Under Colorado rules, a broker who receives earnest money in the form of a personal check may:
Why Hold the uncashed check if instructed by the parties and authorized by the contract Is Correct
Answer B: Hold the uncashed check if instructed by the parties and authorized by the contract
Key Colorado License Law Terms in This Question
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Key Terms to Know
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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