Contracts
A buyer who defaults on a purchase agreement may face:
ACriminal charges from the IREC
BLoss of earnest money, a suit for specific performance, or a lawsuit for damages✓ Correct
CAutomatic transfer of title to the seller
DRevocation of their real estate license
Explanation
A defaulting buyer may lose their earnest money deposit (if agreed as liquidated damages), be sued by the seller for specific performance, or face a lawsuit for actual damages.
Related Indiana Contracts Questions
- Indiana permits which type of electronic signatures for real estate contracts?
- An Indiana purchase contract becomes legally binding at the moment:
- An Indiana purchase agreement contains an inspection contingency allowing the buyer to request repairs within 10 days. On day 11, the buyer requests repairs. The seller may:
- An Indiana buyer who purchases a new construction home from a builder typically:
- In Indiana, an open listing allows the seller to:
- An Indiana seller who defaults on a purchase contract by refusing to close allows the buyer to seek:
- A buyer defaults on an Indiana purchase contract and the seller elects to retain the earnest money as liquidated damages. This means:
- Indiana's Listing Agreement typically includes which protection for the broker against the seller circumventing the listing to avoid paying commission?
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →