Contracts
A unilateral contract in real estate is exemplified by:
AA purchase and sale agreement
BAn open listing where the seller promises to pay a commission if the broker finds a ready, willing, and able buyer✓ Correct
CA buyer representation agreement
DA dual agency agreement
Explanation
An open listing is a unilateral contract—the seller makes a promise (to pay commission) contingent on the broker's performance (finding a buyer). Only one party (the seller) is bound; the broker is not obligated to find a buyer.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Math Concepts
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