Illinois License Law
Under Illinois law, what is required to place earnest money into a trust account?
ADeposit within 5 business days of acceptance
BDeposit within the time specified in the contract, or if not specified, within a reasonable time not to exceed 3 business days✓ Correct
CDeposit within 24 hours of receipt
DNo time requirement; just before closing
Explanation
Illinois law and IDFPR rules require that earnest money be deposited into a trust account within the time period specified in the contract. If the contract doesn't specify, it must be deposited within a reasonable time (generally interpreted as 3 business days).
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