Illinois Real Estate Broker Study Guide Rated A+

Types of Real Property {Ans: Residential, Commercial, Industrial Agricultural and Special Purpose}bilateral contract {Ans: a contract which two parties promise to fulfill certain obligations to complete a transaction; a promise for a promise. An example is a buyer promises to pay a set price in exchange for the seller deeding over a piece of real estate.}exclusive agency listing {Ans: The owner employs only one broker but retains the right to personally sell the property, and thereby not pay a commission. However, if any other real estate company sells the property, the listing broker is still entitled to the commission stipulated.}breach of contract {Ans: Violation of any terms or conditions in a contract without legal excuse; for example, failure to make a payment when it is due.}Real Estate Settlement Procedure Act (RESPA) {Ans: }executed contract {Ans: a contract that has been fully performed by both parties}client {Ans: A person who is being represented by a licensee; the principal.}executory contract {Ans: contract not fully performed on both sides}exclusive right to represent contract {Ans: a buyer-broker agreement that promises to pay the agent regardless of who found the property unless the commission is paid