Under the Illinois Real Estate License Act and 68 Ill. Admin. Code 1450.710, a licensee receives earnest money on a Friday afternoon after all banks have closed for the day. By when must the funds be deposited into the broker's escrow account?
Correct Answer
B) By the end of the next business day following receipt
68 Ill. Admin. Code 1450.710 requires that earnest money and other trust funds be deposited into the escrow account by the end of the next business day after receipt. Because the funds were received on Friday after banking hours, the next business day is Monday, making Monday the deposit deadline. 'Business day' excludes weekends and federal holidays, so the Friday-after-hours scenario does not compress the timeline.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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