Alaska License Law
Under Alaska license law, a licensee who receives a check as earnest money from a buyer should:
AHold the uncashed check until closing
BMake a copy and return the original to the buyer
CFollow the written instructions in the purchase agreement regarding deposit✓ Correct
DImmediately cash it and hold the funds in petty cash
Explanation
Handling of earnest money must follow the written instructions in the purchase agreement. The agreement typically specifies whether the check is to be held uncashed, deposited immediately, or deposited upon acceptance.
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