A trust-account compliance memo asks when earnest money must be placed in the sponsoring broker's escrow account after the principal office receives it. Which statement best describes the rule?
Correct Answer
D) The funds must be placed in the sponsoring broker's escrow account no later than the next business day after receipt by the principal office.
Illinois escrow rules require prompt deposit. When funds are transmitted from another office, the principal office must place them in the escrow account no later than the next business day after receipt.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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