7. Types of Real Estate Contracts
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Questions and Answers

What type of listing requires the property owner to pay a broker's commission only if the broker is the procuring cause of the sale?

  • Procurement listing
  • Net listing
  • Open listing
  • Exclusive listing (correct)
  • What is the abbreviation for Multiple Listing Service in real estate?

  • MRS
  • MLS (correct)
  • MLSVC
  • MLA
  • Which term refers to creating a new contract while extinguishing the old one?

  • Expropriation
  • Novation (correct)
  • Executed contract
  • Eviction
  • What is the clause that obligates the seller to pay a commission if the property is sold shortly after a listing expires?

    <p>Kick-out clause</p> Signup and view all the answers

    'A piece of paper that entitles the holder to a discount' is best described as a:

    <p>Coupon</p> Signup and view all the answers

    What term refers to the act of expelling someone from a property with legal support?

    <p>Eviction</p> Signup and view all the answers

    What is a conveyance of an interest in real property through the terms of a lease called?

    <p>Leasehold estate</p> Signup and view all the answers

    What type of real estate contract involves the vendee paying the purchase price in installments while the vendor retains legal title until full payment?

    <p>Installment contract</p> Signup and view all the answers

    What term refers to creating an entitlement to a privilege or right?

    <p>Conveyance</p> Signup and view all the answers

    In real estate, what does an 'expiration' clause in a listing agreement obligate the seller to do?

    <p>Pay a commission if the property is sold shortly after expiry</p> Signup and view all the answers

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