What is Novation in Real Estate?

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following explains novation?

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1. What happens to the original contract once novation has occurred?

2. How many people have to agree to changes on a contract before novation occurs?

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About This Quiz & Worksheet

Use the worksheet and quiz to check your understanding of novation in real estate. Examples of novation and requirements before it can start are topics on the quiz.

Quiz & Worksheet Goals

You can check your knowledge of:

  • What novation is
  • When novation can occur
  • The number of people that must agree to changes on a contract before novation occurs
  • How novation affects the original contract

Skills Practiced

  • Reading comprehension - ensure that you draw the most important details from the lesson on novation in real estate
  • Information recall - access the knowledge you have gained about how novation works
  • Interpreting information - verify that you can read detailed anecdotal examples and interpret if novation is applicable

Additional Learning

What is Novation in Real Estate? is a lesson you can use any time to complete the following goals:

  • Study examples of novation for renting, buying, and building a home
  • Review legal issues regarding novation
  • Identify novation benefits
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