In a real estate purchase contract, the liquidated damages clause is initialed and the buyer defaults. The deposit will be:
A: No more than 3% of the selling price or the amount of the deposit, whichever is less;
B: Used to pay any escrow expenses and the balance returned to the buyer;
C: Divided equally between the seller and the listing agent;
D: Given to the seller when escrow is opened.
Ans: C: Divided equally between the seller and the listing agent;
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