Contracts
In South Carolina, earnest money deposited on a real estate purchase must be held in:
AThe listing broker's personal account
BA federally insured escrow or trust account✓ Correct
CThe seller's bank account
DAn interest-bearing account for the buyer
Explanation
South Carolina law requires earnest money to be deposited in a federally insured escrow or trust account maintained by the broker-in-charge. Commingling with personal or operating funds is prohibited.
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