To review Chapter 8, “Types of Real Estate Contracts,” match each description below with one of the following terms.
- Contingency clause
- Closing date
- Good faith deposit
- Liquidated damages
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Question 1 of 5
A provision in a purchase agreement that makes closing the transaction conditional on a certain event occurring.CorrectIncorrect
Question 2 of 5
This is given by the buyer to the seller to demonstrate the buyer’s intent to complete the transaction.CorrectIncorrect
Question 3 of 5
If a buyer breaches a contract, the deposit may be treated as this.CorrectIncorrect
Question 4 of 5
This is a written contract modification made after the parties have already signed the purchase agreement.CorrectIncorrect
Question 5 of 5
The parties may include additional or changed terms in this attachment, which is added to a purchase agreement before it is signed.CorrectIncorrect