Contracts
In Virginia, a 'back-up offer' on a property already under contract is:
AProhibited by MLS rules
BPermitted — the seller may accept a back-up offer that goes into effect only if the primary contract terminates✓ Correct
CAutomatically accepted if the buyer's agent requests it
DA violation of fair housing law
Explanation
Virginia sellers can accept back-up offers. A back-up offer is contingent on the primary contract failing.
People Also Study
Related Virginia Questions
- A Virginia buyer makes an offer contingent on the sale of their current home. The seller accepts with a 48-hour kick-out provision. A second buyer makes an offer. The seller notifies the first buyer. The first buyer has 48 hours to:Contracts
- A Virginia listing agent receives an offer on a property they have listed. The agent also represents the buyer. Without written consent from both parties, this would constitute:Agency
- A Virginia seller accepts a buyer's offer but the seller had been declared legally incompetent. The resulting contract is:Contracts
- In Virginia, the right of first refusal in a real estate contract gives the holder the right to:Contracts
- In Virginia, a 'back-up offer' in real estate is one that:Contracts
- In Virginia, when a broker holds earnest money in escrow and the transaction falls through, the broker may:Escrow & Title
- A Virginia HOA board member who approves a contract with a company they have a financial interest in without disclosing the conflict is:Property Management
- Under Virginia's race-notice recording statute, if Smith conveys to Jones who does not record, and then conveys to Brown who records first without notice of the Jones deed, Brown:Escrow & Title
Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Study This Topic
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →