An Alaska seller who accepts a backup offer must inform the backup buyer when the primary contract:
Why Falls through and the backup offer becomes the primary contract Is Correct
Answer B: Falls through and the backup offer becomes the primary contract
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 seller accepts an offer with the notation 'subject to attorney review.' This means:Contracts
- An Alaska purchase agreement states that the buyer's offer will expire at 5:00 PM on Friday. The seller signs the acceptance at 4:45 PM on Friday but it is not emailed to the buyer until 5:30 PM. The contract is most likely:Contracts
- An Alaska purchase agreement provides that the buyer may cancel the contract if the property fails a home inspection for any reason. This type of contingency is called a(n):Contracts
- An Alaska seller accepts an offer but then decides they want a higher price before closing. Without the buyer's agreement, the seller:Contracts
- A property owner in Alaska builds a fence 2 feet over their neighbor's property line. This encroachment may eventually create a property right through:Property Ownership
- 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
- An Alaska licensee who fails to present a written counteroffer to the seller's broker within a reasonable time may be in violation of their duty of:Alaska License Law
- Under the Alaska Oil and Hazardous Substance Pollution Control Act, who has the primary responsibility for cleaning up spills that occur on their property?Environmental
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 →