Contracts
A West Virginia real estate contract that includes an arbitration clause means disputes will be resolved through:
AThe WVREC's dispute resolution process
BPrivate arbitration rather than court litigation, as agreed in the contract✓ Correct
CMediation by the West Virginia Association of REALTORS®
DA trial by jury in circuit court
Explanation
An arbitration clause in a contract requires parties to resolve disputes through private arbitration rather than through the court system. Arbitration decisions are typically binding on both parties.
Related West Virginia Contracts Questions
- A West Virginia seller counters a buyer's offer by changing the closing date. The buyer's original offer:
- In West Virginia, a 'time is of the essence' clause in a purchase contract means if the buyer fails to close on the specified date:
- In West Virginia, which of the following is NOT a valid method for communicating acceptance of a real estate offer?
- A West Virginia commercial lease assigns to the tenant the right to extend the lease for an additional 5 years at a predetermined rental rate. This is called a:
- In West Virginia, a real estate licensee who drafts a complex custom real estate contract for a client (rather than using standard forms) may be engaged in:
- Under West Virginia contract law, which of the following is NOT required for a valid real estate contract?
- A West Virginia real estate contract includes an 'as-is' clause. This means the buyer:
- Under West Virginia law, liquidated damages in a purchase contract are:
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →