An optionor and an o Study guides, Class notes & Summaries
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National Real Estate Exam Prep with complete solutions
- Exam (elaborations) • 9 pages • 2022
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Unilateral Contract - ANSWER Contract containing ONE promise given in exchange for completing an act. NO obligation to act. 
 
Bilateral Contract - ANSWER Contract containing TWO promises. Example: A listing agreement is a bilateral contract 
 
Client/Principal - ANSWER A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract 
 
Customer - ANSWER Any 3rd party w/ whom a licensee works 
 
In-Company Transaction - ANSWER Transaction in which the bu...
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