Manufactured Housing Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for your Manufactured Housing Exam with confidence. Utilize flashcards and multiple-choice questions with explanations to excel in your test. Get equipped to succeed!

Practice this question and more.

Within how many working days must any deposit towards a unit purchase be placed in escrow?

A) 3 calendar days
B) Within one week of receipt
C) Within 5 working days, starting from the receipt day
D) On the third day after receipt

The correct answer is: C) Within 5 working days, starting from the receipt day

The requirement that any deposit towards a unit purchase must be placed in escrow within a specific timeframe is governed by regulations that ensure both parties are protected during the transaction process. The correct answer specifies that this action must occur within 5 working days, starting from the day the deposit is received. This time frame is important because it establishes a clear guideline for the handling of funds and helps maintain transparency and accountability within the transaction. By mandating that deposits be secured in escrow in a timely manner, it assures the buyer that their funds are safe and committed to the purchase, while also providing the seller with confidence in the transaction's legitimacy. The other choices do not align with this regulatory requirement. For example, placing a deposit within one week of receipt or specific calendar days may not provide the same level of immediate security and assurance as adhering to the 5 working days guideline.