Contracts
In South Dakota, a 'contingent offer' means the buyer's obligation is:
AFirm and unconditional
BConditional on the satisfaction of specified conditions before the contract becomes binding✓ Correct
CContingent only on the seller's approval of the buyer's financial status
DAutomatically removed after 10 days
Explanation
A contingent offer means the buyer's obligation to purchase is conditional on fulfilling specified conditions (financing approval, inspection satisfaction, sale of another home). If conditions fail, the buyer may exit.
Related South Dakota Contracts Questions
- A South Dakota purchase agreement is signed on Monday. The buyer has a 3-day inspection contingency. When does the inspection period expire?
- In South Dakota, an offer to purchase real estate 'lapses' (expires without acceptance) when:
- In South Dakota, an 'option contract' in real estate gives the optionee (buyer):
- A South Dakota buyer's financing contingency specifies that the buyer must apply for a loan within 5 days and obtain approval within 30 days. If the buyer fails to apply within 5 days:
- In South Dakota, a purchase agreement that is 'subject to' the buyer selling their current home differs from one that is 'contingent on' the sale in that 'subject to' typically:
- In South Dakota, the 'consideration' in a real estate purchase contract typically consists of:
- In South Dakota, which statement about 'earnest money' is TRUE?
- In South Dakota, the 'closing date' in a purchase agreement is:
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →