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Real Estate Salesperson PASSED Exam Questions and CORRECT Answers
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Statute of Frauds - says contracts must be in writing and signed in order to be enforceable. Unilateral Contract - contract binding only one party. (ex. option contract) Bilateral Contract - agreement between two parties. (ex. sales contract between buyer and seller) Voidable Contract - contract that may be enforced/rejected by one party to the contract and at the same time is unenforceable against that same party (ex. lease between a landlord and minor) Executed Contract - property is sold. closing has occurred and deed has been transferred
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