Contracts
A Tennessee listing contract is categorized as which type of contract?
AUnilateral — only the broker makes a promise
BBilateral — both the seller and broker make promises to each other✓ Correct
CAleatory — dependent on a chance event
DQuasi-contract — implied by law
Explanation
A listing contract is bilateral — the seller promises to pay the commission upon the broker's performance, and the broker promises to use diligent efforts to find a buyer. Both parties make enforceable promises.
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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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