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Real Estate 101 Promulgated Contract Forms Wo Quizlet

Real Estate 101 Promulgated Contract Forms Wo Quizlet

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an agent must have a working knowledge of contract law because every aspect of the business deals with the contract the contract is an oral and written agreement to do or not to do a certain thing many oral contracts are valid and enforceable however most contracts involving real estate must be in writing to be enforceable the statute of frauds determines the documents that must be in writing to be enforceable in most states real estate documents such as sales contract deeds and mortgages must be in writing some states allow an oral listing for less than one year but in order to be compensated a brokerage firm needs an employment contract in writing to collect compensation therefore it is an agent's best interest to have a written listing agreement when the phrase time is of the essence is written in a contract it means that everything must be done within a specific time and as is clause in a contract means the buyer is by the property as he sees it with all the existing condit

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