If a broker holds the escrow account, when must a good faith deposit received by a sales associate on Friday be deposited?

When a broker holds the escrow account, any good faith deposit received by a sales associate must be deposited into the escrow account within the timeframe established by Florida law. According to Florida's real estate rules, deposits received must be submitted to the broker within one business day and the broker must then deposit that money into the escrow account no later than the end of the third business day after the receipt of the deposit.

If a sales associate receives the good faith deposit on a Friday, that day is considered the first business day. Therefore, the sales associate must provide the broker with the deposit by the following Monday, which counts as the second business day. The broker then must ensure that the good faith deposit is actually deposited into the escrow account by Wednesday, the end of the third business day. This adherence to timely deposit procedures is crucial in maintaining the integrity of escrow accounts and ensuring compliance with regulatory standards.

Thus, the correct timeframe for the broker to make the deposit is by Wednesday, following the receipt of the good faith deposit by the sales associate.