Basic Real Estate Concepts Quiz - Test Your Knowledge!

In a home purchase contract, what's a "contingency"?

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Correct Incorrect Contingencies are deal breakers or deal makers—like needing a loan approval or passing an inspection. If not met, either party can walk away under the terms agreed.

In a home purchase contract, what's a "contingency"?

• A kind of deposit
• A condition that has to be met for the deal to go through
• The scheduled move-in date
• A fine for breaking the contract