BC Real Estate Trading Services Licensing Exam Practice · Question
Failure to remove a subject condition by the specified date in a contract of purchase and sale typically results in:
Unless otherwise specified in the contract, if a subject condition is not removed or waived by the specified date, the contract of purchase and sale usually bec
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Question: Failure to remove a subject condition by the specified date in a contract of purchase and sale typically results in:
Answer options:
- Automatic extension of the condition removal date.
- The contract becoming firm and binding. ✅ The contract becoming null and void.
- A penalty fee payable by the party who failed to remove the condition.
Correct answer: The contract becoming null and void.
Explanation: Unless otherwise specified in the contract, if a subject condition is not removed or waived by the specified date, the contract of purchase and sale usually becomes null and void, and the deposit is returned to the buyer.
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Question explanations
- A developer, Grandview Developments Ltd., plans to build a new condominium project in Kelowna. They register a
- Michael, a real estate licensee, is assisting his client Jane in purchasing a commercial property at 123 Main
- A buyer, David, has entered into a Contract of Purchase and Sale for a vacant lot in Tofino. David's lawyer di
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