medium · National Real Estate Exam contracts
A buyer and seller agree to cancel their current contract and replace it with a new one that has different terms.
This process is known as:
- Reformation
- Strict performance
- Assignment
- Novation
Sign up free to see the explanation and track your rank →
More National Real Estate Exam contracts practice
- A broker's employment contract with a seller is officially called the:
- What is the current status of the contract?
- A buyer defaults on a purchase agreement, and the seller chooses to keep the earnest money
- The offer is now:
- A contract for the sale of a property is signed. Before clos… — The buyer's interest in th
- The contract is:
- A contract that is valid and binding but allows one party to avoid the agreement because o
- A contract that is valid and enforceable until it is canceled by a party who was a victim