Contracts
A North Dakota buyer's offer contains a clause allowing them to cancel if their current home doesn't sell within 30 days. This is called a:
AHome inspection contingency
BHome sale contingency✓ Correct
CFinancing contingency
DAppraisal contingency
Explanation
A home sale contingency makes the purchase of the new property contingent on the successful sale of the buyer's current home within a specified period. If the current home does not sell, the buyer may cancel the new purchase contract.
Related North Dakota Contracts Questions
- In North Dakota, which of the following is TRUE about consideration in a real estate contract?
- What is a 'net listing' in North Dakota, and what is the ethical concern with it?
- Novation in a contract context means:
- Under North Dakota law, what is required for a real estate purchase contract to be enforceable?
- In North Dakota, which statement about addenda to a real estate contract is TRUE?
- Under a North Dakota open listing, how many brokers may the seller authorize simultaneously?
- In North Dakota, 'earnest money' in a real estate transaction primarily serves as:
- What is the legal effect of recording a deed in North Dakota?
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →