Alberta Real Estate Licensing Exam Practice · Question
What must occur for an offer to purchase a property to become a legally binding contract?
A contract is formed when an offer is made by one party and accepted by the other, and that acceptance is communicated.
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Question: What must occur for an offer to purchase a property to become a legally binding contract?
Answer options: ✅ It must be accepted by the seller, and the acceptance communicated to the buyer
- It must be signed by both the buyer and the buyer's agent
- A deposit must be paid by the buyer
- It must be registered with Land Titles
Correct answer: It must be accepted by the seller, and the acceptance communicated to the buyer
Explanation: A contract is formed when an offer is made by one party and accepted by the other, and that acceptance is communicated.
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