PSI Oklahoma Real Estate Complete Practice Test

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Question: 1 / 400

When is an offer to purchase property considered "accepted"?

When the buyer signs the contract

When the seller counters the offer

When the signed contract is delivered to the buyer

An offer to purchase property is considered "accepted" when the signed contract is delivered to the buyer. This is because acceptance in real estate transactions requires both parties to agree to the terms and have that agreement documented. While the buyer signing the contract indicates their willingness to enter into the agreement, the acceptance is not complete until the seller also signs and the completed contract is communicated to the buyer.

In situations where a seller counters the offer, it does not represent acceptance but rather a new offer that the buyer must then consider. Simply agreeing on a price verbally is also insufficient for acceptance; without a formal contract and delivery, there is no legally binding agreement in place. This process ensures that all parties are aware of their commitments and the terms in writing, which protects their interests and clarifies the transaction.

PSI Oklahoma Real Estate Complete Practice Test

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