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The following statement regarding earnest money is FALSE: Earnest money is not required for a contract to be valid. Earnest money must be at least

The following statement regarding earnest money is FALSE:

Earnest money is not required for a contract to be valid.

Earnest money must be at least

10 %

of the contract price.

The earnest money is deposited in an escrow account if an offer is accepted.

A boat could be used as earnest money.

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