What is a characteristic of a Single Party listing?

What is a characteristic of a Single Party listing?

• A. Requires a contract
• B. Has a holdover clause
• C. Does not fall under the Statute of Frauds
• D. Requires two agents

Answer: (C)

A characteristic of a Single Party listing that distinguishes it from other types of listings is that it does not fall under the Statute of Frauds. The Statute of Frauds generally requires certain contracts, including real estate agreements, to be in writing to be enforceable. However, a Single Party listing may focus on a specific buyer or seller without the need for a formal written contract. This allows for a more flexible arrangement between the parties involved; the agreement can be verbal and still recognized for the purpose of facilitating a transaction, so long as both parties act based on the mutual understanding of the arrangement. In practice, Single Party listings are often used in scenarios where a seller has an identified buyer with whom they have been negotiating, as opposed to engaging a broader market. This type of listing simplifies the process and can be advantageous in certain situations, emphasizing the direct relationship between the selling and buying parties.

A characteristic of a Single Party listing that distinguishes it from other types of listings is that it does not fall under the Statute of Frauds. The Statute of Frauds generally requires certain contracts, including real estate agreements, to be in writing to be enforceable. However, a Single Party listing may focus on a specific buyer or seller without the need for a formal written contract. This allows for a more flexible arrangement between the parties involved; the agreement can be verbal and still recognized for the purpose of facilitating a transaction, so long as both parties act based on the mutual understanding of the arrangement.

In practice, Single Party listings are often used in scenarios where a seller has an identified buyer with whom they have been negotiating, as opposed to engaging a broader market. This type of listing simplifies the process and can be advantageous in certain situations, emphasizing the direct relationship between the selling and buying parties.