If a problem arose during escrow, a broker will file:
a. an interpleader action.
b. a formal written protest to the seller.
c. a formal written apology to the buyer.
d. None of the above.
Answer: a. an interpleader action.
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a. true b. false
Richard received a letter in the mail that he had just won a cash prize of $2 million in a sweepstakes. The letter said all he had to do was return the winning entry coupon in time
In small print at the end of the letter it stated that the winner had been preselected by a computer and if the winner did not respond, then all the names of those who did respond would be put on a list for a draw for the prize and the odds of winning were 1in 130 million. Richard sent in his entry coupon but did not get the $2 million. When he contacted the company and asked where his money was they told him he had not won, but he insisted that the letter said he was a winner. If Richard wanted to take legal action most likely the result would be A) Richard would get nothing as nobody would have believed they had won $2 million B) the company would owe Richard $2 million C) the company would have to pay Richard a small punitive award of about $15,000 to deter this practice D) the company would have to pay $10 million AMP E) the executives of the company that created this scheme would go to jail for up to 10 years