PSI Oklahoma Real Estate Practice Test

What is typically included in a real estate sales contract?

1. List of previous owners.

2. Earnest money amount.

3. Agent's personal opinion.

4. Property’s history.

The correct answer is: Earnest money amount.

A real estate sales contract typically includes the earnest money amount because this serves as a good faith deposit to show the buyer's commitment to purchasing the property. The earnest money amount is a crucial element of the contract as it secures the buyer's interest and can be applied toward the purchase price or closing costs when the sale is finalized. Including this information helps ensure that both parties are clear about the financial commitment being made, thus facilitating a smoother transaction process. In contrast, a list of previous owners is generally not included in a sales contract, as the focus is on the current transaction and the terms between the buyer and the seller. An agent's personal opinion is subjective and not factual information pertinent to the contract, hence it is not a contractual term. Additionally, while understanding a property’s history can be important for buyers, detailed historical information is typically part of the due diligence process rather than the sales contract itself.