Contracts
What is a 'deposit receipt' in the context of a Rhode Island residential real estate transaction?
AA receipt for the commission paid to the broker
BAn acknowledgment that the broker received the buyer's earnest money deposit, often part of the purchase and sale agreement✓ Correct
CA document from the bank confirming the buyer's loan approval
DA receipt for the seller's title search payment
Explanation
A deposit receipt acknowledges that the broker has received the buyer's earnest money deposit. In many Rhode Island transactions, the deposit receipt is incorporated into the purchase and sale agreement.
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