After the buyer’s offer was accepted by the seller, the broker cashed the buyer’s deposit check and put the money in his office safe pending the close of escrow. The seller demanded the deposit money but the broker refused to give it to him. Assuming only the above facts:
A. The broker had legal justification to hold only one-half of the deposit; he must give the other half to the seller.
B. This conduct would probably subject the broker to disciplinary action by the real estate commissioner.
C. The broker had legal justification for refusing to give the deposit money to the seller.
D. The broker needs to look out for the best interest of the seller at all times, even if that means performing acts against the seller’s will.
Answer:B
After the buyer’s offer was accepted by the seller, the broker cashed the buyer’s deposit check and put the money in his office safe pending the close of escrow. The seller demanded the deposit money but the broker refused to give it to him. Assuming only the above facts:
A. The broker had legal justification to hold only one-half of the deposit; he must give the other half to the seller. B. This conduct would probably subject the broker to disciplinary action by the real estate commissioner. C. The broker had legal justification for refusing to give the deposit money to the seller. D. The broker needs to look out for the best interest of the seller at all times, even if that means performing acts against the seller’s will.