Buyers Kevin and Sara Jones have breached the purchase and sale contract they have with the Holmans, so they will forfeit the earnest money deposit as liquidated damages. The purchase price of the home was $250,000 and the Jones had put down a $15,000 earnest money deposit. Which statement is true?

The Holmans can keep $12,500 and the brokers will split the remaining $2,500.

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

$2,500 must be refunded to the Jones.

The Holmans can keep the entire amount, less any expenses incurred by the listing broker.