A buyer's offer in North Carolina lapses (expires) when:
Why The time period for acceptance specified in the offer passes without acceptance Is Correct
Answer B: The time period for acceptance specified in the offer passes without acceptance
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
People Also Study
Related North Carolina Questions
- In North Carolina, the 'due diligence fee' paid at the time of an offer is:Contracts
- The North Carolina Offer to Purchase and Contract is a standard form approved by:Contracts
- The 'due diligence period' in a North Carolina purchase contract is the time during which:Contracts
- Under the North Carolina Offer to Purchase, the earnest money deposit (EMD) is:Contracts
- In North Carolina, trust account funds (earnest money) must be deposited within:Escrow & Title
- A broker's duty of 'reasonable care and diligence' in North Carolina means:Agency
- A deed is considered delivered and accepted in North Carolina when:Escrow & Title
- A real estate broker in North Carolina who receives earnest money must deposit it into a trust account within:Agency
Key Terms to Know
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA 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.
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →