ContractsEASY
Earnest money deposits in New Jersey must be held:
Correct Answer
B) In the broker's trust account or attorney escrow
Earnest money must be held in the broker's trust account or an attorney's escrow account until closing or contract termination.
Answer Options
A
By the sellerB
In the broker's trust account or attorney escrowC
By the buyerD
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Related Topics & Key Terms
Related Topics:
trust-account-requirementscontract-execution-proceduresescrow-account-regulationsgood-faith-deposits
Key Terms:
earnest moneytrust accountattorney escrowNew Jersey License Actcommingling
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