Broker’s Guide to Earnest Money & The GAR Contract

GREC 78653 through Real Estate Academy of America, GREC School # 6915

FREE 3 HR CE – Satisfies the NEW GREC Requirement for BROKER CE Coursework for ANY agent who holds a Broker type license even if you are not the Qualifying/Managing Broker of a firm

Presented by Marcie Evans Broker/ Owner

Course Description:

This course is designed to guide Brokers in the education of their agents on the handling of Earnest Money with respect to the GAR Contract package. This class consists of the following:

(1) a review of License Laws regarding Earnest Money as related to contract issues

(2) a review of the GAR Contract language regarding the handling of Earnest Money including, deposit & disbursement

(3) a guide for Brokers to advise their agents on how to discuss with their clients the protection and loss of Earnest Money with respect to the GAR contract package

(4) a discussion of the handling of Earnest Money and the disbursement of earnest money upon termination of a contract

Course Objectives:

Upon completion of this course, Brokers will be able to guide their agents on:

(1) understanding the parts of the GAR Purchase and Sale Agreement with respect to a Client’s Earnest Money

(2) the procedures regarding a Buyer’s remittance of Earnest Money to a Holder – Broker &/or Closing Attorney

(3) handling earnest money and knowing a Holder’s policies & procedures for accepting escrow funds

(4) adhering to Contingency Time Frames as they relate to Earnest Money at return or loss

(5) understanding Termination Forms & Disbursement of Earnest Money

(6) understanding what a “10 Day Letter” is and how it works