Virginia Real Estate Exam Practice Question
When an offer is prepared by a licensee for a buyer to present to a seller, who determines the amount of earnest money offered?
Correct Answer: B
Rationale: The amount of earnest money is determined by the buyer, as it reflects their commitment to the purchase and willingness to negotiate. This amount can vary based on the buyer's financial situation and the specifics of the property.
Option A, the broker, may advise on customary amounts but does not decide the earnest money. Option C, the licensee, facilitates the process and presents the offer but does not set the amount; that responsibility lies with the buyer. Option D, the seller, may have preferences but ultimately does not dictate the earnest money amount offered by the buyer.
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