A broker receives two competing offers from different buyers on the same property. Both offers include earnest money deposits. The seller rejects one offer and accepts the other. What must the broker do with the rejected buyer's earnest money?
Correct Answer
A) Return the earnest money to the rejected buyer promptly
When an offer is rejected, the rejected buyer's earnest money must be returned promptly. The broker has no right to retain funds from a rejected offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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