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2 of 15 - Seller David requires a 4% deposit on all offers. Buyer Jack wants to offer $115,000 for the property. The property was appraised at $122,000. What must the earnest money deposit be if Jack presents his current offer?

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Answer: The amount of the deposit is $4,600.

Explanation: When a money deposit is required, the deposit is calculated on the potential buyer’s offer, not on the asking price or the appraisal value. In this case, the buyer is making an offer of $115,000. The deposit is $115,000 x .04 = $4,600.

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