2016 New York Real Estate Exam Prep Questions and Answers by Real Estate Exam Professionals Ltd

Author:Real Estate Exam Professionals Ltd.
Language: eng
Format: epub
Tags: exam prep, test prep, exam questions, real estate exam, exam study guide, exam cram, license exam, exam answers, new york exam
Publisher: Fun Science Group

155. A prospective buyer who was not a real estate licensee, nor had any "ties" with the seller's broker, wished to purchase a large parcel of land and made an offer on the property at a price of $600 per acre. The seller accepted the offer and escrow was opened. During the escrow period, The seller discovered that the buyer had already entered into an agreement to resell the acreage at a price of $2000 per acre to an unknown buyer under these circumstances the original seller's recourse is to:

A. Rescind the contract

B. Refuse to close the escrow and sue for damages

C. Void the contract based on misrepresentation

D. Do nothing

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