AgencyHARD
A prospective buyer gave their broker a personal check for $1,000 payable to the seller along with an offer to buy the property. The buyer told the broker the check was not to be cashed until the end of the month. Which of the following is correct?
Correct Answer
C) The broker needs to deliver the check either to the seller or escrow upon acceptance.
A broker can operate independently and supervise salespersons.
Answer Options
A
The broker is to refuse to accept the check.B
The broker is to accept the check, but deposit into their trust account within 24 hours.C
The broker needs to deliver the check either to the seller or escrow upon acceptance.D
The broker may hold the check, but needs to tell the seller it is being held uncashed before the seller accepts the offer.Video Explanation3 min
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