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Real Estate Transactions includes information on the formation and operation of the various types of real estate sales contracts commonly in use. It contains procedural and legal aspects of each type of contract, and practice tips and references to forms for further advice and guidance. It covers such topics as an overview of the common-law definitions and common-law rules of agency that underlie the role of the real estate licensee. It also discusses the rights and liabilities of the licensee toward his or her principal and any third parties that may be affected by their relationship.