An Alaska buyer's financing contingency expires. The buyer has not yet received loan approval. Without a written extension, the financing contingency is:
Why Waived — the buyer must proceed or be in default Is Correct
Answer B: Waived — the buyer must proceed or be in default
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 Alaska Questions
- An Alaska buyer includes a financing contingency in the purchase agreement. The buyer is unable to obtain a loan. The buyer is entitled to: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:Contracts
- An Alaska purchase agreement includes a home inspection contingency. The inspector finds a cracked heat exchanger in the furnace. The buyer requests the seller repair it. If the seller refuses, the buyer may:Contracts
- Under Alaska agency law, which type of agency relationship requires written disclosure and consent from both parties?Agency
- In Alaska, the Statute of Frauds requires real estate purchase agreements to be in writing because:Contracts
- A buyer in Alaska is using a VA loan to purchase a $350,000 home. The VA funding fee for a first-time user with no down payment is 2.15%. What is the funding fee amount?Finance
- A listing expires without a sale. Three weeks later, the seller accepts an offer from a buyer who was shown the property by the original agent during the listing period. Under most Alaska listing agreements, the seller may owe a commission if:Agency
- A buyer in Alaska uses a 'piggyback loan' (80-10-10 financing) to avoid PMI. This means:Finance
Key Terms to Know
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
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.
Study This Topic
Practice More Alaska Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →