Contracts
In Virginia, a buyer submits an offer with a 72-hour acceptance deadline. The seller lets the deadline pass without responding. The offer is:
AAutomatically extended another 72 hours
BConsidered rejected or expired — the buyer is no longer bound✓ Correct
CAccepted by the seller's silence
DHeld in escrow pending response
Explanation
If the seller does not accept within the specified time, the offer expires and neither party is bound. An offeror can revoke their offer any time before acceptance, and expiration terminates it automatically.
People Also Study
Related Virginia Questions
- A Virginia buyer submits an offer with a 48-hour acceptance deadline. The seller makes a counteroffer. What has legally occurred?Contracts
- A Virginia real estate licensee who fails to renew their license on time may apply for reinstatement within one year of expiration by:Virginia License Law
- A Virginia commercial tenant who sublets their space to another party without the landlord's consent may be:Property Management
- A Virginia buyer's agent who fails to present a seller's counteroffer to their buyer client within a reasonable time may be liable for:Agency
- 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 buyer submits an offer with a home inspection contingency. After the inspection, the buyer requests repairs. The seller refuses all repairs. The buyer may:Contracts
- A Virginia seller signs a listing agreement and then receives a purchase offer. Before communicating acceptance to the buyer, the seller dies. What happens to the listing agreement?Contracts
- A Virginia licensee must report a change of their business address to VREB within:Virginia License Law
Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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 →