Alabama Real Estate Practice Exam

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What is a binder in the context of sales contracts?

  1. A folder to keep documents

  2. A preview of contract terms

  3. Lists key terms of acceptance

  4. A booklet of the property's images

The correct answer is: Lists key terms of acceptance

A folder to keep documents is incorrect because a binder in the context of sales contracts does not refer to a physical folder used to keep documents organized. A preview of contract terms is incorrect because a binder is not a preview, but rather a document that outlines the full contract terms. A booklet of the property's images is incorrect because a binder in the context of sales contracts does not contain images of the property. It is a document that outlines the key terms of acceptance between the buyer and seller.

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