ContractsCâu 56 / 100
If a buyer breaches a real estate contract, a liquidated damages clause typically allows the seller to:
a.Sue for unlimited additional money
b.Retain the earnest money deposit as the agreed remedy
c.Force the buyer to buy a different property
d.Void the listing agreement automatically
Giải thích
A liquidated damages clause sets an agreed amount, often the earnest money, that the seller keeps if the buyer defaults, avoiding a dispute over actual damages. It limits the seller's recovery to that sum. Both parties agree to this remedy when they sign the contract.
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Câu hỏi liên quan cùng chủ đề
- A contingency in a real estate contract is:
- The substitution of a new contract or new party for an existing one, releasing the original obligation, is called:
- A 'time is of the essence' clause in a contract means that:
- An option contract gives the optionee:
- A listing agreement in which the broker earns a commission regardless of who sells the property, even the owner, is a(n):
- In an exclusive agency listing, the seller may avoid paying the broker's commission if:
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