medium · National Real Estate Exam contracts
A buyer's offer is accepted, and a contract is formed. Before closing, the buyer realizes they forgot to include a contingency for the sale of their current home.
Can the buyer add this contingency now?
- Only if the seller agrees to an amendment to the contract.
- No, because adding a contingency after the fact violates the Statute of Frauds.
- Yes, because contingencies can be added up until the end of the executory period.
- Yes, provided the buyer pays an additional 'contingency fee' to the seller.
Sign up free to see the explanation and track your rank →
More National Real Estate Exam contracts practice
- A broker's employment contract with a seller is officially called the:
- What is the current status of the contract?
- A buyer defaults on a purchase agreement, and the seller chooses to keep the earnest money
- The offer is now:
- A contract for the sale of a property is signed. Before clos… — The buyer's interest in th
- The contract is:
- A contract that is valid and binding but allows one party to avoid the agreement because o
- A contract that is valid and enforceable until it is canceled by a party who was a victim