Alberta Real Estate Licensing Exam Practice · Question
In a residential real estate transaction, when does the 'offer' become legally binding?
An offer becomes a binding contract upon acceptance by the offeree and effective communication of that acceptance to the offeror.
Start free practice for Alberta Real Estate Licensing Exam Practice
400 questions · no signup required · 40 free questions per day
Question: In a residential real estate transaction, when does the 'offer' become legally binding?
Answer options: ✅ When it is accepted by the seller and acceptance is communicated to the buyer.
- When the buyer signs the initial offer document.
- When the real estate professional presents the offer to the seller.
- When the buyer obtains pre-approval for a mortgage.
Correct answer: When it is accepted by the seller and acceptance is communicated to the buyer.
Explanation: An offer becomes a binding contract upon acceptance by the offeree and effective communication of that acceptance to the offeror.
Start free practice for Alberta Real Estate Licensing Exam Practice
400 questions · no signup required · 40 free questions per day
More about Alberta Real Estate Licensing Exam Practice
Related Questions
- A buyer is purchasing a property for $550,000. They have secured a mortgage for $440,000. What is the Loan-to-
- Commission in Alberta is:
- A real estate associate, Sarah, is representing a buyer. While showing a property, the buyer expresses a stron
- An associate prepares a listing agreement for a seller. Which of the following is NOT typically required to be
- A brokerage receives a certified cheque for a $15,000 deposit on a residential property. Within how many busin
- A real estate associate, Maria, wants to purchase a property that her brokerage has listed. What is Maria's pr
More for Alberta Real Estate Licensing Exam Practice candidates
Study guides
FAQs
Question explanations
- A buyer is purchasing a property for $550,000. They have secured a mortgage for $440,000. What is the Loan-to-
- Commission in Alberta is:
- A real estate associate, Sarah, is representing a buyer. While showing a property, the buyer expresses a stron
- An associate prepares a listing agreement for a seller. Which of the following is NOT typically required to be
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Alberta Real Estate Licensing Exam Practice Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.