Contracts
A seller in Alaska has accepted an offer with a financing contingency. The buyer is unable to obtain financing. Under most Alaska purchase agreements, the buyer may:
ADemand the seller extend the closing date indefinitely
BTerminate the contract and receive a full earnest money refund✓ Correct
CSue the seller for failure to help secure financing
DBe required to use a hard money loan instead
Explanation
When a financing contingency is not satisfied, the buyer typically has the right to terminate the contract and receive a full refund of the earnest money. The contingency protects the buyer from losing their deposit if they cannot obtain financing.
Related Alaska Contracts Questions
- In Alaska, a seller's property disclosure statement is typically provided to the buyer:
- An Alaska purchase agreement that includes a 'time is of the essence' clause means:
- A contingency in a purchase agreement allows:
- An Alaska lease for one year with an option to renew is BEST classified as a(n):
- Under Alaska law, a lease agreement for residential property must include:
- Under an Alaska exclusive agency listing, the seller may:
- In Alaska, an option to purchase real estate requires:
- An Alaska exclusive right-to-sell listing agreement means:
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →