Contracts
In Virginia, a ratified contract refers to a contract that:
AHas been approved by VREB
BHas been accepted by all parties, with acceptance communicated back to the offeror✓ Correct
CHas cleared all contingencies
DHas been signed by the buyer only
Explanation
A ratified contract is one that has been fully agreed upon — offer accepted by the offeree and that acceptance communicated back to the offeror. All parties have signed and communicated their agreement.
Related Virginia Contracts Questions
- In Virginia, the standard residential purchase contract includes an optional home inspection contingency. If the buyer timely objects to inspection findings, what typically happens?
- A buyer in Virginia makes an offer on a home. The seller crosses out one term and initials it before signing. This creates:
- Which contingency in a Virginia contract protects the buyer if the property appraises below the purchase price?
- In Virginia, a buyer who signs a sales contract and then discovers the seller made a material misrepresentation may seek:
- Under a Virginia real estate contract, earnest money is typically held by:
- A Virginia real estate contract requires the seller to provide clear title at closing. Which of the following would constitute a cloud on title?
- Under Virginia law, a lease agreement that does not specify a duration is presumed to be:
- A Virginia contract includes a 'time is of the essence' clause. This means:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →