Licensee must turn over escrow funds to broker within 1 business day of receipt from customer.

• A. 1 business day
• B. 3 business days
• C. Immediately
• D. Within 5 days

Answer: (A)

The main idea here is safeguarding trust funds by ensuring prompt turnover of escrow money to the broker so it can be held in the broker’s trust account and properly accounted for. In Florida, once a licensee receives escrow funds from a customer, those funds must be turned over to the broker no later than the end of the next business day. This protects the funds from misplacement and supports accurate trust accounting and transparency in the transaction. The phrase “within one business day” captures the required speed: it isn’t necessarily immediate at the moment of receipt, but it must be with the broker by the close of the next business day. Delaying longer would leave funds unprotected and would violate the rule. For example, if funds arrive on Friday, they should be with the broker by the end of the next business day (usually Monday).