Chapter 10 Flashcards
Bilateral Contract
A contract in which both parties have reciprocal obligations toward each other.
Consideration
Valuable consideration, a promise or an act of legal value bargained for and received in return for a promise;
Purchase price
Exclusive Agency
A written instrument giving one agent the right to sell property for a specified time, but reserving the right of the owner to sell the property himself without the payment of a commission.
Exclusive Right to Sell
A written agreement between owner and agent giving agent the right to collect a commission if the property is sold by anyone during the term of his agreement.
Multiple Listing Service (MLS)
An arrangement among brokers whereby they share their listings.
Net Listing
A listing which provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services.
Open Listing
A listing given to any number of agents without liability to compensate any except the one who first procures a buyer ready, willing and able to meet the terms of the listing.
Procuring Cause
The cause of a series of events that leads to the consummation of a sale.
Statute of Frauds
State law requires among other things that certain contracts relating to real estate must be in writing to be enforceable at law.
Unilateral Contract
A contract whereby only one party is obligated to perform his obligation to another.
