California Real Estate Practice Exam

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Study for the California Real Estate Exam with confidence. Engage with interactive questions designed to enhance your understanding of real estate principles, laws, and practices. Prepare thoroughly for your licensing test and ensure you have the knowledge to succeed in your real estate career!

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If Buyer A must obtain financing before proceeding with the purchase of Seller B's house, the contract is?

Voidable
Expired
Executory
Complete

The correct answer is: Executory

The correct answer is C Executory. In this situation, the contract is considered executory because it is still in progress and the agreement between Buyer A and Seller B has not been fully completed. The other options are incorrect because: - A: Voidable suggests that the contract can be cancelled, but that is not the case in this situation as both parties are still working towards completing the transaction. - B: Expired implies that the contract has already ended, but in this case, it is still in progress as Buyer A needs to obtain financing before proceeding. - D: Complete indicates that all terms of the contract have been fulfilled, but that is not the case as financing still needs to be obtained.