Asked by
lauren navilliat
on Nov 21, 2024
Verified
Krystal buys a new house from Kiel and puts down $10,000 in earnest money. If Kiel accepts Krystal's offer, what happens to the earnest money?
A) The earnest money will apply toward the purchase price.
B) The earnest money is returned to Krystal.
C) The bank keeps the earnest money.
D) Kiel and Krystal divide the earnest money.
E) Kiel gets the earnest money.
Earnest Money
A deposit made to a seller representing a buyer's good faith to enter and proceed with a transaction, typically in real estate deals.
Purchase Price
The amount of money paid or agreed to be paid by the buyer to the seller for the acquisition of a good, service, or property.
- Acquire knowledge on the core concepts of leasing contracts and the duties of landlords and tenants.
Verified Answer
JS
Learning Objectives
- Acquire knowledge on the core concepts of leasing contracts and the duties of landlords and tenants.