New Jersey Real Estate License Exam Practice Question
A seller accepts an offer from a buyer subject to the following: 80% financing, home inspection, closing on or before October 1, approval of an attorney on marketable title, and possession within 30 days of closing with a daily rental amount from closing to possession. This is an example of
Correct Answer: B
Rationale: The scenario describes a contract that includes specific conditions that must be met for the agreement to be finalized, such as financing, home inspection, and attorney approval. This clearly indicates it is a contract subject to contingencies.
Option A, a unilateral contract, involves one party making a promise contingent on the other party's action, which does not fit this situation.
Option C implies the buyer must approve the offer, but the terms indicate that the seller has already accepted with conditions.
Option D suggests the seller's approval is needed, but the contingencies are primarily focused on the buyer's requirements.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now