Illinois Real Estate Exam Practice Question
After acceptance of an offer in Illinois, a sponsoring broker must deposit an earnest money check in their escrow account immediately or
Correct Answer: A
Rationale: In Illinois, a sponsoring broker is required to deposit an earnest money check into their escrow account immediately upon acceptance of an offer. This ensures that the buyer's funds are protected and properly accounted for from the onset of the transaction.
Option B, "in 2 business days," and Option C, "in 3 business days," do not align with the immediate requirement set by state regulations. Option D, "in a reasonable time," is too vague and does not specify a clear timeframe, which could lead to potential disputes or mismanagement of funds. Adhering to the immediate deposit requirement maintains professionalism and compliance in real estate transactions.
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