Contracts
An 'escalation clause' in an Ohio purchase offer allows:
AThe buyer to back out if the price increases
BThe buyer's offer price to automatically increase above competing offers up to a maximum cap✓ Correct
CThe seller to raise the price after acceptance
DThe lender to increase the interest rate if market rates rise
Explanation
An escalation clause automatically increases the buyer's offer by a set increment above any competing bona fide offer, up to a stated maximum price, helping the buyer remain competitive in multiple-offer situations.
Related Ohio Contracts Questions
- An exclusive agency listing in Ohio means:
- In Ohio, a 'lease with option to purchase' gives the tenant:
- Under Ohio contract law, a contract under duress is:
- Under Ohio law, which of the following is required for a real estate contract to be enforceable?
- In Ohio, a 'release of liability' in a real estate transaction typically occurs when:
- In Ohio, a seller who accepts an offer and then receives a higher offer cannot simply cancel the first contract because:
- A buyer and seller have a fully executed purchase contract. The buyer then asks for contract terms to change. This is called:
- In Ohio, an addendum to a purchase contract is:
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →