Contracts
An earnest money dispute between buyer and seller in Arkansas is typically resolved by:
AAREC making a binding determination
BThe broker interpleading the funds with a court or following a written release from both parties✓ Correct
CThe real estate agent deciding who gets the money
DThe funds being automatically returned to the buyer after 30 days
Explanation
When buyer and seller dispute earnest money, the broker should not release the funds unilaterally. The broker can file an interpleader action with the court or wait for a signed written release from both parties before disbursing.
Related Arkansas Contracts Questions
- Specific performance is a legal remedy in which a court:
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