Illinois Real Estate Exam Practice Question
A broker has listed a property for $225,000. An offer of $210,000 contingent upon inspection comes in the first week and the seller accepts it. Another offer of $205,000 comes in the second week. The seller accepts it as a secondary offer contingent upon the termination of the first offer. The first offeror demands the seller spend $5,000 in repairs before going through with the purchase. The seller may do any of the following EXCEPT
Correct Answer: D
Rationale: The seller has a legal obligation to honor the terms of the first offer, which includes the demand for repairs. Therefore, ignoring the demand and selling to the second offeror violates the contract with the first buyer.
Option A is valid as the seller can agree to the repairs and complete the sale with the first offeror. Option B is also permissible; the seller can refuse to make repairs and still sell the property "as is," provided the first buyer accepts this condition. Option C is an option as well; the seller can terminate the first agreement in writing, allowing them to proceed with the second offer.
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