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A broker received conflicting demands from the buyer and the seller for the earnest money deposit. The broker unsuccessfully attempted to resolve the issue between the parties to the contract. Fourteen business days later, the broker notified the Florida Real Estate Commission (FREC) of the conflict. How many remaining business days does the broker have to implement a settlement procedure

Answer :

Answer is 16 Days (16 business day remain)

Within 30 business days after receiving the competing demands, the broker must initiate one of the four settlement procedures.

  • 14 days after the claim was made, the brokers reported the contradictory requests.
  • Thirty days subtracting fourteen days = sixteen business days to perform one of the settlement processes.

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