Understanding contract basics is an important aspect of preparing for your real estate licensing exam. This real estate exam prep video is Part 1 of a series of videos that explains the basics of contract law.

Key real estate terms you need to know are:

Bilateral Contract - A contract that involves a promise from both parties to perform. Example: a lease agreement or purchase contract
Unilateral Contract - A promise from one party to perform a specific act in accordance with the contract. Example: option contract and listing contract
Executory Contract - Terms of a contract have not yet been completed.
Executed Contract - All the terms of a contract have been completed.
Implied Contract - An act or actions that constitutes an agreement to a contract
Expressed Contract - A contract that is oral or written but states the terms, conditions, and obligations of the parties

Best of luck with your studies...

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New real estate exam prep videos uploaded 2-3x per week to students pass their real estate exam. Feel free to leave a comment, suggestion, or questions asked in the comment section.

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Paul Vojchehoske
Mr. Real Estate Seminars, Inc.
The Real Estate Classroom
P. O. Box 540725
Omaha, NE 68154
(402) 660-0395

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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.

Cheers,
Paul Vojchehoske

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