Alabama Real Estate Practice Exam

Question: 1 / 400

What rights does a buyer have if they don’t receive an ILS report before signing a contract?

Cancel within 5 days for a full refund

No rights to cancel or receive a refund

Cancel within 7 days for a partial refund

Cancel within 7 days or up to 2 years if no report is provided for a full refund

If a buyer does not receive an ILS report before signing a contract, they have the right to cancel their contract within 7 days for a full refund. This is because the ILS report plays a crucial role in informing buyers about the property they are purchasing, and not receiving it could result in the buyer making a decision without all the necessary information. Therefore, options A, B, and C are incorrect as they do not allow for a full refund or provide enough time for the buyer to make an informed decision. Option A only allows for a full refund within 5 days, and options B and C do not include a full refund. It is important for buyers to be aware of their rights when it comes to purchasing a property, and in this case, the correct option D allows for the flexibility of cancelling within 7 days or up to 2 years, depending on the availability of

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