Contracts
Which of the following BEST describes consideration in a real estate contract?
AThe real estate agent's professional advice
BSomething of value given by each party that induces the other to enter the contract✓ Correct
CThe buyer's courtesy in not making lowball offers
DThe seller's willingness to show the property
Explanation
Consideration is something of legal value exchanged between the parties that induces them to enter a contract. In a real estate purchase, the buyer's consideration is the purchase price (or earnest money as a deposit) and the seller's consideration is the conveyance of the property.
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