What Is Earnest Money Deposit?
A good-faith sum a buyer submits with an offer to show serious intent to purchase; it is typically held in escrow and applied toward the purchase price at closing.
Earnest Money Deposit across 2 exams
Earnest Money Deposit appears on the following exams. Each defines it in the context candidates are tested on:
- FL Sales Associate
- A good-faith sum a buyer submits with an offer to show serious intent to purchase; it is typically held in escrow and applied toward the purchase price at closing.
- FL Broker
- Money a buyer puts down with an offer to show good faith, typically held in the broker's escrow account until closing. Broker exam questions test how quickly deposits must be placed in escrow and how disputes over them are resolved.