ContractsCâu 67 / 120
In most residential purchase contracts, the earnest money deposit is:
a.Kept by the broker as a nonrefundable fee in all cases
b.Paid directly to the county as a tax
c.Applied toward the purchase price or closing costs at closing
d.Returned to the buyer even after a buyer default
Giải thích
Earnest money is credited toward the buyer's purchase price or closing costs when the transaction closes. If the buyer defaults without a valid contingency, the seller may be entitled to keep it as liquidated damages. Its handling depends on the contract terms and whether contingencies are met.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- The transfer of one's rights and obligations under a contract to another person is called:
- A contract signed by a minor is generally considered:
- 'Time is of the essence' in a real estate contract means:
- An option contract gives the holder (optionee) the:
- Which of the following typically makes a contract 'void' rather than merely voidable?
- A 'meeting of the minds,' essential to contract formation, refers to:
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