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Which of the following statements about escrow accounts is correct?- An escrow account is a temporary account that's opened for use with a single transaction and closed after the transaction closes. - An escrow account is held by either the buyer or seller, and houses the buyer's earnest money until closing. - Escrow accounts are managed by brokerage firms, and hold funds used to pay operating expenses and agent commissions. - Escrow accounts are managed by escrow agents, and are used to hold funds belonging to others, such as earnest money deposits.
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