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22-02-2024
Business

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Wilma accepted an offer on her home from a buyer who provided a $3,500 earnest money deposit, but thereafter neither she nor her broker heard from the buyer. What is the most accurate way the broker should handle this situation and the $3,500?
A. The broker must hold the $3,500 for the buyer in escrow to claim for no less than 1 year, but does not need to notify anyone apart from his client.
B. The broker must send the check back to the missing buyer's bank, notify the FREC of "Abandoned Funds" and retain a copy in his records for 3 years.
C. The broker must notify the Commission after 90 days of dispersal of abandoned funds to his client.
D. The broker must notify the Commission within 15 business days that he has a good-faith doubt.

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