A broker wants to deposit a buyer's earnest money deposit in an interest-bearing account. Which of the following is TRUE? He must obtain written permission from the director of the Real Estate Commission. He must use a federal bank that is approved by the Real Estate Commission. He can't do this, as interest-bearing escrow accounts are not legal in Tennessee. He must obtain a written agreement with the buyer specifying how the interest will be disbursed.

A broker wants to deposit a buyer's earnest money deposit in an interest-bearing account. Which of the following is TRUE? He must obtain written permission from the director of the Real Estate Commission. He must use a federal bank that is approved by the Real Estate Commission. He can't do this, as interest-bearing escrow accounts are not legal in Tennessee. He must obtain a written agreement with the buyer specifying how the interest will be disbursed.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter13: Capital, Interest, Entrepreneurship, And Corporate Finance

Section: Chapter Questions

Problem 6QFR

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