California Real Estate Exam

Category - Real Estate

The following could be used by the buyer as earnest money deposit in purchasing real property:
  1. A promissory note secured by a deed of trust
  2. A postdated check
  3. An unsecured promissory note
  4. 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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