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Texas Real Estate Exam

Category - Texas

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A deposit receipt does not contain the clause that states that in case of buyer default, the broker is entitled to part of the buyer’s forfeited deposit. If the buyer defaults, according to this contract, the broker is entitled to:

Half the normal commission
No commission
Half of the forfeited deposit
His full commission

Explanation

Answer: B. The broker is entitled to no commission because this clause was not contained in the deposit receipt.

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