On March 5, a prospective buyer gave a broker his personal check for $1,000 payable to the seller along with an offer to buy the property. He told the broker that the check should not be cashed until March 30. Which of the following is correct?
A: The broker should refuse to accept the check as a deposit;
B: The broker should not hold the check until March 30th, but should cash it immediately;
C: The broker must deliver the check to the seller or to escrow within one business day;
D: The broker may hold the check, but must tell the seller that it is being held uncashed before the seller accepts the offer.
Answer: D: The broker may hold the check, but must tell the seller that it is being held uncashed before the seller accepts the offer.
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