Title:
National Real Estate Exam Prep
Purpose:
Comprehensive practice questions, verified answers, and study guide designed for candidates preparing for the
National Real Estate Licensing Exam.
Year:
2026
Description:
This exam prep guide provides complete coverage of national real estate principles, practices, laws, and
regulations. Designed to help candidates review, practice, and assess their knowledge to ensure success on the
National Real Estate Licensing Exam.
Instructions:
● Use this guide as a study tool to reinforce key real estate concepts.
● Complete practice questions and check verified answers.
● Focus on national-level laws, real estate transactions, and exam essentials.
2/24/2026, 12:27:57 PM
, Unilateral Contract
Contract containing ONE promise given in exchange for completing an act. NO obligation to act.
Bilateral Contract
Contract containing TWO promises. Example: A listing agreement is a bilateral contract
Client/Principal
A person who has entered into an agency relationship w/ a licensee & with whom there is a written
contract
Customer
Any 3rd party w/ whom a licensee works
2/24/2026, 12:27:57 PM
, In-Company Transaction
Transaction in which the buyer and seller are both represented by the same brokerage.
Management-Level License
A licensee who is employed by or affiliated w/ a brokerage who has supervisory responsibility over
other licensees.
Statute of Frauds requires the following:
1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND
& ALL LEASES for more than one year, options for more than 6 months, must be in writing & signed
by all parties.
Novation
Substituting a new obligation for an old one. Also, a transfer of rights and/or duties under contract.
2/24/2026, 12:27:57 PM
, If the original party to an agreement is replaced due to novation, are they liable?
No
Mailbox Rule
Acceptance that becomes effective as soon as it is sent in the mail, unless the contract specified a
certain means for delivery.
Grantor is the
Owner
Grantee is the
Buyer
2/24/2026, 12:27:57 PM
National Real Estate Exam Prep
Purpose:
Comprehensive practice questions, verified answers, and study guide designed for candidates preparing for the
National Real Estate Licensing Exam.
Year:
2026
Description:
This exam prep guide provides complete coverage of national real estate principles, practices, laws, and
regulations. Designed to help candidates review, practice, and assess their knowledge to ensure success on the
National Real Estate Licensing Exam.
Instructions:
● Use this guide as a study tool to reinforce key real estate concepts.
● Complete practice questions and check verified answers.
● Focus on national-level laws, real estate transactions, and exam essentials.
2/24/2026, 12:27:57 PM
, Unilateral Contract
Contract containing ONE promise given in exchange for completing an act. NO obligation to act.
Bilateral Contract
Contract containing TWO promises. Example: A listing agreement is a bilateral contract
Client/Principal
A person who has entered into an agency relationship w/ a licensee & with whom there is a written
contract
Customer
Any 3rd party w/ whom a licensee works
2/24/2026, 12:27:57 PM
, In-Company Transaction
Transaction in which the buyer and seller are both represented by the same brokerage.
Management-Level License
A licensee who is employed by or affiliated w/ a brokerage who has supervisory responsibility over
other licensees.
Statute of Frauds requires the following:
1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND
& ALL LEASES for more than one year, options for more than 6 months, must be in writing & signed
by all parties.
Novation
Substituting a new obligation for an old one. Also, a transfer of rights and/or duties under contract.
2/24/2026, 12:27:57 PM
, If the original party to an agreement is replaced due to novation, are they liable?
No
Mailbox Rule
Acceptance that becomes effective as soon as it is sent in the mail, unless the contract specified a
certain means for delivery.
Grantor is the
Owner
Grantee is the
Buyer
2/24/2026, 12:27:57 PM
