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Under the terms of the CAR® purchase agreement form, the broker holds the deposit check:
a. until the seller has accepted the buyer's offer.
b. until the next business day, then it is cashed.
c. for 7 days, then cashes it or returns it.
d. until the buyer tells him or her what to do with it.
a. until the seller has accepted the buyer's offer.
Per the updated contract, the deposit shall be delivered to escrow within 3 business days after acceptance.