Contracts
A Delaware seller accepts an offer for $350,000 but the sale is conditioned on the buyer obtaining a satisfactory home inspection. The result of a home inspection contingency that reveals a major foundation problem should be:
AThe contract immediately voids with no further action
BThe buyer may negotiate repairs, accept a credit, or exercise the contingency to terminate and recover earnest money✓ Correct
CThe seller must make all repairs before closing
DThe listing price automatically adjusts downward
Explanation
A home inspection contingency typically gives the buyer the right to negotiate repairs, request a price reduction or credit, accept the property as-is, or exercise the contingency to void the contract and recover the earnest money.
Related Delaware Contracts Questions
- What is the 'anti-discrimination clause' in a Delaware purchase agreement?
- Which of the following is a required element for a valid real estate contract in Delaware?
- An amendment to a Delaware real estate contract is:
- What is 'consideration' in a real estate contract, and why is it required?
- Which of the following best describes 'time is of the essence' in a Delaware real estate contract?
- A 'novation' in a Delaware real estate contract refers to:
- A contingency clause in a Delaware purchase agreement allows:
- An option contract requires the optionor (seller) to:
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →