How long does a broker have to implement settlement procedures after receiving a conflicting demand?

A broker is required to implement settlement procedures within 30 days after receiving a conflicting demand on a property or funds. This timeframe allows the broker to adequately address the situation where there is uncertainty or dispute over the ownership of funds or property, ensuring that all parties involved are given fair consideration and that proper legal procedures are followed to resolve the conflict. The 30-day period is a regulatory guideline aimed at protecting the interests of all parties involved and ensuring that the broker acts within lawful boundaries while attempting to clarify the matter at hand. This is crucial in maintaining trust and integrity in real estate transactions.