California Real Estate Practice Exam

Question: 1 / 740

If Buyer A must obtain financing before proceeding with the purchase of Seller B's house, the contract is?

Voidable

Expired

Executory

The correct answer is C Executory. In this situation, the contract is considered executory because it is still in progress and the agreement between Buyer A and Seller B has not been fully completed. The other options are incorrect because:

- A: Voidable suggests that the contract can be cancelled, but that is not the case in this situation as both parties are still working towards completing the transaction.

- B: Expired implies that the contract has already ended, but in this case, it is still in progress as Buyer A needs to obtain financing before proceeding.

- D: Complete indicates that all terms of the contract have been fulfilled, but that is not the case as financing still needs to be obtained.

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