What legal requirement must Lucy adhere to when she receives an earnest money check as an unlicensed office administrator?

When Lucy, as an unlicensed office administrator, receives an earnest money check, it is crucial for her to follow the established procedures set forth by Florida real estate law. The correct answer indicates that the broker must deposit the check into an escrow account by the end of Thursday, which is a requirement under Florida law. This regulation is designed to ensure that earnest money is handled in a manner that protects the interests of all parties involved in the transaction.

The law mandates that earnest money must be deposited into an escrow account promptly to safeguard the funds until the transaction is completed. By ensuring that the broker deposits the check within this time frame, the integrity of the process is maintained, and buyers feel secure that their money is in a safe location.

This requirement underscores the importance of compliance with real estate laws and reinforces the role of licensed brokers in overseeing financial transactions, while also highlighting that unlicensed individuals like Lucy do not have the authority to manage earnest money independently.