An optionor and an o Study guides, Class notes & Summaries

National Real Estate Exam Prep with complete solutions Last document update:   ago

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 bu...