About This Chapter
Real Estate Contracts - Chapter Summary
This real estate chapter summarizes the purposes, features and qualities of several types of real estate contracts. These comprehensive lessons succinctly outline many real estate agreements, including listing, buyer representation and employment agreements. You'll also summarize the negotiating process for real estate purchases. Upon completion of this chapter, you should be able to:
- Differentiate between the types of real estate transaction contracts
- Recognize the characteristics of the real estate sales contract
- Compare types of listing agreements
- Understand the purpose of a buyer representation agreement
- Comprehend examples of option contracts
- Explain contract offer laws
- Summarize methods to terminate an offer in contract law
- Define partial, material and total contract breaches
- Outline the real estate negotiating process
- Assess earnest money regulations
- Analyze contractual liability of an agent and the authority of a principal
- Discuss the purpose of employment agreements with brokers
Taught by expert real estate instructors, these video and text lessons break down essential real estate definitions and concepts so you can quickly review and commit them to memory. You can reinforce what you study by taking the self-assessment quizzes that follow each lesson. Printable lesson transcripts are also included to solidify your understanding of the chapter's material. You can access these lessons wherever and whenever it's convenient by using your desktop, laptop, smartphone or tablet.
1. Types of Contracts in Real Estate Transactions
Contracts are ever-present in real estate transactions. In this lesson, you'll learn about several different types of contracts used in real estate, including what they are used for and how they work.
2. Real Estate Sales Contract: Definition & Characteristics
How well do you understand the real estate purchase contract? In this lesson, learn about the real estate purchase contract, its characteristics, standard clauses and provisions, and the rights and obligations of each party.
3. Listing Agreements: Definition & Types
People seeking to sell real estate through a real estate agent need to understand their listing agreement. In this lesson, you'll learn what a listing agreement is and the different types that may be used. A short quiz follows the lesson.
4. Buyer Representation Agreement: Definition, Purpose & Types
In this lesson, we'll discuss the types and characteristics of buyer representation agreements. By the end, you will better understand how the contract works and what it does for the buyer and real estate agent.
5. What Is an Option Contract? - Example & Definition
The difference between a contract and an option contract is in the options that a buyer has a right to exercise in the contract, which makes the contract a bit more flexible.
6. What Is an Offer in Contract Law?
In contract law, an offer is a promise in exchange for performance by another party. An offer can be revoked or terminated under certain conditions. There are also times when an offer can be negotiated to create a counter-offer.
7. Termination of an Offer in Contract Law: Methods & Examples
There are several ways in which a contract can be terminated, including performance, impossibility of performance and breach of contract. Other ways to end a contractual agreement are a bit more complicated and involve a prior commitment on the part of one or both of the parties or even revocation.
8. Types of Contract Breach: Partial, Material, & Total
A contract is a form of agreement that is legally binding. When one of the contracting parties fails to hold up his or her end of the deal, a breach of contract results. There are three different types of breach of contract. This lesson explains partial, material and total breaches.
9. The Negotiating Process in Real Estate
In this lesson, we'll discuss how the negotiation process works in real estate. We will define the basics of offers, counteroffers, and delivery. The role of contingencies and earnest money is also central in the negotiations.
10. Earnest Money in Real Estate: Definition & Regulations
In this lesson, we discuss the definition of earnest money along with how it is paid and held until closing. The role of the salesperson or broker is explained. The lesson also covers when the earnest money is refundable or nonrefundable.
11. Contractual Liability & Authority of a Principal
Many business transactions are conducted through the use of agency relationships. This means an agent conducts business on behalf of a principal. This lesson discusses the liability of a principal for contracts made by an agent.
12. Contractual Liability of an Agent
An agent with authority normally can't be held personally liable for a contract made on behalf of a principal. This lesson explains those special circumstances when an agent may be held liable for a contract.
13. Employment Agreements Involving Brokers
In this lesson, we will learn about the employment agreement between brokers and their associate-licensees, the importance, purpose and important elements of the agreement, and the rules regarding supervision.
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Other chapters within the North Carolina Real Estate Broker License: Study Guide course
- Agency Relationships
- Types of Contracts
- Real Property Ownership
- Land Use: Restrictions, Regulations & Government Control
- Finance & Financing in Real Estate
- Government Oversight in Real Estate
- Real Property Measurement & Valuation
- Conveyance of Real Property
- Marketing Regulations in Real Estate
- Property Management & Tenant Rights
- Real Estate Calculations
- North Carolina Real Estate License Law
- General Real Estate Topics
- North Carolina Real Estate Broker License Flashcards