ASREB Unit 2-B Questions and Answers
100% Pass
Bilateral Contract - CORRECT ANSWER - A contract in which a promise is made
by one party in return for the promise of another
Buyer Brokerage Agreement - CORRECT ANSWER - The contract that creates an
agency relationship between a broker and a buyer.
Coming Soon Listing - CORRECT ANSWER - Refers to a property that is not
available for sale until a later date
Competent Parties - CORRECT ANSWER - Legally capable individuals who can
enter into a binding contract
Contract - CORRECT ANSWER - a binding agreement between two or more
persons that is enforceable by law
covenant not to compete - CORRECT ANSWER - A promise often given by the
seller of a business not to compete with the buyer of the business in an agreed area
for a specified time
employment agreement - CORRECT ANSWER - Written agreement that
authorizes or employs a broker to purchase, sell, or manage real property for
compensation or commission
1|Page
100% Pass
Bilateral Contract - CORRECT ANSWER - A contract in which a promise is made
by one party in return for the promise of another
Buyer Brokerage Agreement - CORRECT ANSWER - The contract that creates an
agency relationship between a broker and a buyer.
Coming Soon Listing - CORRECT ANSWER - Refers to a property that is not
available for sale until a later date
Competent Parties - CORRECT ANSWER - Legally capable individuals who can
enter into a binding contract
Contract - CORRECT ANSWER - a binding agreement between two or more
persons that is enforceable by law
covenant not to compete - CORRECT ANSWER - A promise often given by the
seller of a business not to compete with the buyer of the business in an agreed area
for a specified time
employment agreement - CORRECT ANSWER - Written agreement that
authorizes or employs a broker to purchase, sell, or manage real property for
compensation or commission
1|Page
