PSI Oklahoma Real Estate Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the PSI Oklahoma Real Estate Test. Use flashcards and multiple choice questions, each question with hints and explanations. Get ready for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What happens when a buyer cancels their offer before the seller has accepted?

The seller can still accept the offer
The original offer is cancelled and the protest means nothing
The buyer may lose their earnest money
The seller can file a lawsuit against the buyer

The correct answer is: The original offer is cancelled and the protest means nothing

When a buyer cancels their offer before the seller has accepted, the original offer is cancelled and holds no further validity. At this point, since the acceptance by the seller has not occurred, there is no binding contract in place. The buyer's action to withdraw the offer effectively nullifies it, and the seller cannot accept an offer that has already been revoked. Thus, the cancellation is definitive, and any protest from the buyer is immaterial because there is no legal agreement that has been formed. This understanding is essential for buyers to grasp, as it clarifies the nature of real estate offers and the point at which they become binding contracts.