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27 June, 13:29

When a buyer signs an offer to purchase a property, the broker receives a monetary amount from the buyer of 5% to 10% of the purchase price. This deposit is commonly referred to as the:

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  1. 27 June, 13:45
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    Answer: earnest money

    Explanation:

    Earnest money can be anything the seller will accept - cash, personal check, or property.

    Buyers broker collects earnest money before the offer is made.
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