Tennessee Real Estate License Exam Practice Question
An owner signed a contract to sell an apartment building. Just before closing, the owner informed the buyers that the owner would NOT sell the property. A lawsuit filed by the buyers would be for
Correct Answer: A
Rationale: In this scenario, the buyers seek to enforce the contract after the owner’s refusal to sell. Specific performance, which is the legal remedy that compels a party to fulfill their contractual obligations, is appropriate when monetary damages are insufficient.
Lis pendens (B) refers to a notice of pending litigation, not a remedy sought by the buyers. A quiet title action (C) is used to resolve disputes over property ownership, which is not applicable here. A deficiency judgment (D) arises from foreclosure situations and is unrelated to the sale of the apartment building. Thus, specific performance is the most suitable course of action for the buyers.
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