PSI Virginia Real Estate Practice Exam

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Get ready for the PSI Virginia Real Estate Exam. Use multiple choice quizzes with hints and explanations to boost your confidence. Ace your exam!

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How soon must escrow violations be reported?

1 business day
3 business days
7 business days
10 business days

The correct answer is: 3 business days

Escrow violations must be reported within 3 business days because this time frame is established to ensure that issues are addressed promptly and do not lead to further complications, such as financial losses or disputes. This timely reporting requirement helps protect the interests of all parties involved in a transaction and maintains transparency in the handling of escrow funds. Adhering to the 3-business-day guideline reflects an understanding of the urgency associated with escrow management, ensuring that any discrepancies can be resolved quickly and efficiently. This also aligns with regulatory standards that govern the real estate profession, emphasizing the importance of accountability in financial transactions.