3) After making an offer but prior to receiving any response from the seller, a buyer changed her mind about buying a particular lot. She called her agent and said, Withdraw my offer. Her action is called a

a. counteroffer.

b. rejection.

c. breach of contract.

d. revocation.

11) A buyer makes an offer to buy a sellers house. Pursuant to this offer, the buyer is obligated to perform only if the buyer is first able to sell her condominium. This is an example of

a. a mortgage contingency.

b. an option contingency.

c. a time-is-of-the-essence contingency.

d. a property sale contingency.

12) All of these are essential to a valid real estate sales contract EXCEPT

a. offer and acceptance.

b. consideration.

c. an earnest money deposit, held in an escrow account.

d. legally competent parties.