Contracts
Which of the following statements about specific performance as a remedy for breach of a real estate contract is MOST accurate?
AIt is available only to sellers, not buyers
BIt requires the breaching party to complete the transaction as agreed✓ Correct
CIt results in monetary damages only
DIt is rarely granted by courts for real estate contracts
Explanation
Specific performance is a legal remedy that requires the breaching party to fulfill the terms of the contract. Because real property is considered unique, courts may order specific performance in real estate disputes, requiring the reluctant party to complete the sale.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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