New York License Law
Under New York law, a real estate broker who receives an earnest money deposit must deposit it into an escrow account within:
A24 hours of receipt
B3 business days of receipt✓ Correct
C7 calendar days of receipt
D10 business days
Explanation
New York regulations generally require brokers to deposit client funds (such as earnest money deposits) into their escrow account within three business days of receipt.
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