Florida Real Estate Practice Exam

An assignor is the original party responsible for performing a contract. When a contract is assigned, the assignor transfers their rights and obligations to a third party, known as the assignee. In this scenario, the assignor is still secondarily liable for the contract because they are ultimately responsible for ensuring that the assignee fulfills the obligations outlined in the contract. This means that if the assignee fails to meet the contractual obligations, the assignor can still be held liable. Option A, a Novation, is a process of replacing one party with another in a contract. In a novation, the original party, or assignor, is released from their obligations and the new party, or assignee, becomes primarily liable. Therefore, an assignor would not remain secondarily liable during a novation. Option B, an Exclusive Right to Sell Listing, is a type of real estate