Contracts
A Wyoming listing agreement is a bilateral contract because:
AOnly the broker has obligations
BBoth the seller and the broker exchange promises and have enforceable obligations✓ Correct
CIt is signed by two salespersons
DIt must be witnessed by two parties
Explanation
A bilateral contract involves mutual promises from both parties. In a listing agreement, the seller promises to pay a commission and the broker promises to use efforts to find a buyer — both parties have obligations.
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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.
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.
Math Concepts
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