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Salesperson Exam Prep

Category - Real Estate

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The following could be used by the buyer as earnest money deposit in purchasing real property:

A promissory note secured by a deed of trust
A postdated check
An unsecured promissory note
All of the above

Explanation

Answer: D. This deposit can be in any form but must be disclosed to the seller prior to the seller accepting the offer.

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Real Estate Agent / Broker / Salesperson Exam Prep

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