Buyers Jim and Jane Phillips have breached the purchase and sale contract they have with the Meyers, so they will forfeit the earnest money deposit as liquidated damages. Which statement is true?

Any amount over 5% of the purchase price must be refunded to the Phillips.

The listing broker and selling broker will split the full amount in place of a commission.

Any amount over $7,500 must be refunded to the Phillips.

The Meyers can keep the entire amount, except they must reimburse the listing broker for any expenses he or she might have incurred.