By when must a broker make a deposit for an earnest money check received on Tuesday, given it was submitted late?

The correct answer is based on the standard procedures governing earnest money deposits in a real estate transaction. Typically, when a broker receives an earnest money check, there is a specific timeframe dictated by state laws or real estate regulations within which the broker must deposit that check.

In many jurisdictions, brokers are required to deposit an earnest money check within a certain number of business days following receipt. If the check is received on Tuesday and is considered late, the common practice allows a total of three business days for the deposit. Therefore, if Tuesday counts as the first day, you would count Tuesday, Wednesday, and Thursday, which means the deposit should be made by the end of the day Thursday.

This aligns with option B, not C. To clarify, the actual deadline for the broker would typically extend to Thursday if no holidays or weekends are involved. If this question indicated that an earnest money check was submitted late beyond typical expectations, this could extend the timeline for the deposit based on specific regulatory requirements or company policy. Here, it appears the focus has led to the misinterpretation of the deadline.

Understanding the timing and regulations around earnest money helps ensure a smooth transaction process and is crucial for maintaining trust in the real estate business.