Contracts
An assignment of a real estate contract transfers:
ATitle to the property to the assignee
BThe contract rights (and possibly obligations) from the original party to a new party✓ Correct
CThe listing agent relationship to a new agent
DThe mortgage obligation to the assignee without lender approval
Explanation
Assignment transfers a party's contractual rights and/or obligations to a third party. In real estate, a buyer may assign their purchase contract rights to another party unless the contract prohibits assignment.
Related Arkansas Contracts Questions
- A contract is considered 'executed' when:
- The purpose of an earnest money check made payable to the listing broker (rather than the seller) is to:
- An addendum to a real estate contract:
- The parol evidence rule states that:
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- Earnest money in a real estate transaction is best described as:
- When a buyer defaults on a real estate contract, the seller's most common contractual remedy is to:
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