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This Old House - Do-it-Yourself

A real estate broker who held a listing from a prospective seller, received an offer with a deposit from a buyer. The seller accepted the offer and the broker notified the buyer within the time limit set in the contract. The following week...(cont'd)

Written by Posted On Monday, 15 July 2019 05:00

A real estate broker who held a listing from a prospective seller, received an offer with a deposit from a buyer. The seller accepted the offer and the broker notified the buyer within the time limit set in the contract. The following week, without the knowledge of the broker and through no fault of his, the buyer and seller met and agreed to rescind the contract. Under these circumstances, the broker can:

(A) Keep ½ of the deposit and give ½ to the seller
(B) Keep ½ of the deposit and return the other ½ to the buyer
(C) Sue seller but must return the entire deposit
(D) Keep the entire deposit as compensation for services rendered

Answer:  (C) The broker has no right to hold any of the deposit since it belongs to the seller. He must return it but may look to the seller for a commission.

Read 1972 times Last modified on Friday, 12 July 2019 15:50
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