Janice has given her broker an earnest money deposit check with written instructions to hold the check until the seller has accepted her offer. Her broker follows instructions and informs the seller, through a telephone conversation with the seller's agent after the initial offer was presented, the buyer's check is being held awaiting offer acceptance. Did Janice's broker handle this situation correctly?

a. No, the broker must inform the seller in writing the buyer's check is being held until acceptance of the offer. b. Yes, the broker informed the seller of the stipulation on the negotiation of the check until offer acceptance. c. No, the broker must inform the seller of the buyer's check being held at the exact time the actual offer is presented. d. Both A and C

Question

Business

Sarahi Watson

24 May, 14:15

Janice has given her broker an earnest money deposit check with written instructions to hold the check until the seller has accepted her offer. Her broker follows instructions and informs the seller, through a telephone conversation with the seller's agent after the initial offer was presented, the buyer's check is being held awaiting offer acceptance. Did Janice's broker handle this situation correctly?

a. No, the broker must inform the seller in writing the buyer's check is being held until acceptance of the offer. b. Yes, the broker informed the seller of the stipulation on the negotiation of the check until offer acceptance. c. No, the broker must inform the seller of the buyer's check being held at the exact time the actual offer is presented. d. Both A and C

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Answers (1)

Know the Answer?

Titus Mann · Answer 1

d. Both A and C

Explanation:

No, the broker must inform the seller in writing the buyer's check is being held until acceptance of offer.

No, the broker must inform the seller of the buyers check being held at the exact time the actual offer is presented.