Real Estate Math
An Illinois property is under contract for $375,000 with a 5% earnest money deposit. If the buyer defaults, what is the maximum earnest money the seller can typically retain as liquidated damages?
A$18,750✓ Correct
B$37,500
C$5,000
D$75,000
Explanation
Earnest money = $375,000 × 0.05 = $18,750.
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