Escrow & Title
In New York, earnest money deposited by a buyer is typically held in escrow by:
AThe listing broker in their operating account
BThe seller's attorney's escrow/IOLA account or the listing broker's escrow account✓ Correct
CThe title company's general account
DThe buyer's personal bank account
Explanation
In New York, earnest money (contract deposit) is typically held in the seller's attorney's IOLA (Interest on Lawyer Account) escrow account or in the listing broker's escrow account, kept separate from operating funds.
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