Illinois Real Estate Exam Practice Question
Under a rescission agreement, the
Correct Answer: B
Rationale: A rescission agreement effectively nullifies a contract, restoring both parties to their original positions. This means any money exchanged must be returned, making option B accurate.
Option A incorrectly states that the purchaser is in default; rescission does not assign blame but rather cancels the contract.
Option C suggests the seller is in default, which is misleading; rescission can occur for various reasons unrelated to default.
Option D implies that the contract is voidable, but rescission specifically entails cancellation and restitution, not merely allowing either party to withdraw.
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