Contracts
If a buyer in NC makes an offer that includes a 'financing contingency,' closing may be delayed or cancelled if:
AThe buyer changes their mind about the property
BThe buyer cannot obtain financing under the terms specified in the contingency✓ Correct
CInterest rates rise slightly after the offer is accepted
DThe appraisal comes in above value
Explanation
A financing contingency allows the buyer to terminate and receive a refund of deposits if they cannot obtain financing on the terms specified (loan amount, rate, term) by the contingency deadline.
Related North Carolina Contracts Questions
- In NC, 'liquidated damages' provisions in real estate contracts are enforceable if:
- The NC Offer to Purchase includes a 'Settlement Date' that represents:
- An 'executory contract' in NC real estate is one that:
- Under NC contract law, which of the following is an example of 'liquidated damages'?
- A contract for the sale of real estate in North Carolina must be in writing to be enforceable under:
- Which of the following is NOT an essential element of a valid real estate contract?
- For a real estate contract in North Carolina to be enforceable, it must meet which essential requirement regarding real property?
- A NC buyer's offer contains a clause stating 'Seller shall make all repairs identified by home inspector.' This is an example of:
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