When a buyer signs an offer to purchase a property, the broker receives a monetary amount from the purchaser of 5 or 10 percent of the purchase price. This deposit is commonly referred to as the:
A) commission
B) earnest money
C) closing cost
D) title insurance premium
Correct Answer:
Verified
Q2: The distinction between legal title and equitable
Q3: While fee splitting between cooperating real estate
Q4: If property owners fail to pay their
Q5: In general, most contracts - including a
Q6: Placed under the umbrella of the Consumer
Q7: Contracts for sale may contain sections that
Q8: Since the issues in many transactions are
Q9: While the principal parties to a transaction
Q10: At the closing, the buyer will be
Q11: In accordance with RESPA, whenever a buyer
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents