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Wednesday, 23 October 2019
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A salesperson brings a deposit receipt with a deposit check to his broker. The offer of the buyer was accepted by the seller. The next day, the broker is notified by the seller that through no fault of the salesperson...(click below for more)

Written by Posted On Monday, 24 June 2019 05:00

A salesperson brings a deposit receipt with a deposit check to his broker. The offer of the buyer was accepted by the seller. The next day, the broker is notified by the seller that through no fault of the salesperson, the buyer and seller had decided to cancel the sale and the broker is instructed to return the deposit to the buyer. The salesperson may:

(A) Keep one half of the deposit and give the other half to the seller
(B) Have grounds for legal action against his broker, must return deposit to buyer
(C) Retain the deposit as compensation for services performed
(D) Keep one half of the deposit and return half to the buyer

Answer:  (B) The broker is acting as the agent of the seller and must follow his instructions. If an offer has been accepted and is later canceled, it is the seller's decision and not the brokers. The broker has grounds for collecting a commission but must return the deposit if the seller instructs him to do so. A salesperson may not due the seller for a commission.

Read 2132 times Last modified on Monday, 24 June 2019 06:17
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