I put down $500 earnest money for a house.....?

and now the realtor says that I have to wait in line for another person to finish a bid. They guaranteed me that the money will hold the property for me and no one else. HE said that I could use the money on another property if this house doesn't work out and to not hold my breath. His main excuse was that the he could not get a hold of the listing realtor and when he did the realtor hung up on him because of another client he had that was already in the process. Is there laws that protect me for that?