Contracts
A Mississippi purchase contract's financing contingency typically specifies:
AThe specific lender the buyer must use
BThe loan amount, type, maximum interest rate, and deadline to obtain loan commitment✓ Correct
CThe minimum appraisal value required
DThe seller's obligation to contribute to closing costs
Explanation
A financing contingency protects the buyer by specifying the essential loan terms (amount, type, maximum rate) and a deadline by which the buyer must obtain a loan commitment. If the buyer cannot obtain financing on those terms, they may terminate.
Related Mississippi Contracts Questions
- A Mississippi real estate contract provides that the seller will provide a 'marketable title' at closing. Marketable title means:
- A Mississippi commercial lease grants the tenant a 'right of renewal.' This means the tenant may:
- A Mississippi real estate contract contains a 'liquidated damages' clause stating the seller may keep the earnest money if the buyer defaults. This clause is enforceable when:
- Under Mississippi contract law, the remedy of 'rescission' allows:
- A Mississippi real estate sales contract contains a provision stating 'time is of the essence' and a closing date of September 1. What happens if closing does not occur on September 1?
- A Mississippi buyer's agent submits an offer on behalf of their client with a 48-hour acceptance deadline. The seller's agent acknowledges receipt but the seller takes 72 hours to respond. Is there a binding contract?
- An 'as-is' clause in a Mississippi real estate contract means:
- A Mississippi buyer and seller reach an agreement, and the buyer gives the seller $2,000 in earnest money. The earnest money is best described as:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →