In West Virginia, when two or more parties claim rights to the same earnest money deposit, the broker should:
Correct Answer
C) Interplead the funds with the court and let the court decide
When there is a dispute over earnest money, the broker should not choose sides. The proper procedure is to interplead the funds with the court, which means depositing them with the court and allowing a judge to determine the rightful recipient.
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Related Topics & Key Terms
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Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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