Under the Real Estate Commission rules, when a listing broker receives an earnest money deposit on a residential sales contract, he must deposit the earnest money in his trust account:
It must be deposited in a trust account no later than three business days after acceptance of the contract, unless the buyer and seller instruct the broker in writing to do something different.
If a licensee negotiates a sale of real estate on behalf of a seller while her license is inactive, she may receive a commission from:
A licensee must have an active real estate license in order to collect a commission. It is a violation of real estate license law to negotiate a real estate transaction without an active license.
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