medium · National Real Estate Exam contracts
A buyer submits a written offer to purchase a home for $350,000, with a 72-hour window for acceptance. 24 hours later, the seller responds in writing, accepting the price but changing the closing date to two weeks later than requested.
What is the current status of the original offer?
- It remains open for the remainder of the 72-hour window.
- It is a valid contract since the price was accepted.
- It has been rejected and replaced by a counteroffer.
- It is a voidable contract at the option of the buyer.
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