Contracts
Under Maine contract law, earnest money held by a broker belongs to:
AThe listing broker until closing
BThe parties to the contract (held in trust)✓ Correct
CThe buyer until closing
DThe seller immediately upon acceptance
Explanation
Earnest money is held in trust by the broker for the benefit of the parties to the contract. It does not become the seller's property until closing or as otherwise provided in the contract.
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