IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

An Illinois auctioneer receives a $50,000 check from the winning bidder. Where must these funds be deposited?

The auctioneer's personal checking account A separate escrow or trust account The seller's personal account within 24 hours Any interest-bearing savings account of the auctioneer's choice

Correct Answer:

A separate escrow or trust account

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