Real Estate Exam Question: Contracts

The agreement between the parties. The earnest money amount is negotiated and agreed upon by the buyer and seller.

Contracts

Who or what determines the amount of an earnest money deposit?

The agreement between the parties

The state real estate licensing statutes

The broker's or agents' preference on the matter

The minimum percentage via the sales tax comparison formula

Explanation

The earnest money amount is negotiated and agreed upon by the buyer and seller.

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