According to state law, within how many days must an earnest money deposit be placed in the Real Estate Trust Account?

The response regarding the timeline for placing an earnest money deposit in a Real Estate Trust Account aligns with Utah law, which stipulates that this deposit must be made within 3 banking days after the acceptance of the contract or as otherwise agreed in writing by the parties involved. This regulation is designed to ensure that earnest money, which serves as a sign of good faith in a real estate transaction, is handled responsibly and transparently.

Moreover, the emphasis on "banking days" means that this timeline accounts for days that financial institutions operate, excluding weekends and holidays. This distinction is critical because it directly impacts when the deposit must be made, ensuring both parties understand the expectations regarding the handling of earnest money.

Other options suggest longer timeframes or different conditions that do not align with Utah's legal requirements. Therefore, the correct answer reflects the specific mandate set forth in the state's regulations, which is essential for maintaining orderly and fair real estate transactions.