An assignment and novation differ in several important ways. Assignment gives some rights to a third party, whereas a novation transfers both rights and obligations to a third party. 

Assignment = assignment - Assigns some rights/obligations in a Contract to another buyer.

Novation - 'Novare' = "make new" -  New Contract is written with all named party rights/obligations transferring from the old to the new Contract.

You've received your answer, but I'm sure your text book has this answer. And if it doesn't I'm sure you know how to use Google to get the answer.

Assignment when a buyer transfers their equitable interest in a property to another.  Novation is when the parties decide to structure a new contract.

Assignment is "assigning" a new purchaser to an existing contract.

Novation is creating an entirely new contract in place of the old one.

I see some good definitions here.

Great answers.

In a simple answer assignment transfers the rights to the contract where Novation writes a new contrct

You have some good answers.

You are covered here in the Rain!

Check gogle

You will get the right answer.

Many good definitions of both terms, Kenya Monterrosas 

I wish you all the best with your real estate studies. 

Thanks Anthony Acosta - ALLATLANTACONDOS.COM

If you put the  letter "I" infront of each - Inovation is another cool word with a prosurvival meaning. Iassigment doesn't role off the tonque as well and is meaningless. Sorry it's the first difference I could come up with that isn't  in the book.

Anthony Acosta - ALLATLANTACONDOS.COM has you covered. BTW this is not something you will find on the test or will ever use Kenya Monterrosas .

I'd have to bet the answer to your question can be found in your course materials

I have not run across the word "novation" since I strudied for my license over 20 years ago.

Kenya, congrats on asking a truly original question from which many of us learned maybe one thing new.

Both are not common for a real estate sales person to do, they are however events occurring regularly in specialty real estate.

You now have your question answered, keep studying hard for your exam. A

You have good answers here

Anthony Acosta - ALLATLANTACONDOS.COM gave you the answer....

It happens to a flipper. He gets a property through mls and want to sell immediately to an investor.

Often I reject a novation contract. Do not bid if serious.

Good luck with your studies.

Is that your stage name?