WI Real Estate Exam Chapter 2 Material Accurate 100%

A way of terminating the rights of the parties under a contract whereby the parties act as if the contract never existed and forfeit their right to sue. - ANSWER Rescission Uninterrupted chain of events which lead to the sale. - ANSWER Procurement The broker will earn their commission only if they procure a buyer specified in the listing contract. - ANSWER One party listing contract Authorized to conduct all of a principal's affairs within the context of one specific contract. - ANSWER General Agent Laws that make it illegal to conspire to restrain trade or the free flow of goods and services in a market place. - ANSWER Anti-Trust Laws A remedy for breach of contract whereby a party sues the breaching party for cash damages. - ANSWER Sue for damages A written employment agreement that creates an agency relationship between a broker and a buyer. The buyer employs the broker to put forth a reasonable effort to find a property for the buyer to purchase and to negotiate on behalf of the buyer. - ANSWER Buyer agency agreement One authorized by a principal to perform one particular act or transaction. - ANSWER Special Agent Competitors conspiring against another business or agreeing