Contracts
In Missouri, a purchase contract's financing contingency protects the buyer by:
AGuaranteeing the loan will be approved
BAllowing the buyer to cancel and recover earnest money if they cannot obtain financing on specified terms✓ Correct
CRequiring the seller to provide financing
DLocking in the interest rate
Explanation
A financing contingency allows the buyer to cancel the contract and recover their earnest money if they are unable to secure a loan on the specified terms (rate, amount, type) within the contingency period.
Related Missouri Contracts Questions
- A Missouri land contract (contract for deed) differs from a purchase money mortgage in that:
- A Missouri purchase agreement includes a 'walk-through' provision. This final walk-through before closing is intended to:
- A Missouri contingency for sale of buyer's existing home protects the buyer by:
- Under Missouri's Uniform Electronic Transactions Act (UETA), an electronic signature:
- A Missouri real estate contract is signed under duress. The contract is:
- An assignment of a Missouri real estate contract means:
- A Missouri buyer signs an offer that includes an earnest money deposit of $5,000. The seller never responds. The offer is:
- Under Missouri law, a purchase contract for real estate signed by a 16-year-old is:
Practice More Missouri Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Missouri Quiz →