What is required of cooperating brokers when transferring funds to a listing broker?
A. Earnest money must be transferred to the listing broker within 24 hours of acceptance or by other terms stated in a contract. The cooperating broker may, however, withhold transfer, pending clearance of a check, for up to 30 days after receipt of the funds. If a selling broker receives a check made payable to a listing broker, the selling broker must, within 1 business day, forward the check directly to the listing broker or return the check to the payor.
