Puffing - A matter of opinion rather than fact, Significant misrepresentation - Saying something wrong that is a matter of importance, Option - Unilateral contract that is binding on the seller but not the buyer, Contract for deed - Form of seller financing where the seller holds legal title until final payment, Voidable - Status of a listing agreement and purchase contract signed by a minor that will be an adult at closing, Void - Status of a contract when the buyer was declared by the court to be incompetent prior to contract formation , Consideration in a contract - The mutual exchange of promises (buyer promises to buy / seller promises to sell), Earnest money deposit - Provides evidence that the buyer intends to complete the purchase, Compensation earned by listing broker - Seller refuses a full price offer meeting all the terms of the listing, Compensation earned by buyer's agent - Offer is accepted resulting in a purchase contract, Withdraw - Right of the buyer prior to receiving notice of seller acceptance, Tail clause - Entitles the listing broker to compensation after the agreement expires, Subagent - The salespersons relationship to the principal when the broker lists a property for sale, Exclusive right to sell - The seller markets the property and locates a buyer but still must pay the listing broker, Exclusive agency - The seller locates the buyer and the sole listing broker does not earn compensation, Dual agent - A brokerage represents the buyer and seller in a transaction,

NJ Agency and Contracts

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