Final answer:
Florida Statute 475 is the law that regulates how escrow money is handled, requiring that escrow funds be deposited within three business days into an appropriate account.
Step-by-step explanation:
The Florida state law that regulates how escrow money is handled is b) Florida Statute 475. This law is part of the Florida Real Estate License Law, and it sets forth the obligations and requirements for real estate professionals handling escrow funds. Under Florida Statute 475, real estate brokers are required to deposit escrow funds into an established escrow account in a bank, savings association, or trust company. They must do this by the end of the third business day following receipt of the item to be deposited unless otherwise specified in the contract.
It is important for real estate professionals and those involved in real estate transactions to understand and comply with these regulations, as failure to properly handle escrow funds can lead to legal consequences and disciplinary actions, including fines and revocation of real estate licenses.