Contracts and contingencies quiz

Eight questions about the purchase contract: the protections it gives you and the deadlines that matter.

8 questions · about 2 minutes · no signup needed

Question 1 of 8A financing contingency lets you…

Cancel and keep your deposit if your loan isn’t approved by the deadlineChoose any interest rateSkip the appraisalDelay closing forever

Question 2 of 8An appraisal contingency protects you if…

The home appraises below the priceRates riseThe seller changes their mindYou find a better house

Question 3 of 8Backing out for a reason not covered by a contingency can cost you…

Your earnest moneyNothingYour credit scoreYour agent’s license

Question 4 of 8A home sale contingency means…

Your purchase depends on selling your current homeThe seller must sell another homeThe home must sell for a profitNothing

Question 5 of 8Who usually holds the earnest money?

A neutral third party like a title company, escrow company or brokerThe sellerYour lenderYou

Question 6 of 8Contract deadlines are usually strictly enforced.

TrueFalse

Question 7 of 8Seller disclosure requirements are the same in every state.

TrueFalse

Question 8 of 8Waiving the inspection contingency means…

You can’t cancel based on what an inspection findsThe seller pays for repairsYou get a discountYour lender inspects instead

Your answers aren’t saved or sent anywhere except to calculate your score. For education only; it isn’t a credit check or a loan approval.

How it works

Pick an answer and you’ll see right away whether you got it, with a short explanation and a link to learn more. At the end you’ll get your score and can share it.