Oregon Broker PSI Practice Exam

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Study for the Oregon Broker PSI Exam. Quiz with flashcards and multiple choice questions with hints and explanations. Prepare for your exam efficiently!

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Within how many banking days must earnest money be deposited?

5 banking days
2 banking days
3 banking days
1 banking day

The correct answer is: 3 banking days

The requirement for the timely deposit of earnest money in a real estate transaction is established to ensure that both the buyer and seller are acting in good faith. In Oregon, the law mandates that earnest money must be deposited within three banking days after the acceptance of the purchase agreement. This timeframe helps maintain a sense of urgency and commitment in the transaction, providing assurance to the seller that the buyer is serious about the purchase. Understanding this timeframe is crucial for brokers to ensure compliance with state regulations, as failure to adhere to the earnest money deposit timeline could lead to complications in the transaction process. The three-day rule reflects a balanced approach that allows the buyer some time to arrange for the funds while also protecting the seller's interest.