In Florida, all of the following would make a real estate purchase contract voidable EXCEPT:
Correct Answer
C) Lack of earnest money deposit
Correct: C - Lack of earnest money does not make a contract voidable as it's not required for validity in Florida. Why not A: Fraud makes contracts voidable. Why not B: Mutual mistake of material fact is grounds for voidability. Why not D: Duress and undue influence make contracts voidable.
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More Real Estate Contracts Questions
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- → In Florida, the inspection period is typically:
- → A buyer signs a Florida purchase contract for a condo and learns during the inspection period about a special assessment of $10,000. The seller knew but didn't disclose this. What are the buyer's rights?
- → A buyer and seller in Florida agree to extend the closing date by 10 days. The original contract had a 'time is of the essence' clause. What must they do to make this extension valid?
- → In Florida real estate contracts, what legal principle requires that both parties exchange something of value?
- → A Florida real estate licensee prepares a purchase agreement that includes a financing contingency. The buyer fails to apply for financing within the specified timeframe. What is the legal consequence under Florida contract law?
- → Under Florida law, all of the following would typically survive the closing of a real estate purchase agreement EXCEPT:
- → A Florida purchase contract includes an appraisal contingency stating the property must appraise for at least the purchase price of $350,000. The appraisal comes in at $340,000. What options does the buyer have?
- → A Florida real estate purchase contract includes a financing contingency requiring loan approval within 30 days. On day 28, the buyer hasn't received approval but hasn't notified the seller. What is the buyer's status?
- → In a Florida real estate transaction, the purchase agreement includes a mortgage contingency clause. The buyer receives a loan commitment letter with an interest rate 0.5% higher than specified in the contract. What are the buyer's rights?
- → A Florida real estate broker prepares a purchase agreement that incorrectly states the lot size as 15,000 sq ft when it's actually 12,000 sq ft. The error is discovered after contract execution but before closing. What is the buyer's most likely remedy?
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A Florida purchase contract contains a 'time is of the essence' clause. The closing date is set for June 15. The buyer's lender delays funding until June 16. What is the likely result?
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A buyer signs a Florida purchase contract for a condo and learns during the inspection period about a special assessment of $10,000. The seller knew but didn't disclose this. What are the buyer's rights?