AceAble lATeST UPDATeD 2025/2026
exAm 1 WITH cOmPleTe ANSWeRS AND
SURe VeRIFIeD SOlUTIONS 100% GRADeD
AT A+ ScORe SURe GUARANTeeD PASS!!
1. For a listing agreement to be enforceable in court, it MUST be: -
ANSWER ✓ in writing
2. What is an executed contract? - ANSWER ✓ An existing contract
in which all terms have been fulfilled.
3. Which of the following is an essential element of a valid contract?
- ANSWER ✓ consideration
4. What is the term used when one contract is substituted for another?
- ANSWER ✓ novation
5. When a party performs a majority of a contract's requirements but
does not perform according to the contract's stipulations, it is
considered: - ANSWER ✓ substantial performance
, 6. Michael is a listing agent in an agency agreement where the seller
has agreed to give him any money he receives in the sale of the
house that is over $200,000. Which of the following BEST
describes which agency agreement this is an example of? -
ANSWER ✓ net listing
7. When should the listing agent give the seller a blank copy of the
Seller's Disclosure of Property Condition to fill out? - ANSWER ✓
the day the sales agent lists the property.
8. Who carries out the trustor's wishes concerning the property, and
for the benefit of whom? - ANSWER ✓ the trustee carries out the
wishes of the trustor concerning the property for the benefit of the
beneficiary
9. Which is one of the unities that distinguishes a joint tenancy from
other kinds of co-ownership? - ANSWER ✓ Unity of title
10. In a general partnership, all partners are required to take
responsibility for: - ANSWER ✓ the action of all partners
11. A homestead is defined as: - ANSWER ✓ a property that a
person or family owns and occupies as their primary residence
exAm 1 WITH cOmPleTe ANSWeRS AND
SURe VeRIFIeD SOlUTIONS 100% GRADeD
AT A+ ScORe SURe GUARANTeeD PASS!!
1. For a listing agreement to be enforceable in court, it MUST be: -
ANSWER ✓ in writing
2. What is an executed contract? - ANSWER ✓ An existing contract
in which all terms have been fulfilled.
3. Which of the following is an essential element of a valid contract?
- ANSWER ✓ consideration
4. What is the term used when one contract is substituted for another?
- ANSWER ✓ novation
5. When a party performs a majority of a contract's requirements but
does not perform according to the contract's stipulations, it is
considered: - ANSWER ✓ substantial performance
, 6. Michael is a listing agent in an agency agreement where the seller
has agreed to give him any money he receives in the sale of the
house that is over $200,000. Which of the following BEST
describes which agency agreement this is an example of? -
ANSWER ✓ net listing
7. When should the listing agent give the seller a blank copy of the
Seller's Disclosure of Property Condition to fill out? - ANSWER ✓
the day the sales agent lists the property.
8. Who carries out the trustor's wishes concerning the property, and
for the benefit of whom? - ANSWER ✓ the trustee carries out the
wishes of the trustor concerning the property for the benefit of the
beneficiary
9. Which is one of the unities that distinguishes a joint tenancy from
other kinds of co-ownership? - ANSWER ✓ Unity of title
10. In a general partnership, all partners are required to take
responsibility for: - ANSWER ✓ the action of all partners
11. A homestead is defined as: - ANSWER ✓ a property that a
person or family owns and occupies as their primary residence
