Contracts
Earnest money deposited with a West Virginia broker in connection with a purchase contract is:
AThe property of the broker until closing
BThe property of the seller upon contract formation
CHeld in a separate escrow or trust account✓ Correct
DApplied directly to the broker's commission
Explanation
Earnest money must be placed in a separate escrow or trust account by the broker. It is not commingled with broker operating funds and is not the property of the broker or seller until entitlement is established.
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