Contracts
Under the Rhode Island Statute of Frauds, which real estate agreement must be in writing to be enforceable?
AA listing agreement for less than one year
BAn oral month-to-month rental agreement
CAn agreement for the sale of real property✓ Correct
DAn agreement to show a buyer properties
Explanation
The Statute of Frauds requires agreements for the sale of real property to be in writing to be enforceable. Oral agreements to buy or sell real estate are generally not enforceable in Rhode Island.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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