Arkansas Real Estate Practice Exam

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When must trust funds be deposited following a real estate contract execution?

Within 10 days
Immediately on receipt
No later than three days following execution
Before the closing of the transaction

The correct answer is: No later than three days following execution

Trust funds must be deposited no later than three days following execution of a real estate contract. This means that option A, within 10 days, is incorrect because it allows for a longer time frame than three days. Option B, immediately on receipt, is also incorrect because it does not specify a time frame and could potentially be longer than three days. Option D, before the closing of the transaction, is incorrect because it does not specify a specific time frame and could also be longer than three days. Only option C specifically states that the trust funds must be deposited within three days, making it the correct answer.