Contracts
In New York, earnest money (contract deposit) is typically held by:
AThe listing broker in their operating account
BThe seller's attorney in an escrow account✓ Correct
CThe buyer's bank
DThe Department of State
Explanation
In New York, contract deposits are customarily held by the seller's attorney in an attorney escrow account (IOLA account) until closing or resolution of the transaction.
Related New York Contracts Questions
- In New York, a buyer's broker agreement typically establishes:
- A contingency clause in a purchase contract:
- Which type of listing gives the broker the LEAST protection?
- An inspection contingency in a purchase contract typically allows the buyer to:
- Under New York law, a real estate contract signed by a person who has been adjudicated legally incompetent is:
- When a seller accepts a buyer's offer, the resulting contract is known as a:
- In New York, a real estate broker's claim for a commission is typically based on:
- Which of the following is NOT a required element for a valid real estate contract in New York?
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →