Thank you SO SO MUCH. I was very confused about whether the listing contract is unilateral or bilateral because whenever I researched there were different answers to it. Glad to hear we will not be tested on that!
Because it's binding on 1 party but not the other.... the optionor is bound by the option contract NOT to sell the property within the stated time frame BUT the optionee may or may not exercise the option....
Not a dumb question at all.... yes a sales contract is also known as purchase contract, purchase agreement, offer of sale, purchase offer and I am sure there are others 😁
Interesting... but it's not. A bilateral contract is enforceable on all parties once it's agreed to... a unilateral contract requires a triggering event such as a listing. A commission owed is not owed until a buyer is procured (the triggering event). The good thing is... I've spoken with subject matter experts from PSI and PearsonVUE and all said there is not a question regarding this since it's debated even among law school texts.... Thanks for the comment
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Thanks for this !!! It’s a good way!! There are too many people in this party😅 grantor , vendor, mortgagor and so on. Super easy 🙌
You're welcome! Keep on studying! ;o)
You're good at explaining things. Thank you Thank you Thank you. I wish I could subscribe 1000 times. 😊🙏
Thank you SO SO MUCH. I was very confused about whether the listing contract is unilateral or bilateral because whenever I researched there were different answers to it. Glad to hear we will not be tested on that!
You're so welcome! In fact, if you read a variety of law books... one says their a unilateral the other says bilateral....
What about ur laws about agents whom work with ur company
On the test, their is a question about an option contract, asking if it’s bilateral or unilateral.
For the purposes of the real estate exam... an option contract is a unilateral contract
So helpful
I love your videos.
Thank you, Renee... I appreciate you leaving a comment!
why is the option contract a unilateral contract? Can you give an example?
Because it's binding on 1 party but not the other.... the optionor is bound by the option contract NOT to sell the property within the stated time frame BUT the optionee may or may not exercise the option....
I have a dumb question? Is a Purchase contract the same as Sales contract? Or different contract? Please clarify, thank you
Not a dumb question at all.... yes a sales contract is also known as purchase contract, purchase agreement, offer of sale, purchase offer and I am sure there are others 😁
@@TheRealEstateClassroom thank you so much for taking the time to clarify! Your videos are GREAT! It has help me a lot.
Thank you 🤗
@@silviasaucedo6092 you're welcome
listing agreement is a billateral contract duuhhhh a promise for a promise stop trying to be diffrent its Billateral
Interesting... but it's not. A bilateral contract is enforceable on all parties once it's agreed to... a unilateral contract requires a triggering event such as a listing. A commission owed is not owed until a buyer is procured (the triggering event). The good thing is... I've spoken with subject matter experts from PSI and PearsonVUE and all said there is not a question regarding this since it's debated even among law school texts.... Thanks for the comment