Contracts (alternative)
A Maryland escrow agent who receives conflicting instructions from buyer and seller regarding earnest money must:
AReturn the money to the buyer automatically
BRelease the money to the party their broker represents
CHold the money and seek resolution through mutual agreement, interpleader, or court order✓ Correct
DDistribute the money equally between the parties
Explanation
When earnest money is disputed, a Maryland escrow agent should hold the funds and encourage the parties to resolve the dispute by agreement, or if necessary, file an interpleader action with the court to have the court determine the rightful party.
Related Maryland Contracts (alternative) Questions
- In Maryland, a purchase contract contingent on the sale of the buyer's home can be made more attractive to the seller by including a:
- A Maryland buyer who cannot attend the settlement may:
- Under Maryland law, a listing agreement that has no stated expiration date is:
- In Maryland, a purchase contract's 'walk-through inspection' provision typically allows the buyer to:
- In Maryland, a buyer who makes an offer 'subject to attorney review' is providing:
- A Maryland buyer's offer states 'purchase price $350,000, all cash, no contingencies.' This offer is:
- In Maryland, an assignment of a real estate contract means:
- A Maryland real estate purchase contract that becomes 'void' is:
Practice More Maryland Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maryland Quiz →