Real Estate Contract Law and Practices Quiz

Legally binding agreement specifying terms and conditions for a real estate deal.

Conditional provision that renders the contract null and void if specific conditions are not satisfied.

Obligation to prioritize and act in the best interests of the party being represented, typically the client.

Time frame granting the buyer the freedom to terminate the contract without constraints.

Account managed by a neutral third party to secure funds and documents until the completion of the real estate transaction.

Common legal age requirement for individuals to participate in real estate contracts.

Upfront payment demonstrating the buyer's commitment and seriousness in a real estate transaction.

Emphasizes the importance of adhering to specified deadlines and timelines in the contract.

Investigation to verify that the property's title is free from encumbrances or defects.

Legal document officially transferring ownership rights of a property from seller to buyer.

Equitable distribution of expenses, like property taxes, between the buyer and seller during a real estate closing.

Designated time frame for the buyer to thoroughly examine the property and related documents.

Agreement allowing tenants to rent a property with an option to buy, combining rental and ownership elements.

Neutral entity holding funds and documents until the completion of the real estate transaction.

Stipulation outlining a predetermined monetary compensation in the event of a contract breach.

Granting the buyer the privilege to buy the property before it is made available to other potential buyers.

Ensures the buyer's entitlement to peaceful and undisturbed use and enjoyment of the property.