Contracts
A NJ seller who accepts an offer subject to the seller finding a suitable replacement property has entered into a contract with a:
AFinancing contingency
BHome sale contingency (or 'kick-out' clause)✓ Correct
CInspection contingency
DAppraisal contingency
Explanation
A home sale or 'suitable housing' contingency makes the seller's obligation to close contingent on finding acceptable replacement housing. Many seller contracts also include a kick-out clause allowing the seller to accept another offer under certain conditions.
Related New Jersey Contracts Questions
- A NJ seller who discovers a material defect AFTER the contract is signed but BEFORE closing should:
- An 'as-is' clause in a NJ real estate contract:
- A NJ seller who fraudulently conceals a known material defect from the buyer may be held liable for:
- Under NJ consumer protection law, a NJ licensee who engages in 'bait and switch' advertising (advertising one property to attract buyers then redirecting to different properties) is violating:
- In New Jersey, a bilateral contract in real estate is one in which:
- During the NJ attorney review period, which of the following is true?
- The parol evidence rule in NJ contract law generally prevents parties from:
- New Jersey is one of the few states where residential real estate contracts are subject to an attorney review period. This period is typically:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →