Contracts (alternative)
A Maryland buyer who defaults on a real estate contract without legal justification may lose their:
ARight to sue for specific performance
BEarnest money deposit as liquidated damages✓ Correct
CAbility to purchase property for five years
DCredit score permanently
Explanation
When a buyer defaults without justification, the seller may typically retain the earnest money deposit as liquidated damages as specified in the contract.
Related Maryland Contracts (alternative) Questions
- In Maryland, the 'merger doctrine' in real estate contracts states that:
- A Maryland contract of sale contains a financing contingency with no specific deadline. This is:
- Rescission of a Maryland real estate contract means:
- In Maryland, a 'right of first refusal' in a lease is triggered when:
- In Maryland, when a real estate contract is 'assigned,' the original buyer who assigns their rights remains liable unless:
- A Maryland addendum to a purchase contract is valid when it:
- A Maryland buyer's offer states 'purchase price $350,000, all cash, no contingencies.' This offer is:
- In Maryland, an assignment of a real estate contract means:
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