American_Bankers_Association
CTFA · Question #122
Money given by a buyer to a seller, as part of the purchase price to bind a transaction or assure payment.
The correct answer is C. Earnest money. See the full explanation below for the reasoning.
Fiduciary and Trust Activities
Question
Money given by a buyer to a seller, as part of the purchase price to bind a transaction or assure payment.
Options
- ADown Payment
- BEscrow
- CEarnest money
- DDeed of trust
How the community answered
(61 responses)- A3% (2)
- B8% (5)
- C85% (52)
- D3% (2)
Topics
#earnest money#real estate transactions#purchase price#escrow
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