A NC buyer who wants to purchase both a building and the seller's business equipment (FF&E — furniture, fixtures, and equipment) must ensure:
Why Personal property (FF&E) is specifically listed in the contract or a separate bill of sale, since it is not real property Is Correct
Answer B: Personal property (FF&E) is specifically listed in the contract or a separate bill of sale, since it is not real property
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.
Key Contracts Terms in This Question
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Key Terms to Know
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
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.
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