Which of These Listing Agreements Is Considered a Unilateral Contract Quizlet

When it comes to real estate contracts, there are several types of listing agreements that sellers and agents may enter into. One type of contract that is often discussed in real estate education is the unilateral contract. But which of these listing agreements is considered a unilateral contract on Quizlet?

Before we answer that question, let`s first define what a unilateral contract is. A unilateral contract is a type of contract in which only one party is obligated to perform a specific act. In other words, one party makes a promise or offer, and the other party is free to accept or reject that offer. Once the offer is accepted, the first party is bound to perform the act specified in the contract. This type of contract is often used in situations where one party wants to secure a particular service, such as in the case of a real estate listing agreement.

Now, let`s look at the different types of real estate listing agreements and determine which one is considered a unilateral contract on Quizlet.

1. Open listing agreement: An open listing agreement is a contract between a seller and multiple real estate agents, in which the seller only pays the commission to the agent who finds the buyer. This type of agreement is not considered a unilateral contract because the seller is not obligated to work with any of the agents and can choose to sell the property on their own.

2. Exclusive agency listing agreement: An exclusive agency listing agreement is a contract between a seller and one real estate agent, in which the seller agrees to work exclusively with that agent for a set period. However, the seller reserves the right to sell the property on their own, without having to pay a commission to the agent. This type of agreement is also not considered a unilateral contract because the seller can choose to terminate the contract and work with a different agent.

3. Exclusive right to sell listing agreement: An exclusive right to sell listing agreement is a contract between a seller and one real estate agent, in which the seller agrees to work exclusively with that agent for a set period. The agent is entitled to a commission regardless of who finds the buyer, including if the seller sells the property themselves. This type of agreement is considered a unilateral contract because the seller is bound to work exclusively with the agent and pay them commission regardless of who finds the buyer.

In conclusion, the exclusive right to sell listing agreement is the type of contract that is considered a unilateral contract on Quizlet. This is because the seller is obligated to work exclusively with the agent and pay them commission regardless of who finds the buyer. Understanding the different types of real estate contracts, including unilateral contracts, is important for anyone looking to buy or sell property. As a professional, it is important to make sure that articles like this contain accurate and informative content for readers.