A purchase contract includes a seller's right to continue showing the property. If the buyer does not remove their contingency within a specified time after receiving a backup offer notice, the contract:
Why May be terminated by the seller to accept the backup offer Is Correct
Answer B: May be terminated by the seller to accept the backup offer
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
People Also Study
Related Alabama Questions
- Under the Alabama Landlord-Tenant Act, if a landlord fails to make required repairs within a reasonable time after written notice, the tenant may:Property Management
- A buyer in Alabama includes a financing contingency in their purchase contract. If the buyer cannot obtain financing, the buyer is entitled to:Contracts
- A real estate agent who includes a clause in a purchase contract that protects only the agent's interests at the expense of their client is:Contracts
- The seller's right to continue marketing the property while a purchase offer is pending, with an obligation to notify the buyer if a backup offer is accepted, is called a(n):Contracts
- An Alabama purchase contract includes an 'as-is' clause. This means:Contracts
- In Alabama, if a tenant fails to pay rent, the landlord may begin eviction proceedings after giving the tenant a written notice to pay or vacate within:Property Management
- An Alabama salesperson licensee who completes the required 30 hours of post-license education must do so within how long of obtaining their initial license?Alabama License Law
- A seller's agent who acts within the scope of their authority to negotiate a contract price with a buyer has which type of authority?Agency
Key Terms to Know
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Study This Topic
Practice More Alabama Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alabama Quiz →