An addendum to a real estate purchase contract:
Why Adds to or modifies terms of an existing contract Is Correct
Answer B: Adds to or modifies terms of an existing contract
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
People Also Study
Related Delaware Questions
- An exclusive right-to-sell listing in Delaware entitles the broker to a commission if the property sells:Contracts
- A contingency clause in a purchase agreement:Contracts
- A Delaware real estate licensee who engages in misrepresentation faces discipline that may include:Delaware License Law
- A Delaware property owner wants to sell their home for a net of $200,000 after paying a 6% commission and $4,000 in closing costs. What must the minimum sale price be?Real Estate Math
- A Delaware agent sells a property for $375,000 and earns a 2.5% commission. The agent has a 70/30 split with their broker (agent receives 70%). How much does the agent earn?Real Estate Math
- What is the difference between an 'exclusive right to sell' listing and an 'exclusive agency' listing in Delaware?Contracts
- A Delaware property sells for $520,000 with a 5.5% total commission split equally between listing and cooperating brokerages. Each broker keeps 40% and pays their agent 60%. How much does the cooperating agent earn?Real Estate Math
- A Delaware seller negotiates to pay a 5% commission. At closing, the sale price is $395,000. If the commission is split 50/50 between listing and buyer's brokerages, and each agent gets 55% of their brokerage's portion, how much does the listing agent earn?Real Estate Math
Key Terms to Know
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Option ContractA 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.
Math Concepts
Study This Topic
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →