A NC buyer's offer contains a clause stating 'Seller shall make all repairs identified by home inspector.' This is an example of:
Why An open-ended repair contingency that may be difficult to enforce due to lack of specific terms Is Correct
Answer B: An open-ended repair contingency that may be difficult to enforce due to lack of specific terms
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
People Also Study
Related North Carolina Questions
- An appraiser estimates a home's replacement cost new at $350,000, total depreciation of 25%, and land value of $80,000. What is the cost approach value?Property Valuation
- A NC seller who receives an offer during the due diligence period with a contingency to sell their current home is encountering which type of provision?Contracts
- Under NC law, a tenant may repair and deduct if the landlord fails to make essential repairs. This remedy is:Property Management
- An appraiser completing a sales comparison approach for a home in Chapel Hill finds a comparable that sold 8 months ago. The appraiser must make a:Property Valuation
- The North Carolina Offer to Purchase and Contract is a standard form approved by:Contracts
- The standard North Carolina Offer to Purchase and Contract form is jointly approved by which organizations?Contracts
- Under the NC Offer to Purchase, if a buyer terminates AFTER the due diligence period without a valid contractual reason, what happens to the earnest money deposit?Contracts
Key Terms to Know
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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 →