Real Estate Contract Crash Course (30 Minute Exam Prep)
Today we go through a full Real Estate Contract Crash Course in around 30 minutes.
Contracts are a BIG portion of the real estate exam so it’s vital you understand every aspect of contracts before exam day.
Regardless of what state you are taking your real estate exam in, there will be real estate contract related questions on the exam. It’s a fact; real estate contracts will show up. It’s hard to give you an exact number since every state varies. However, on average, our data suggest that anywhere between 10-30% of questions on the real estate exam will feature real estate contract related topics.
Here are the chapters for this video, feel free to jump around accordingly:
0:00 How it Works
0:39 Real Estate Contracts FAQ
2:02 The 4 Essentials of a Valid Contract in Real Estate
2:42 At What Point is a Real Estate Contract Valid?
3:30 What is a Void Contract?
4:39 What is a Voidable Contract?
5:37 What is the Difference Between Void and Voidable Contracts?
6:03 What is the Statute of Frauds?
6:33 What is a Bilateral Contract?
7:21 What is a Unilateral Contract?
8:05 What is a Purchase Agreement?
9:56 What is a Listing Agreement?
10:40 What are the Different Types of Listing Agreements?
14:13 What are Implied Contracts?
15:14 What is Implied-in-Fact?
16:22 What is Implied-in-Law?
17:10 What is the Difference Between Implied-in-Fact and Implied-in-Law?
18:02 What are Option Contracts?
20:06 What is an Executed Contract?
20:38 What is an Execution Date?
21:17 What is an Executory Contract?
21:45 What is the Difference Between Executed and Executory?
22:25 Top Essential Contract Clauses You Need to Know
26:27 What are Amendments and Addendums?
27:36 What is Novation and Contract Assignment?
29:05 What Do You NEED TO KNOW for the Real Estate Exam?
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