California Real Estate Practice Exam

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Whose instructions must a broker follow with respect to the buyer's deposit if there is no listing agreement?

The seller's
The buyer's
The broker's own
None; the broker should return the deposit

The correct answer is: The buyer's

A broker must follow the instructions of the buyer with respect to the deposit if there is no listing agreement, as the buyer is the party who submitted the deposit. The seller's instructions may be disregarded in this case since there is no contractual agreement between the seller and broker. While the broker may have their own policies and guidelines for handling deposits, it is important to prioritize the instructions and needs of the buyer in this situation. Lastly, returning the deposit is not a valid option as the deposit is intended to be held until closing or otherwise agreed upon by both the buyer and seller.