In a real estate contract, an assignment:

Correct Answer

B) Transfers the assignor's contractual rights to a third party

An assignment transfers the assignor's contractual rights to a third party (the assignee). Unless the contract expressly prohibits assignment, it is generally permitted. Importantly, unless the other contracting party agrees to a novation, the original assignor may remain liable under the contract even after the assignment. No Nebraska Real Estate Commission approval is required for a contract assignment.