Contracts
In Illinois, a 'release of contingency' form is used when:
AA seller removes a property from the market
BA buyer waives a contract contingency, signifying they accept the transaction without that protection✓ Correct
CAn attorney approves all contract modifications
DA lender approves the buyer's mortgage application
Explanation
A contingency release (or waiver) is a written document in which the buyer formally waives a contract contingency—such as an inspection contingency or financing contingency. By releasing the contingency, the buyer acknowledges they have either satisfied the condition or are proceeding without it.
People Also Study
Related Illinois Questions
- An agent who is representing both the buyer and seller in the same transaction without full written consent from both parties has committed:Agency
- In Illinois, an installment land contract (also called a contract for deed) is a form of seller financing where:Contracts
- An Illinois residential purchase contract that includes both an attorney review period and a home inspection contingency provides the buyer with:Contracts
- Under Illinois law, if a seller refuses to sell after a valid contract is signed without legal justification, the buyer may seek which remedy MOST specific to real estate?Contracts
- In Illinois, a real estate purchase contract that contains an 'inspection contingency' typically gives the buyer the right to:Contracts
- In Illinois, which of the following is permissible with written informed consent from both parties?Agency
- In Illinois, an agent may not purchase property listed with their firm for themselves or an immediate family member without:Agency
- In Illinois, a mortgage is satisfied and the lien released when the borrower:Escrow & Title
Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
Study This Topic
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →