Q: What is the penalty for a realtor for not sending on time an escrow check for a purchase contract ?
A:
"Realtors" do not exist. This is a member of the REALTOR association. You have real estate sales agents and real estate brokers.
An escrow check received by a sales agent must be given the next business day to the broker, and the broker must deposit the check into his escrow account or with the title company within 3 business days.
Penalties depends on what happend and why, but overall this is a violation of licensing laws, unless the check had no funds, or the person giving the check, almost always the buyer, rescinded the offer before it was accepted by the seller.
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