Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • Bilateral contracts are mutual agreements where both parties make promises and both are legally bound. • Common bilateral examples on the exam include real estate purchase agreements and exclusive listing contracts. • Unilateral contracts involve only one party making a binding promise contingent on the performance of an act by another. • Real estate options and open listings are primary examples of unilateral contracts. • A key exam distinction is that an option contract is unilateral until exercised, at which point it becomes bilateral. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep