AgencyMEDIUM
In Illinois, escrow funds must be deposited within:
Correct Answer
C) A reasonable time as determined by custom
Illinois requires escrow funds to be deposited within a 'reasonable time' as determined by local custom, typically within 1-2 business days.
Answer Options
A
24 hoursB
48 hoursC
A reasonable time as determined by customD
5 business daysVideo Explanation3 min
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Related Topics & Key Terms
Related Topics:
escrow-account-managementbroker-trust-account-requirementsreal-estate-transaction-timelines
Key Terms:
escrow depositreasonable timeIllinois Real Estate License Act225 ILCS 454earnest money
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