Contracts
In Michigan, earnest money deposited with a broker is typically held in:
AThe broker's personal checking account
BA broker's trust (escrow) account✓ Correct
CThe title company's account immediately upon receipt
DThe seller's bank account
Explanation
Michigan law requires brokers to deposit earnest money into a trust (escrow) account, keeping it separate from the broker's operating funds until closing or until the parties agree to its disposition.
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