Illinois License Law
An Illinois broker who receives an earnest money check must deposit it in the firm's trust account within:
A7 business days of receipt
B24 hours of receipt
CA reasonable time as specified in the contract or within 1-2 business days of receipt✓ Correct
D30 calendar days of the contract execution date
Explanation
Under Illinois license law, earnest money must be deposited in the broker's trust account within a reasonable time — typically interpreted as within 1-2 business days of receipt (or as specified in the contract). Timely deposit of earnest money is a critical compliance requirement.
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