National Real Estate Questions Clearly Answered 2024.

National Real Estate Questions Clearly Answered 2024. Unilateral Contract - ANSWER Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract - ANSWER Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal - ANSWER A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer - ANSWER Any 3rd party w/ whom a licensee works In-Company Transaction - ANSWER Transaction in which the buyer and seller are both represented by the same brokerage. Management-Level License - ANSWER A licensee who is employed by or affiliated w/ a brokerage who has supervisory responsibility over other licensees. Statute of Frauds requires the following: - ANSWER 1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND & ALL LEASES for more than one year, options for more than 6 months, must be in writing & signed by all parties. Novation - ANSWER Substituting a new obligation for an old one. Also, a transfer of rights and/or duties under contract. If the original party to an agreement is replaced due to novation, are they liable? - ANSWER No Mailbox Rule - ANSWER Acceptance that becomes effective as soon as it is sent in the mail, unless the contract specified a certain means for delivery. Grantor is the - ANSWER Owner Grantee is the - ANSWER Buyer Optionor is the - ANSWER Seller Optionee is the - ANSWER Buyer Lessor is the - ANSWER Landlord