Contracts
A Minnesota buyer submits an offer on a Thursday at 5 PM. The offer states it expires 'by midnight Friday.' The seller's agent does not present the offer until Saturday morning. The offer is:
AStill valid since the seller did not reject it
BExpired because the deadline has passed✓ Correct
CVoid because the agent failed to present it timely
DAutomatically extended by one business day
Explanation
An offer that specifies an expiration deadline expires when that deadline passes, regardless of whether it was presented. If the seller's agent failed to present the offer before the deadline, the buyer is no longer bound by it.
People Also Study
Related Minnesota Questions
- A Minnesota buyer submits an offer with a 48-hour response deadline. After 24 hours, the seller submits a counter-offer. What happened to the original offer?Contracts
- In Minnesota, an agent who receives an offer on a listed property must present the offer to the seller:Agency
- A Minnesota licensee must present a purchase offer to the seller even if:Agency
- In Minnesota, a listing agreement that has an expiration date that passes without a sale:Contracts
- A Minnesota buyer submits an offer with a personal property addendum listing specific items. The seller accepts but scratches off the riding lawn mower from the list. This creates a:Contracts
- A Minnesota buyer submits a cash offer with no financing contingency. The buyer later cannot obtain the funds. What can the seller do?Contracts
Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Study This Topic
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →