PROMULGATED CONTRACTS
COMPREHENSIVE ASSESSMENT 2026 FULL
ANSWERS GRADED A+
● amendment. Answer: change or modification to an already agreed-
upon contract
● bilateral contract. Answer: a contract wherein both parties are
obligated to perform in an exchange of promises
● buyer rebate. Answer: anything during a transaction that causes money
to go back to the buyer, either at or after closing, without the knowledge
of the lender
● casualty loss. Answer: a sudden, unexpected event like a fire, flood,
storm, earthquake that causes damage to a property
● consideration. Answer: something of value exchanged by the parties as
evidence of agreement to the terms of a contract
● contract. Answer: a legally enforceable and binding agreement
between parties wherein a promise to do or not do something is given in
exchange for valuable consideration
, ● counteroffer. Answer: a contract proposal submitted in response to a
previous offer, modifying the terms of the original offer; considered a
rejection of the original offer
● disability. Answer: a physical or mental impairment that substantially
limits one or more major life activities, the record of such impairment,
or being regarded as having such an impairment
● earnest money. Answer: funds paid to confirm or commit to a contract
● effective date. Answer: the date a contract becomes binding between
the parties
● endorsement. Answer: additional coverage that can be added onto an
insurance policy
● escrow. Answer: a process in which funds and/or financial documents
are held by a disinterested third party on behalf of the other two parties
in the real estate transaction until specific conditions are satisfied
● executed contract. Answer: a contract in which all terms have been
fulfilled by all parties
● executory contract. Answer: a contract that has not yet been fully
performed (both sides have not yet completed their obligations)
COMPREHENSIVE ASSESSMENT 2026 FULL
ANSWERS GRADED A+
● amendment. Answer: change or modification to an already agreed-
upon contract
● bilateral contract. Answer: a contract wherein both parties are
obligated to perform in an exchange of promises
● buyer rebate. Answer: anything during a transaction that causes money
to go back to the buyer, either at or after closing, without the knowledge
of the lender
● casualty loss. Answer: a sudden, unexpected event like a fire, flood,
storm, earthquake that causes damage to a property
● consideration. Answer: something of value exchanged by the parties as
evidence of agreement to the terms of a contract
● contract. Answer: a legally enforceable and binding agreement
between parties wherein a promise to do or not do something is given in
exchange for valuable consideration
, ● counteroffer. Answer: a contract proposal submitted in response to a
previous offer, modifying the terms of the original offer; considered a
rejection of the original offer
● disability. Answer: a physical or mental impairment that substantially
limits one or more major life activities, the record of such impairment,
or being regarded as having such an impairment
● earnest money. Answer: funds paid to confirm or commit to a contract
● effective date. Answer: the date a contract becomes binding between
the parties
● endorsement. Answer: additional coverage that can be added onto an
insurance policy
● escrow. Answer: a process in which funds and/or financial documents
are held by a disinterested third party on behalf of the other two parties
in the real estate transaction until specific conditions are satisfied
● executed contract. Answer: a contract in which all terms have been
fulfilled by all parties
● executory contract. Answer: a contract that has not yet been fully
performed (both sides have not yet completed their obligations)
