Manufactured Housing Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for your Manufactured Housing Exam with confidence. Utilize flashcards and multiple-choice questions with explanations to excel in your test. Get equipped to succeed!

Practice this question and more.

What is one of the responsibilities of a dealer when handling a cash deposit?

A) Keep the funds for personal use if necessary
B) Deposit the funds in a personal bank account
C) Ensure a receipt for the deposit is given to the buyer
D) Use the funds to pay for other expenses immediately

The correct answer is: C) Ensure a receipt for the deposit is given to the buyer

One of the primary responsibilities of a dealer when handling a cash deposit is to ensure that a receipt for the deposit is given to the buyer. This action serves multiple important purposes. Firstly, it provides the buyer with proof of their transaction, which is crucial for their records and for future reference, particularly if there are any disputes or misunderstandings about the deposit. Providing a receipt also demonstrates accountability and transparency on the dealer's part, fostering trust in the business transaction. Additionally, having written documentation helps protect both parties by outlining the terms of the deposit, such as the amount, date, and purpose of the transaction, which can be vital for both financial and legal reasons.