ContractsCâu 51 / 120
Earnest money in a real estate contract functions primarily as:
a.A good-faith deposit showing the buyer's serious intent to purchase
b.The full purchase price paid up front
c.A nonrefundable fee paid to the listing agent
d.A payment that replaces the down payment entirely
Giải thích
Earnest money is a deposit that demonstrates the buyer's good faith and is typically credited toward the purchase price or closing costs at closing. If the buyer defaults without a valid contingency, the earnest money may be forfeited to the seller.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- The legal doctrine requiring that contracts for the sale of real estate be in writing to be enforceable is the:
- In Texas, residential real estate sales contracts most commonly use forms that are:
- A license holder who is not a licensed attorney may generally:
- A financing contingency in a purchase contract protects the buyer by:
- The Texas 'option period' (termination option) in the standard residential contract generally allows the buyer to:
- Which of the following best describes a bilateral contract?
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Đội Ngũ Biên Tập PrepPass · Đối chiếu với Texas Real Estate Sales Agent Licensing Exam · Quy trình kiểm tra