Salesperson Kingston presented to Broker Wright Buyer Kingsford's offer to purchase Seller Brightwood's real estate, accompanied by an earnest money deposit in the form of a personal note in the amount of $1,000. Broker Wright should inform Salesperson Kingston that:
A: Without Seller Brightwood's express permission, Salesperson Kingston should not have accepted the note;
B: Buyer Kingsford must be told that the note will have to be redeemed within five days by cash;
C: Buyer Kingsford should be told that this offer cannot be presented to Seller Brightwood;
D: Seller Brightwood should be informed prior to acceptance that the deposit is a promissory note.
Answer: D: Seller Brightwood should be informed prior to acceptance that the deposit is a promissory note.
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The following budget data pertain to the Machining Department of Yolkenverst Co.:
ourFixed factory overhead$433,500 The company prepared the budget at 85% of the maximum capacity level. The department uses machine hours as the basis for applying standard factory overhead costs to production. The budgeted total factory overhead for the Machining Department, rounded to the nearest dollar, is:
All earnest money sale deposits must be placed immediately in an escrow account an cannot be intermingled or commingled with the broker's personal or operating funds. True or False?
a. true b. false