Virginia State Real Estate 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 proceed, such as financing, home inspection, and attorney approval. These conditions indicate that the contract is contingent upon certain events occurring, which is characteristic of a contract subject to contingencies.
Option A, a unilateral contract, refers to an agreement where only one party makes a promise, which does not apply here as both parties have obligations. Option C implies that the buyer has the final say, but the seller’s acceptance indicates shared responsibilities. Option D suggests the seller's approval is needed, which is not accurate since the contingencies highlight conditions rather than a simple approval process.
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