Florida — Brokerage Activities & Procedures — Florida Real Estate — State Law Practice Test
24 questions in this topic · 24 drawn at random this round
Under Florida law, who may serve as the escrow holder for an earnest-money deposit in a residential real-estate transaction?
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This Florida Real Estate — State Law Florida — Brokerage Activities & Procedures practice set has 24 practice questions based on the official exam materials, each with an instant explanation.
Sample questions
Three questions from the Florida — Brokerage Activities & Procedures bank with the correct answer and an explanation. The practice quiz above draws 24 questions at random from the same bank.
A Florida sales associate accepts a buyer's good-faith earnest-money check on Monday. Under FREC rules, by when must the sales associate turn the funds over to the broker?
- By the end of the next business day after receiving it — Correct answer
- By the end of the third business day after receiving it
- Immediately upon return to the office, but no later than five business days
- The associate may deposit it directly into the broker's escrow account
Explanation: FAC 61J2-14.009 requires every sales associate who receives a deposit to deliver it to the broker no later than the end of the NEXT business day after receipt. The associate never holds escrow personally. Escrow（托管/第三方保管）: funds held by a neutral party pending closing. Source: FAC 61J2-14.009.
Handbook: Florida Brokerage Activities — Sales associate delivery of deposits (61J2-14.009 FAC)
A Florida broker receives an earnest-money deposit. Under FREC rules, by when must the broker place those funds into the escrow (trust) account?
- By the end of the third business day following receipt — Correct answer
- By the end of the next business day following receipt
- Within seven calendar days, including weekends and holidays
- By the closing date stated in the purchase contract
Explanation: FAC 61J2-14.008 defines 'immediately' as placing the deposit in escrow no later than the end of the THIRD business day following receipt by the broker (or any brokerage representative). Trust account（托管账户）: a segregated account holding others' funds. Source: FAC 61J2-14.008.
Handbook: Florida Brokerage Activities — Broker deposit deadline (61J2-14.008 FAC)
Under Florida law, when FREC rules say a broker must place an escrow deposit 'immediately,' what does 'immediately' legally mean?
- No later than the end of the third business day following receipt — Correct answer
- Within the same hour the deposit is received
- Before the close of business on the day of receipt
- Within 24 clock hours, counting weekends
Explanation: FAC 61J2-14.008 gives 'immediately' a precise legal meaning: deposit no later than the end of the third business day after receipt — it does NOT mean the same hour or same day. The defined term prevents ambiguity in discipline cases. Immediately（立即,法定含义）: by end of 3rd business day. Source: FAC 61J2-14.008.
Handbook: Florida Brokerage Activities — Definition of 'immediately' (61J2-14.008 FAC)