Contracts
An earnest money deposit in Illinois is typically held by:
AThe listing broker in the firm's trust account✓ Correct
BThe buyer until closing
CThe title company until closing
DIDFPR in an escrow account
Explanation
In Illinois, earnest money is typically held in the listing brokerage firm's trust account until closing, though the parties may agree to have it held by a title company or attorney. The managing broker is responsible for ensuring earnest money is properly deposited.
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