When must licensee's broker make written request to title company or attorney to provide escrow deposit receipt?

• A. Within 5 business days after deposit due date
• B. Within 10 business days after deposit due date
• C. Within 15 business days after deposit due date
• D. Within 20 business days after deposit due date

Answer: (B)

The essential idea is timely, verifiable escrow documentation. When an earnest money deposit is placed in escrow, the broker must obtain a formal escrow deposit receipt from the title company or attorney. The broker is required to make this written request within 10 business days after the deposit due date. This window ensures there’s a prompt, auditable record that the funds were placed in escrow and held properly, helping prevent misplacement or commingling of funds and keeping the transaction on track. The 10-business-day limit balances the need for the title company to process the request with the need to maintain timely accountability. Other timeframes would either rush the process too much or unnecessarily delay documentation, so 10 business days is the standard.