National Real Estate Exam Prep
questions & answers
Unilateral Contract - answer Contract containing ONE
promise given in exchange for completing an act. NO
obligation to act.
Bilateral Contract - answer Contract containing TWO
promises. Example: A listing agreement is a bilateral
contract
Client/Principal - answer A person who has entered into
an agency relationship w/ a licensee & with whom there is
a written contract
Customer - answer Any 3rd party w/ whom a licensee
works
In-Company Transaction - answer Transaction in which
the buyer and seller are both represented by the same
brokerage.
Management-Level License - answer A licensee who is
employed by or affiliated w/ a brokerage who has
supervisory responsibility over other licensees.
,Statute of Frauds requires the following: - answer 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 - answer Substituting a new obligation for an
old one. Also, a transfer of rights and/or duties under
contract.
If the original party to an agreement is replaced due to
novation, are they liable? - answer No
Mailbox Rule - answer 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 - answer Owner
Grantee is the - answer Buyer
Optionor is the - answer Seller
, Optionee is the - answer Buyer
Lessor is the - answer Landlord
Lessee is the - answer Tenant
Vendor is the - answer Seller
Vendee is the - answer Buyer
Mortgagor is the - answer Buyer
Mortgagee is the - answer Lender
Trustor is the - answer Buyer
Trustee is the - answer 3rd Party to the transaction
Regulation Z dictates - answer Disclosure Requirements
in Credit Transactions, including the disclosure of the
Annual Percentage Rate (APR)
questions & answers
Unilateral Contract - answer Contract containing ONE
promise given in exchange for completing an act. NO
obligation to act.
Bilateral Contract - answer Contract containing TWO
promises. Example: A listing agreement is a bilateral
contract
Client/Principal - answer A person who has entered into
an agency relationship w/ a licensee & with whom there is
a written contract
Customer - answer Any 3rd party w/ whom a licensee
works
In-Company Transaction - answer Transaction in which
the buyer and seller are both represented by the same
brokerage.
Management-Level License - answer A licensee who is
employed by or affiliated w/ a brokerage who has
supervisory responsibility over other licensees.
,Statute of Frauds requires the following: - answer 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 - answer Substituting a new obligation for an
old one. Also, a transfer of rights and/or duties under
contract.
If the original party to an agreement is replaced due to
novation, are they liable? - answer No
Mailbox Rule - answer 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 - answer Owner
Grantee is the - answer Buyer
Optionor is the - answer Seller
, Optionee is the - answer Buyer
Lessor is the - answer Landlord
Lessee is the - answer Tenant
Vendor is the - answer Seller
Vendee is the - answer Buyer
Mortgagor is the - answer Buyer
Mortgagee is the - answer Lender
Trustor is the - answer Buyer
Trustee is the - answer 3rd Party to the transaction
Regulation Z dictates - answer Disclosure Requirements
in Credit Transactions, including the disclosure of the
Annual Percentage Rate (APR)
