Contracts
Iowa's doctrine of merger in real estate closing means:
ATwo brokerages combine into one firm
BUpon closing and delivery of the deed, the purchase agreement's terms merge into the deed, and the deed controls future rights✓ Correct
CThe buyer's and seller's attorneys agree to share the closing fee
DThe earnest money and closing costs are combined into one payment
Explanation
The doctrine of merger holds that upon delivery and acceptance of the deed, the terms of the purchase agreement merge into the deed. After closing, parties generally cannot sue on purchase agreement provisions unless they were explicitly preserved or represent fraud.
Related Iowa Contracts Questions
- Which of the following is an example of an executory contract?
- Under Iowa law, an amendment to a purchase agreement must be:
- In Iowa, earnest money deposited with a listing broker is typically held in:
- Specific performance is a legal remedy in Iowa real estate contracts that:
- Which of the following BEST describes consideration in a real estate contract?
- In Iowa, earnest money that is being held in dispute may be:
- A unilateral contract in real estate is characterized by:
- An Iowa listing agreement is a contract between:
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