Podcast
Questions and Answers
What is the primary legal requirement for a contract involving a broker and principal concerning real property transactions?
What is the primary legal requirement for a contract involving a broker and principal concerning real property transactions?
Which of the following is NOT a necessary element between a broker and a principal in a real estate transaction?
Which of the following is NOT a necessary element between a broker and a principal in a real estate transaction?
Which factor primarily establishes the legal rights associated with a commission in real estate transactions?
Which factor primarily establishes the legal rights associated with a commission in real estate transactions?
In the absence of a written contract, which situation would generally NOT be enforceable between a broker and principal?
In the absence of a written contract, which situation would generally NOT be enforceable between a broker and principal?
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What essential legal principle underpins the need for a written contract in real estate transactions?
What essential legal principle underpins the need for a written contract in real estate transactions?
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Study Notes
Essential Element Between Broker and Principal
- The essential element needed between a broker and a principal for real estate transactions is the establishment of the parties' commission rights by law.
- A written contract is required for contracts involving real property, agents, and periods longer than a year.
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Description
This quiz covers the essential elements necessary for establishing the relationship between a broker and a principal in real estate transactions. You'll learn about the legal requirements, including written contracts and commission rights. Test your knowledge on these crucial concepts!
