California Real Estate Practice Exam

An uncashed deposit check may be held and not deposited for how many days before an offer is accepted?

1. 5 days

2. 10 days

3. Until the offer is accepted

4. 30 days

The correct answer is: Until the offer is accepted

Depositing a check immediately after receiving it is a common practice that allows us to have access to the deposited amount promptly. However, in some cases, a deposit check may not be deposited right away, for example, when the person receiving the check does not have access to their bank account, or there is an issue with the check. In these cases, the check can be held and not deposited for a certain period. The question asks how many days a deposit check may be held before an offer is accepted, which implies a situation where someone has given you a deposit check as part of an offer. In this scenario, the correct answer is C Until the offer is accepted. This is because, in a negotiation or offer situation, deposit checks are often held as a form of security and are not deposited until the offer or agreement is finalized. In contrast, options A, B, and