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National Real Estate Exam Prep

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Unilateral Contract

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Terms in this set (101)

Unilateral Contract

Contract containing ONE promise given in exchange for completing an act. NO obligation to act.

Bilateral Contract

Contract containing TWO promises. Example: A listing agreement is a bilateral contract

Client/Principal

A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract

Any 3rd party w/ whom a licensee works

In-Company Transaction

Transaction in which the buyer and seller are both represented by the same brokerage.

Management-Level License

A licensee who is employed by or affiliated w/ a brokerage who has supervisory responsibility over other licensees.

Statute of Frauds requires the following:

1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND & ALL LEASES for more than one year, options for more than 6 months, must be in writing & signed by all parties.

Substituting a new obligation for an old one. Also, a transfer of rights and/or duties under contract.

If the original party to an agreement is replaced due to novation, are they liable?

Acceptance that becomes effective as soon as it is sent in the mail, unless the contract specified a certain means for delivery.

Optionor is the

Optionee is the