In Connecticut, funds received by a broker on behalf of a client must be deposited in an escrow or trust account within how many banking days?

In Connecticut, the requirement for brokers to deposit funds received on behalf of a client into an escrow or trust account is specifically outlined in the state’s real estate regulations. The correct answer indicates that the deposit must occur within banking days of receiving all necessary signatures related to the transaction.

This means that the broker must ensure that any funds, such as earnest money, are safeguarded appropriately and not commingled with personal or business funds until the transaction progresses to a certain point. The timing is crucial for maintaining compliance with legal standards and for protecting the financial interests of all parties involved.

The stipulation of using "banking days" emphasizes that weekends and holidays are not counted, ensuring that brokers have a clear timeframe based on typical business operations. The requirement is meant to ensure prompt handling of client funds and maintain the integrity of the escrow process. Thus, brokers are held accountable for timely action once all contractual obligations, including necessary signatures, are fulfilled.