PSI Oklahoma Real Estate Practice Test 2025 – The Complete Guide to Exam Success!

Question: 1 / 400

What happens when a buyer cancels their offer before the seller has accepted?

The seller can still accept the offer

The original offer is cancelled and the protest means nothing

When a buyer cancels their offer before the seller has accepted, the original offer is cancelled and holds no further validity. At this point, since the acceptance by the seller has not occurred, there is no binding contract in place. The buyer's action to withdraw the offer effectively nullifies it, and the seller cannot accept an offer that has already been revoked. Thus, the cancellation is definitive, and any protest from the buyer is immaterial because there is no legal agreement that has been formed. This understanding is essential for buyers to grasp, as it clarifies the nature of real estate offers and the point at which they become binding contracts.

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The buyer may lose their earnest money

The seller can file a lawsuit against the buyer

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