What is the differance between earnest money and a deposit?

[Mike Lindsey]

I know that here in Texas when buying a piece of real estate one is required to put down about $500-$1000 in earnest money as a sign of good faith in buying a piece of property. But I remember a post I read on flipping paper to raise capital that you put down about $5000 for a deposit and have the contract made assignable to whoever you wanted so you could flip it for a small %. Could anyone please clarify? As always any feedback is greatly appreciated.