Rhode Island License Law
Under Rhode Island law, a licensee who receives a buyer's earnest money check must give it to the employing broker, who must:
AHold it in their personal account until closing
BDeposit it promptly into the firm's designated escrow or trust account✓ Correct
CReturn it to the buyer for safekeeping
DGive it to the seller immediately
Explanation
The broker must promptly deposit earnest money into the firm's designated escrow or trust account, separate from the broker's personal or business funds. This is required by Rhode Island license law to protect client funds.
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