ContractsCâu 52 / 100
Earnest money in a purchase contract primarily serves to:
a.Pay the listing broker's full commission
b.Show the buyer's good-faith intent to complete the purchase
c.Reduce the property taxes owed
d.Replace the need for a down payment
Giải thích
Earnest money is a deposit that demonstrates the buyer's serious, good-faith commitment to the transaction. It is typically held in escrow and applied to the purchase price or closing costs at closing. If the buyer defaults without a valid contingency, the deposit may be forfeited.
Luyện miễn phí toàn bộ 100 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- When a buyer makes a counteroffer, the original offer is:
- A contract that has been fully performed by both parties is described as:
- A contract entered into by a minor is generally:
- A contingency in a real estate contract is:
- The substitution of a new contract or new party for an existing one, releasing the original obligation, is called:
- A 'time is of the essence' clause in a contract means that:
Cập nhật gần nhất: · quy trình kiểm tra
Đội Ngũ Biên Tập PrepPass · Đối chiếu với New York Real Estate Salesperson Licensing Exam · Quy trình kiểm tra