PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM GLOSSARY
A contingency is a contract condition that makes a party's duty, right to terminate, or obligation to proceed depend on a stated event, standard, deadline, or approval.
Contracts
Contract performance
Define, distinguish, apply, retrieve
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PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEBuild the complete exam definition
Learn the rule, separate it from the nearest distractor, then apply it to a Georgia fact pattern.
What does Contingency mean?
A contingency is a contract condition that makes a party's duty, right to terminate, or obligation to proceed depend on a stated event, standard, deadline, or approval.
How do you separate the nearest exam answer?
A contingency is a specific condition in the contract. A due-diligence period can provide a broader termination right depending on its wording.
What changes or stays the same in Georgia?
The signed Georgia contract controls the notice method, deadline, satisfaction standard, waiver, and effect of failure. There is no universal financing or inspection deadline.
A purchase obligation depends on the buyer obtaining a stated loan by a stated date and giving notice in the form the agreement requires.
A contingency does not protect a party forever. Missing the notice or deadline can waive the right.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDERetrieve the rule under exam conditions
Answer before reading the explanation. Then explain why every distractor belongs to a different term.
A purchase agreement lets the buyer terminate if a loan is not approved by May 10, with written notice to the seller by that date. The loan is denied on May 8, but the buyer sends no notice until May 15. What is the likely result?
- A
The buyer may still terminate, since the loan was denied
- B
The contract ends automatically on May 10
- C
The seller must extend the deadline in good faith
- D
The buyer likely lost the right to terminate on that ground
A contingency makes a party's obligation depend on a stated event, and the contract sets the deadline and notice method. Missing the notice deadline can waive the protection even though the event itself happened. There is no universal grace period; the signed contract decides.
Mark each box only when you can perform the skill without looking.
I can define the term in one precise sentence.
I can separate it from the closest look-alike.
I can explain the Georgia rule or confirm that the national rule applies.
I can answer the practice check and explain every option.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEConnect the term to the wider exam
Use these relationships to move from isolated recall to a connected exam model.
Contracts complete lesson
https://www.passgeorgiarealestate.com/study-guide/contracts/purchase-agreements
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