Contracts
What is the Statute of Frauds requirement for real estate contracts in Nevada?
AAll real estate contracts must be witnessed by two parties
BContracts for the sale of real property must be in writing and signed by the party to be charged✓ Correct
COnly listing agreements require written form
DVerbal real estate contracts are always enforceable if witnessed
Explanation
Under Nevada's Statute of Frauds (NRS 111.210), contracts for the sale of real property, leases for more than one year, and other real estate agreements must be in writing and signed by the party against whom enforcement is sought.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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