Contracts
In a Georgia real estate contract, earnest money is typically held by:
AThe Georgia Real Estate Commission
BThe buyer's lender
CThe listing broker or closing attorney in a trust account✓ Correct
DThe seller until closing
Explanation
In Georgia, earnest money is typically held in the trust account of the listing broker or the closing attorney, not by the seller or a government entity.
Related Georgia Contracts Questions
- A 'home sale contingency' protects the buyer by making the purchase contingent on:
- Earnest money in a Georgia real estate transaction is typically held by:
- Specific performance as a remedy in a real estate contract dispute means:
- A buyer makes an offer on a Georgia property, and the seller counters with a higher price. Before the buyer responds, the seller withdraws the counter. Is the original offer still valid?
- When a Georgia real estate contract's closing date passes without closing due to circumstances beyond either party's control (like a natural disaster), the contract may be:
- Under the GAR contract, the 'time is of the essence' provision means:
- A contingency that is 'personal to the buyer' in a real estate contract means:
- Under Georgia law, a contract for the sale of real property must include a legal description that is:
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →