Question

A down payment deposit from a potential buyer must be held in: Group of answer choices The seller's bank account The salesperson's bank account The broker's own bank account The broker’s escrow trust account.

Answer 1

Answer:

The explanation and solution of this question is given below in explanation section.

Explanation:

The correct option of this question is :

The broker’s escrow trust account.

This method mostly used in freelancing. Upwork is one of the freelancing websites. It uses escrow trust account where potential buyer deposit the down payment and this deposit payment will be released to a potential client as he completes the contract with the buyer.

Why other options are not correct.

The amount does not directly deposited in the seller's bank account. because it is chances that the seller either will not work or complete the work and take the money away.

A salesperson bank account is also an incorrect option.