Agency
A Minnesota real estate agent receives an earnest money check from a buyer. The check must be:
ADeposited in the agent's personal account until closing
BHeld by the buyer until the offer is accepted
CDeposited in the broker's trust account within the required timeframe✓ Correct
DHeld uncashed until the inspection period ends
Explanation
Earnest money received by a Minnesota real estate agent must be promptly deposited in the broker's trust account. The agent cannot hold personal funds, deposit them in personal accounts, or hold checks uncashed without authorization. Trust account requirements protect buyer funds until closing.
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