A broker receives an offer from a buyer for a specific property. The deposit was in the form of a personal promissory note for $2,000 payable to the seller in 60 days plus 10% interest. Which of the following is true?
A: Any deposit for the purchase of real property must be in the form of cash or a certified check;
B: It is all right for the broker to accept a promissory note if he personally guarantees it;
C: The broker may accept the promissory note but must notify the seller that the deposit is in the form of a promissory note before the seller accepts the offer;
D: None of the above are true.
Answer: C: The broker may accept the promissory note but must notify the seller that the deposit is in the form of a promissory note before the seller accepts the offer;
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