medium · National Real Estate Exam
A buyer default occurs. The earnest money is held by an escrow company. The escrow company will release the money to the seller only when:
- The seller's broker asks for it.
- The 10-day waiting period has passed.
- Both parties sign a release or a court issues a judgment.
- The buyer moves out of their current house.
Sign up free to see the explanation and track your rank →
More National Real Estate Exam practice
- A broker's employment contract with a seller is officially called the:
- What is the current status of the contract?
- A buyer defaults on a purchase agreement, and the seller chooses to keep the earnest money
- A buyer makes a written offer to a seller. Two days later, before the seller has responded
- A contract for the sale of a property is signed. Before closing, the property is destroyed
- A contract for the sale of real estate that has been signed by both parties is valid, but
- A contract that is valid and binding but allows one party to avoid the agreement because o
- A contract that is valid and enforceable until it is canceled by a party who was a victim