Contracts
A Minnesota purchase agreement is considered 'accepted' when:
AThe seller receives the buyer's written offer
BThe seller signs the acceptance and the buyer is notified of the acceptance✓ Correct
CThe earnest money check clears the bank
DThe listing agent signs the purchase agreement
Explanation
In Minnesota, a purchase agreement becomes binding when the seller accepts the offer (signs it) and the buyer is notified of that acceptance within the time specified in the offer. Acceptance must be communicated to create a binding contract—merely signing without notifying the buyer is insufficient.
Related Minnesota Contracts Questions
- A Minnesota seller refuses to close without justification after signing a purchase agreement. The buyer can seek which remedy known as 'specific performance'?
- Which type of listing agreement gives one broker the exclusive right to sell but allows the owner to sell without owing a commission?
- A Minnesota seller who accepts a backup offer while under contract with a primary buyer should:
- Which element is NOT required for a valid Minnesota real estate contract?
- A Minnesota listing agreement that does not specify an expiration date is:
- A purchase agreement that contains a financing contingency protects the buyer by:
- In Minnesota, specific performance is a remedy available to a buyer when:
- In Minnesota, the seller's property disclosure must be delivered to the buyer no later than:
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →