Contracts
What is the significance of the 'inspection contingency' in a South Carolina residential purchase contract?
AIt requires the seller to make all repairs identified
BIt allows the buyer to have the property inspected and negotiate repairs or withdraw from the contract✓ Correct
CIt guarantees the property passes a government inspection
DIt is required by SC law for all residential sales
Explanation
An inspection contingency gives the buyer the right to have the property professionally inspected. Based on findings, the buyer may request repairs, negotiate a price reduction, or withdraw from the contract.
Related South Carolina Contracts Questions
- In South Carolina, a real estate contract is considered 'executory' when:
- In South Carolina, 'specific performance' as a remedy in a real estate contract is typically preferred over money damages because:
- In South Carolina, 'liquidated damages' are predetermined. They differ from 'actual damages' in that:
- A South Carolina listing agreement must include which of the following to be enforceable?
- In South Carolina, what happens if both the buyer and seller are in default of a real estate contract?
- Which remedy allows a South Carolina court to order the seller to actually sell the property as agreed?
- In South Carolina, which of the following parties typically drafts the deed used in a real estate closing?
- In South Carolina, the SC Association of REALTORS residential purchase contract includes an inspection contingency. If the seller refuses to make repairs, the buyer may:
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 →