Quiz

Florida Escrow Deposit Rules Quiz (Brokers and Sales Associates)

Escrow questions are almost pure memorization, which makes them easy points. Here are the deadlines and limits the Florida exam tests, with the rule for each.

RuleDeadline / limitSource
Sales associate turns a deposit over to the brokerBy the end of the next business day after receiptRule 61J2-14.009, F.A.C.
Broker places a deposit in escrow ("immediately")By the end of the third business day after receiptRule 61J2-14.008, F.A.C.
Broker's own money in a sales escrow accountUp to $1,000Rule 61J2-14.010, F.A.C.
Broker's own money in a property-management escrow accountUp to $5,000Rule 61J2-14.010, F.A.C.
Escrow reconciliationMonthly, signed and dated by the brokerRule 61J2-14.012, F.A.C.
Conflicting demands: notify FRECWithin 15 business days of the last demandRule 61J2-10.032, F.A.C.
Conflicting demands: start a settlement procedureWithin 30 business days of the last demandRule 61J2-10.032, F.A.C.
Failure to account / deliver fundsGrounds for disciplines. 475.25(1)(d), F.S.

Quick quiz

Question 1 of 4

A sales associate receives a deposit on Monday (no holidays). By when must the broker deposit it?

  1. Monday
  2. Tuesday
  3. Thursday
  4. Friday
Show answer

C. Thursday By the end of the third business day after receipt: Thursday. Source: Rule 61J2-14.008, F.A.C.

Question 2 of 4

Buyer and seller both demand the same deposit. The broker must notify FREC in writing within:

  1. 5 business days
  2. 10 business days
  3. 15 business days
  4. 30 calendar days
Show answer

C. 15 business days 15 business days after the last demand. Source: Rule 61J2-10.032, F.A.C.

Question 3 of 4

How much of the broker's own money may be kept in a sales escrow account?

  1. None
  2. Up to $1,000
  3. Up to $5,000
  4. Any amount if disclosed
Show answer

B. Up to $1,000 Up to $1,000 in a sales escrow account ($5,000 for property management). Source: Rule 61J2-14.010, F.A.C.

Question 4 of 4

Once conflicting demands are received, the broker must start a settlement procedure within:

  1. 10 business days
  2. 15 business days
  3. 30 business days
  4. 60 days
Show answer

C. 30 business days Within 30 business days of the last demand: mediation, arbitration, litigation, or an escrow disbursement order. Source: Rule 61J2-10.032, F.A.C.

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