Contracts
In Wisconsin, the term 'earnest money' and 'good faith deposit' refer to:
ADifferent legal concepts with separate requirements
BThe same thing — funds deposited by the buyer to demonstrate serious intent to purchase✓ Correct
CFunds paid by the seller to secure the listing
DFees paid to the broker at the time of listing
Explanation
Earnest money (also called a good faith deposit) is money deposited by the buyer with the offer to show serious intent to purchase. It is held in trust and applied to the purchase price at closing.
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