Earnest Money in Real Estate: Definition & Regulations

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the definition of earnest money?

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1. Which of the following helps determine the amount of the earnest money payment?

2. Who owns the earnest money escrow account?

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About This Quiz & Worksheet

Earnest money is a component of real estate. Use these assessments to check your knowledge of how earnest money is calculated, where it is held, and other related facts from the lesson.

Quiz & Worksheet Goals

Information assessed includes:

  • The calculation of earnest money payment
  • An acceptable place to hold an earnest money deposit escrow account
  • Who the owner of the earnest money escrow account is

Skills Practiced

  • Defining key concepts - ensure that you can accurately define the key term earnest money
  • Information recall - access the knowledge you've gained regarding what most likely happens if the contract isn't completed
  • Reading comprehension - ensure that you draw the most accurate information from the lesson on earnest money

Additional Learning

Learn more about earnest money by reviewing the lesson titled Earnest Money in Real Estate: Definition & Regulations. Objectives covered include:

  • Understand the role of the salespersons, brokers, and escrow
  • Know whether earnest money is refundable
  • Review why buyers give earnest money
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