Contracts
A Missouri listing agreement is BEST described as which type of contract?
AUnilateral contract where only the seller is bound
BBilateral contract creating mutual obligations✓ Correct
CGratuitous contract with no consideration
DImplied contract based on course of dealing
Explanation
A listing agreement is a bilateral contract: the seller promises to pay a commission, and the broker promises to use diligence to find a buyer. Both parties are mutually obligated.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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