Pearson Vue Exam Prep: Real Estate
Contracts and Agency Questions &
Answers (Grade A+)
express contract -
correct answer ✅stated or written agreement
implied contract -
correct answer ✅exists based on actions
bilateral contract -
correct answer ✅both parties make a promise
Unilateral Contract -
correct answer ✅one party makes promise
valid contract requires what 5 things: -
correct answer ✅1. offer and acceptance
2. consideration
3. legal competence
4. legal purpose
5. consent
, Pearson Vue Exam Prep: Real Estate
Contracts and Agency Questions &
Answers (Grade A+)
assignment of a contract -
correct answer ✅to find a substitute of one party
who is the assignor? -
correct answer ✅original party being replaced
asignee -
correct answer ✅the substitute
novation -
correct answer ✅a new contract that is substituted for the old one
executed -
correct answer ✅when all parties have completed the terms
executory -
correct answer ✅until all promises have been fulfilled
Contracts and Agency Questions &
Answers (Grade A+)
express contract -
correct answer ✅stated or written agreement
implied contract -
correct answer ✅exists based on actions
bilateral contract -
correct answer ✅both parties make a promise
Unilateral Contract -
correct answer ✅one party makes promise
valid contract requires what 5 things: -
correct answer ✅1. offer and acceptance
2. consideration
3. legal competence
4. legal purpose
5. consent
, Pearson Vue Exam Prep: Real Estate
Contracts and Agency Questions &
Answers (Grade A+)
assignment of a contract -
correct answer ✅to find a substitute of one party
who is the assignor? -
correct answer ✅original party being replaced
asignee -
correct answer ✅the substitute
novation -
correct answer ✅a new contract that is substituted for the old one
executed -
correct answer ✅when all parties have completed the terms
executory -
correct answer ✅until all promises have been fulfilled
