An offer is made on a property from a buyer who does not have enough cash available to make the down payment. Instead the buyer executes a promissory note in the amount of $1,000 at 12% interest to be repaid in 10 days. The broker:?
1) May accept it as long as the broker guarantees its repayment
2) May only accept cash or personal check
3) May accept it but must disclose this fact to the seller before the offer is accepted
4) This method of deposit is immaterial