Linda submits an offer to purchase 12 Twisted Court for $300,000 that elects the delivery of the earnest money deposit within 5 days of the effective date. The standard NCAR/NCBA Offer to Purchase and Contract is used. On the third day following the date of contract Linda delivers the earnest money deposit. The Seller's agent promptly delivers the check to his Broker-in Charge who deposits the check into the trust account. Two days later the check bounces. Which of the following statements is TRUE?
a) The seller is entitled to keep the earnest money deposit.
b) The buyer must immediately provide a replacement check.
c) The listing firm should notify both parties and seek resolution.
d) The bounced check indicates fraud, and legal action should be pursued.