7. Types of Real Estate Contracts

7. Types of Real Estate Contracts

Created by
@MarvellousFeynman

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?

Exclusive listing

What is the abbreviation for Multiple Listing Service in real estate?

MLS

Which term refers to creating a new contract while extinguishing the old one?

Novation

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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