Contracts
A contingency clause in a purchase contract gives the:
ASeller the right to sell to a higher bidder
BBuyer (or seller) the right to void the contract if a specified condition is not met✓ Correct
CBroker the right to earn a commission regardless of outcome
DLender the right to modify the loan terms
Explanation
A contingency clause makes the contract conditional on a specified event (such as obtaining financing or satisfactory inspection). If the condition is not met, the contingent party may typically void the contract.
Related Georgia Contracts Questions
- The GAR 'Exhibit A — Legal Description and Other Property Information' is important because:
- The Georgia Association of REALTORS (GAR) Purchase and Sale Agreement is an example of a:
- An exclusive right to sell listing agreement in Georgia means:
- Under the Statute of Frauds as applied in Georgia, real estate contracts must be:
- A buyer makes an offer on a Georgia property, and the seller counters with a higher price. Before the buyer responds, the seller withdraws the counter. Is the original offer still valid?
- An earnest money dispute between buyer and seller in Georgia is typically resolved by:
- Earnest money in a Georgia real estate transaction is typically held by:
- In Georgia, what is the effect of adding a 'time is of the essence' clause to a real estate contract?
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →