PSI Virginia Real Estate Practice Exam

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Prepare for the PSI Virginia Real Estate Exam with flashcards and multiple choice questions, each featuring hints and explanations. Get ready to ace your exam!

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By which day must earnest money and down payments be deposited?

1st day
3rd day
5th day
7th day

The correct answer is: 5th day

In a real estate transaction, the timely deposit of earnest money is crucial as it demonstrates the buyer's commitment to the purchase and provides a level of security to the seller. According to Virginia regulations, earnest money and down payments must be deposited within five days of the mutual acceptance of the contract. This timeframe helps to ensure that all parties are acting in good faith and that the transaction process continues smoothly. Depositing within this specified period minimizes the risk of disputes arising regarding the buyer's intent and secures the funds necessary for the transaction, making the five-day requirement the essential guideline for real estate practices in Virginia.