Contracts
In South Carolina, an offer to purchase real estate becomes a binding contract when:
AThe buyer signs and submits the offer
BThe seller accepts and the acceptance is communicated back to the buyer✓ Correct
CThe earnest money is deposited
DThe buyer receives approval for financing
Explanation
An offer becomes a binding contract when the seller accepts all terms of the offer and that acceptance is communicated back to the buyer (or their agent). Until acceptance is communicated, no contract exists.
Related South Carolina Contracts Questions
- In South Carolina, 'novation' in a real estate transaction occurs when:
- In South Carolina, 'due diligence' in a commercial real estate transaction typically includes:
- In South Carolina, what is 'exculpatory language' in a real estate contract?
- In South Carolina, which of the following is TRUE about electronic signatures on real estate contracts?
- In South Carolina, what is the 'parol evidence rule' in contract law?
- In South Carolina, what is 'integration' or the 'merger doctrine' in contract law?
- In South Carolina, which of the following would create an 'implied contract' between an agent and a buyer?
- In South Carolina, which of the following parties typically drafts the deed used in a real estate closing?
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →