A broker receives an offer from a buyer. The deposit is in the form of a personal promissory note for $20,000 payable to the seller in 60 days, plus 10% interest. Which of the following is true?
The broker needs to accept the promissory note but must notify the seller the deposit is in the form of a promissory note.
A deposit for the purchase of property may be made in any form. However, the broker needs to disclose the form and amount of the deposit to the seller.