AgencyMEDIUM
A seller’s broker receives and presents a purchase offer that is accepted by the seller. The seller then requests the broker give them the buyer’s deposit check. The broker needs to:
Correct Answer
C) obtain the written consent of the buyer before releasing the check to the seller.
A broker can operate independently and supervise salespersons.
Answer Options
A
first deposit the check into the broker’s trust account before giving the deposit funds to the seller.B
write a counteroffer requesting the release of the deposit funds to the seller.C
obtain the written consent of the buyer before releasing the check to the seller.D
obtain written acknowledgement from the seller they have received the funds.Video Explanation3 min
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Related Topics & Key Terms
Related Topics:
broker-trust-account-managementearnest-money-depositsagency-relationships
Key Terms:
trust fundsbuyer depositwritten consentCalifornia Commissioner's Regulationsearnest money release
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