Real Estate 84 ch08 quiz With Answers

 1 out of 1 points


If a contingency is not fulfilled despite a good faith effort to fulfill it, what may the
person who benefits from the contingency do?

Selected Answer: d.

Either A or B

Answers: a.

Terminate the agreement and have the good faith deposit returned

b.

Remove the contingency and continue with the agreement

c.

Sue the other party for a breach of contract

d.

Either A or B


 Question 2

1 out of 1 points


Which party to a purchase agreement usually benefits from a contingency?

Selected Answer: a.

Buyer

Answers: a.

Buyer

, b.

Seller

c.

Broker

d.

Second buyer


 Question 3

1 out of 1 points


A buyer and seller agree that the sale will be contingent on the buyer obtaining financing.
The buyer later decides that she doesn't want the property, so she doesn't bother to fill out
any loan applications. The contingency is dropped from the agreement because:

Selected b.
Answer:
the buyer did not make a reasonable, good faith effort to fulfill the
contingency

Answers: a.

the contingency would be considered illegal

b.

the buyer did not make a reasonable, good faith effort to fulfill the
contingency

c.

the only allowable contingencies are those that benefit the seller

d.