly and securely, which is crucial in real estate transactions. Timely deposit of earnest money helps protect the interests of all parties involved, particularly the buyer, by demonstrating a commitment to the transaction.

In Oregon, the three-business-day requirement reflects a balance between allowing brokers sufficient time to handle the paperwork and ensuring that buyers’ funds are secured in trust quickly. This procedure establishes trust in the transaction process and complies with state regulations regarding the handling of clients' funds.

Understanding this timeline is fundamental for brokers as neglecting to deposit earnest money within this timeframe can lead to legal and ethical implications, including potential liability or disciplinary actions from regulatory bodies.