Florida Broker Practice Exam

What is required no later than 10 business days after the deposit under a sales contract?

1. A written verification of receipt must be obtained

2. The selling broker must provide a copy of the deposit

3. The check must be cashed

4. The buyer must be informed of the deposit amount

The correct answer is: A written verification of receipt must be obtained

In the context of Florida real estate transactions, it is essential for the selling broker to obtain written verification of the receipt of the deposit no later than 10 business days after it has been made under a sales contract. This requirement ensures that there is a formal acknowledgment of the deposit, protecting both the buyer's interests and creating a clear record of the transaction. By having written verification, all parties can ensure transparency and accountability regarding the handling of funds, which is vital for maintaining trust in real estate dealings. This verification can serve as a crucial piece of documentation should any disputes arise in the future. It provides evidence that the deposit was indeed received and properly accounted for, which is a key component of executing a sales contract. Overall, this protocol reinforces professional standards in real estate practices within Florida, ensuring that all necessary steps are taken to protect both buyers and sellers in their transactions.