Along with purchase and sale agreements, real estate licensees willundoubtedly encounter many different types of contracts throughout their careers and must understand which contracts are required at different stages of a transaction. Agents must therefore have a solid understanding of the terms, conditions, and requirements of each contract form.

This course begins with a general overview of the basic requirements to form a contract, including what constitutes an offer and acceptance, the need for competent parties, valuable consideration, and lawful objectives. It discusses some of the most common problems that can arise when preparing contracts and the licensee's role in helping their clients throughout a transaction. The course concludes by examining various types of real estate contracts, including leases, and describes the important duties of a property manager.

Upon completion of this course, students will be able to:

• recognize the elements of valid contracts, how they are formed, and how they are terminated
• identify who has the authority to sign, modify, or cancel a listing agreement
• describe typical contingencies that are found in a purchase and sale agreement
• describe the rights of the parties in the event of a default and the remedies available
• explain common provisions found in lease agreements
• summarize the role of a property manager