Contracts
A leaseback agreement (seller leaseback) allows the seller to:
ARepurchase the property after 12 months
BRemain in possession as a tenant for a period after closing✓ Correct
CLease the property to a third party during the listing period
DAvoid paying the real estate commission
Explanation
In a seller leaseback, the seller sells the property but simultaneously enters a lease agreement to remain in possession as a tenant for a specified period after closing. This provides the seller housing while they arrange their next move.
People Also Study
Related Arkansas Questions
- Which type of lease gives the tenant possession of the property for a fixed period?Property Ownership
- Which clause in a commercial lease allows the tenant to expand into additional space as it becomes available?Contracts
- A buyer includes a financing contingency in their offer. If the buyer is unable to obtain a loan, the contingency allows the buyer to:Contracts
- In an Arkansas purchase agreement, a contingency clause allows a buyer to:Contracts
- Which type of listing agreement gives the broker the right to a commission regardless of who sells the property?Contracts
Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Math Concepts
Study This Topic
Practice More Arkansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arkansas Quiz →