Contracts
A Washington purchase agreement has a 10-day inspection contingency. On day 11, the buyer attempts to rescind based on the inspection. The seller may:
AAgree to the rescission voluntarily but is not required to return earnest money
BRefuse rescission because the contingency period has expired and enforce the contract✓ Correct
CBe required to extend the contingency by state law
DOnly renegotiate the price
Explanation
If the buyer fails to exercise a contingency within the specified period, the contingency expires. The seller may hold the buyer to the contract (or claim the earnest money as liquidated damages), as the buyer's right to rescind has lapsed.
Related Washington Contracts Questions
- In Washington, the seller's disclosure statement (Form 17) is NOT required for which type of transaction?
- In Washington, which element is NOT required for a valid real estate contract?
- Under Washington law, a contract entered into by a person who has been declared legally incompetent by a court is:
- In Washington, the seller's obligation under a purchase agreement is described as:
- In Washington, the financing contingency in a purchase and sale agreement typically allows the buyer to:
- In Washington, a contract that contains an 'arbitration clause' means that disputes between the parties must be:
- A Washington purchase agreement requires earnest money forfeiture as liquidated damages. If the buyer defaults, the seller's remedy is limited to:
- A Washington contract for the sale of a commercial building includes a 'due diligence period' of 30 days. During this period, what is the buyer typically entitled to do?
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →