14. If a buyer defaults on a contract for sale after paying $7,000 in earnest money as a deposit, what happens to the earnest money? O The seller keeps the $7,000. O The buyer gets the money back. ○ The seller and the listing broker split the money between them O The broker keeps the $7,000

14. If a buyer defaults on a contract for sale after paying $7,000 in earnest money as a deposit, what happens to the earnest money? O The seller keeps the $7,000. O The buyer gets the money back. ○ The seller and the listing broker split the money between them O The broker keeps the $7,000

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

14. If a buyer defaults on a contract for sale
after paying $7,000 in earnest money as a
deposit, what happens to the earnest money?
O The seller keeps the $7,000.
O The buyer gets the money back.
○ The seller and the listing broker split the
money between them
O The broker keeps the $7,000

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