Contracts
In South Dakota, a real estate purchase contract is considered 'executed' when:
AThe buyer makes an offer
BAll parties have signed the contract and all conditions have been fully performed✓ Correct
CThe earnest money is deposited
DThe property is transferred at closing
Explanation
A contract is 'executory' (in the process of being performed) from the time of acceptance until all obligations are fulfilled. It becomes 'executed' when all parties have fully performed their obligations — meaning the transaction has closed, the deed has been delivered, and the purchase price has been paid.
Related South Dakota Contracts Questions
- In South Dakota, a real estate listing agreement is a contract between the seller and the:
- In South Dakota, specific performance is a legal remedy in real estate that requires:
- When a real estate contract is said to be 'executed,' it means:
- In South Dakota, a 'release of contract' is different from 'cancellation' because a release:
- Under South Dakota law, a fraudulent misrepresentation in a real estate contract may allow the injured party to:
- Mutual rescission of a South Dakota real estate contract means:
- In South Dakota, a real estate contract is discharged (terminated) by all of the following EXCEPT:
- Earnest money deposited in a South Dakota real estate transaction 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 →