Florida Real Estate Practice Exam

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What occurs in an Assignment of Contract?

The property is sold without warranties
A third party takes over a lease
Transfer of all rights under a contract to a third party
The contract becomes null and void

The correct answer is: Transfer of all rights under a contract to a third party

An Assignment of Contract is a transfer of all rights and obligations from one party to a third party. This means that the original party is no longer involved in the contract and has passed on all the responsibilities to the new party. Option A is incorrect because it refers to the sale of property, which is not always the case in an Assignment of Contract. Option B is incorrect because it only involves a lease, whereas an Assignment of Contract can involve any type of contract. Option D is incorrect because an Assignment of Contract does not make the original contract null and void, rather it simply assigns all rights to a third party.