Chapter 11
Contracts 101
IN THIS CHAPTER
Checking out the basics of contracts
Looking at different kinds of real estate contracts
Discovering various ways of ending contracts
Finding out what happens when someone breaks a contract
When you agree to represent a buyer or seller as an agent, you and your client sign a contract for your services. After that, your hard work brings the buyer and seller together to sign a contract of sale. I said “signs” and “brings,” not “might sign” or “could bring,” because I know you’re going to be a great success as a real estate agent.
A lease also is a contract, and in the real estate business you deal with a couple of other kinds of contractual agreements.
Negotiating, understanding, and in some cases, preparing contracts are important parts of your job as a real estate agent. State exam writers expect you to have some knowledge of contracts in general and specific knowledge about different types of real estate contracts.
In this chapter, I walk you through some basic information about contracts (including elements that make a contract valid). ...
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