Contracts
A contract contingency that protects a buyer if they cannot obtain financing is known as a:
ADue diligence clause
BMortgage contingency✓ Correct
CTitle contingency
DInspection contingency
Explanation
A mortgage contingency (financing contingency) allows the buyer to cancel the contract and receive their earnest money back if they are unable to secure satisfactory financing within the agreed-upon period.
Related Oklahoma Contracts Questions
- A 'kick-out clause' (right of first refusal contingency) in an Oklahoma purchase contract allows the seller to:
- An Oklahoma purchase contract that contains a home inspection contingency allows the buyer to:
- An Oklahoma seller who accepts a buyer's offer with conditions or changes has legally:
- Which element is NOT required for a valid real estate contract in Oklahoma?
- A 'subject to' real estate transaction in Oklahoma means the buyer:
- When a buyer's offer is accepted exactly as written by the seller, the contract becomes:
- In Oklahoma, earnest money deposited on a purchase contract is typically held by:
- Under the Oklahoma parol evidence rule, prior oral agreements that contradict the written purchase contract are generally:
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