Before the seller of a parcel of real property accepted an offer to purchase it, the potential buyer notified the broker that he had changed his mind, was canceling the offer, and wanted immediate return of his $500 deposit. In such a case, the broker should:
A: Place the deposit in his trust account at once;
B: Wait for instructions from the seller;
C: Divide the deposit 50/50 between the broker and the seller;
D: Refund the $500 to the buyer.
Answer: D: Refund the $500 to the buyer.
Business
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