What essential element is necessary between a broker and a principal when dealing with the title, right, or interest in real property?
Understand the Problem
The question is asking for the essential element that is necessary between a broker and a principal in real estate transactions, specifically regarding the title, right, or interest in real property. The focus is on identifying what legally binds these parties.
Answer
Written contract of employment.
The final answer is a written contract of employment.
Answer for screen readers
The final answer is a written contract of employment.
More Information
The Statute of Frauds requires that agreements involving real estate transactions must be in writing to be legally enforceable, ensuring clarity and legal validity.
Tips
Ensure the agreement terms are clearly documented in writing to prevent disputes.
Sources
- FIN 365 Final Questions - Quizlet - quizlet.com
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