Contracts
In Michigan, an offer to purchase a home lapses if:
AThe buyer changes their mind after signing
BThe offer is not accepted within the time specified or within a reasonable time✓ Correct
CThe property is shown to other buyers
DThe listing broker does not approve the offer
Explanation
An offer lapses if it is not accepted within the time specified in the offer, or if no time is specified, within a reasonable time. Lapse terminates the offeree's power of acceptance.
Related Michigan Contracts Questions
- In Michigan, which form of listing agreement gives the seller the greatest flexibility to sell the property themselves?
- In Michigan, a real estate broker's right to a commission is typically earned when:
- In Michigan, a 'lease with option to purchase' typically requires the tenant to:
- In Michigan, a 'right of first offer' differs from a 'right of first refusal' in that:
- In Michigan, a 'home inspection contingency' period typically runs from:
- In Michigan, a 'material breach' of a purchase agreement by the seller entitles the buyer to:
- Which clause in a Michigan purchase agreement specifies that time limits are strictly enforced?
- In Michigan, an 'amendment' to a signed purchase agreement differs from an addendum because:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →