North Carolina Post Licensing 301 Practice Exam 2025 – Complete Prep Resource

When a property is listed as "under contract," it signifies that the seller has accepted an offer from a prospective buyer, and both parties have entered into a contractual agreement regarding the sale. However, the transaction is not yet complete, as several steps, including inspections, appraisals, and financing, may still need to be finalized before the title is transferred to the buyer. At this stage, while the seller cannot accept other offers, the sale hasn't been completed, meaning contingencies may still need resolution before the property is officially sold.

The other options present different scenarios that do not accurately describe the "under contract" status. For instance, a property being "sold" implies that all terms have been finalized and ownership transferred, which is different from being under contract. Similarly, while "available for backup offers" suggests that there may be a primary contract in place, this status is not the same as being under contract; rather, it indicates the seller is open to other potential buyers should the current deal fail. Lastly, stating that the property is "pending appraisal and inspection only" limits the understanding of the "under contract" status to these two steps, which fails to encompass the entire range of activities typically undertaken before closing a sale.