Question 36

A written receipt signed by the licensee is required.

When a buyer places a cash deposit on a property, the licensee must provide a written receipt signed by them to confirm the transaction and document the payment made by the buyer.

A) list of options as to how the deposit may be paid

While providing a list of payment options may be helpful, it is not a requirement upon receiving a cash deposit. The primary obligation of the licensee is to confirm the receipt of the deposit through documentation, rather than discussing other payment modalities.

B) specific bank office and the account number where the money will be deposited

Providing specific banking details could be relevant for financial transactions, but it is not a mandatory requirement when a buyer makes a cash deposit. The focus should be on providing proof of the deposit rather than on bank account specifics.

C) 1099 form confirming the transaction

A 1099 form is typically used for reporting income and is not relevant in the context of a cash deposit for property purchase. This option does not fulfill the requirement for immediate confirmation of the deposit.

D) written receipt signed by the licensee

This is the correct answer. A written receipt signed by the licensee serves as proof of the cash deposit made by the buyer, which is a critical aspect of the transaction process in real estate.

Conclusion

A written receipt signed by the licensee is essential for documenting the cash deposit made by the buyer. This requirement ensures transparency and accountability in the transaction, while the other options do not meet the necessary legal obligations for confirming the deposit.