Minnesota State Real Estate Practice Test 2025 – Comprehensive All-in-One Guide for Exam Success

Question: 1 / 400

When must a receipt be issued for a nondepositable item?

Upon request from the seller

Only after the item is sold

Immediately upon depositing with an escrow agent

A receipt must be issued for a nondepositable item immediately upon depositing it with an escrow agent because this practice helps establish a clear record and accountability for all parties involved in the transaction. Nondepositable items, such as personal property or items that cannot be held in trust, require proper documentation to ensure that they are handled correctly. By issuing a receipt at the moment of deposit, the escrow agent provides a tangible confirmation of the item’s receipt, which protects the interests of both the buyer and seller, maintaining transparency in the transaction. This timing aligns with the standard practices in real estate transactions where clarity and verification are paramount.

Get further explanation with Examzify DeepDiveBeta

When the transaction is finalized

Next Question

Report this question

Download Minnesota State Real Estate Practice Test PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy