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Within how many business days must brokers institute settlement procedures after receiving conflicting demands?

  1. 15 business days

  2. 30 business days

  3. 45 business days

  4. 60 business days

The correct answer is: 30 business days

Brokers are required to institute settlement procedures within 30 business days after receiving conflicting demands. This timeframe is important as it ensures that the broker acts in a timely manner to resolve any disputes regarding property transactions. The rules governing this process are designed to protect the interests of all parties involved, including buyers, sellers, and other stakeholders, by facilitating a prompt resolution. In cases where the broker is unable to determine who is entitled to the funds or property in question, they must follow the appropriate procedures, which might include notifying the parties of the conflicting demands and potentially depositing the funds with the court. Adhering to the 30-business-day deadline ensures that the broker remains compliant with industry regulations and helps maintain the integrity of real estate transactions.