PSI Oklahoma Real Estate Practice Test

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

Prepare for the Oklahoma Real Estate Test. Study with flashcards and multiple choice questions, each question has 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 to an offer if the seller does not accept the buyer's conditions?

The buyer is automatically notified
The offer remains open for negotiation
The offer is effectively rejected
The offer can be modified based on the seller's preferences

The correct answer is: The offer is effectively rejected

When a seller does not accept the buyer's conditions, the offer is considered effectively rejected. This situation occurs because a fundamental principle of contract law is that an offer must be accepted in its entirety for a binding agreement to be formed. If a seller finds the conditions unacceptable, they have chosen not to accept the offer as it stands. Consequently, the original offer is no longer valid, and the buyer must then decide whether to revise their offer or pursue other options. The dynamic of negotiation is important here; while communication and modifications can still take place, it is essential to note that until a new agreement is reached, the previous offer is no longer considered valid. This outcome emphasizes the importance of clear agreement on terms in any negotiation process.