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What is the role of escrow quizlet?Escrow is the depositing of funds, documents, and other instruments by a buyer, seller, or lender with a neutral third party for delivery upon completion of the terms of the escrow instructions. is neutral with respect to the interest of each party to the transaction.
When must an escrow account be interest bearing quizlet?If the money held in escrow is expected to be held six months or longer, the broker is encouraged to deposit the money into an interest bearing escrow account. The interest on an interest bearing account will be disbursed in the same manner as the principal amount, unless the parties direct otherwise by agreement.
What acronym is commonly used to remember the elements of a valid and enforceable contract?You can remember the four essential contract elements with the acronym COAL. They are as follows: Consideration – Consideration is defined as an exchange of values.
What is the maximum amount of commission allowed by law quizlet?8% of the selling price. There is no law, rule, regulation, etc. limiting commissions. Commissions are established by the listing contract negotiated between the broker and the seller.
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