Property Ownership
The unilateral contract created when a property owner signs a listing agreement is:
AThe agent's promise to pay a commission
BA promise to pay a commission if the broker produces a ready, willing, and able buyer✓ Correct
CBoth parties' promise to close by a certain date
DThe seller's promise to sell at a fixed price
Explanation
A listing agreement is a unilateral contract: the seller promises to pay a commission if the broker produces a ready, willing, and able buyer. The broker is not obligated to find a buyer.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
BlockbustingAn illegal practice of inducing homeowners to sell by claiming that the entry of minority groups will lower property values.
RedliningAn illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.
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