National Real Estate Exam Prep questions
and answers 2025\2026 A+ Grade
Unilateral Contract
- correct answer Contract containing ONE promise given in exchange for completing an act. NO
obligation to act.
Bilateral Contract
- correct answer Contract containing TWO promises. Example: A listing agreement is a bilateral contract
Client/Principal
- correct answer A person who has entered into an agency relationship w/ a licensee & with whom there
is a written contract
Customer
- correct answer Any 3rd party w/ whom a licensee works
In-Company Transaction
- correct answer Transaction in which the buyer and seller are both represented by the same brokerage.
Management-Level License
- correct 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:
- correct 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
- correct 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?
- correct answer No
Mailbox Rule
- correct 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
- correct answer Owner
Grantee is the
- correct answer Buyer
Optionor is the
- correct answer Seller
Optionee is the
- correct answer Buyer
Lessor is the
- correct answer Landlord
Lessee is the
- correct answer Tenant
Vendor is the
- correct answer Seller
and answers 2025\2026 A+ Grade
Unilateral Contract
- correct answer Contract containing ONE promise given in exchange for completing an act. NO
obligation to act.
Bilateral Contract
- correct answer Contract containing TWO promises. Example: A listing agreement is a bilateral contract
Client/Principal
- correct answer A person who has entered into an agency relationship w/ a licensee & with whom there
is a written contract
Customer
- correct answer Any 3rd party w/ whom a licensee works
In-Company Transaction
- correct answer Transaction in which the buyer and seller are both represented by the same brokerage.
Management-Level License
- correct 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:
- correct 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
- correct 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?
- correct answer No
Mailbox Rule
- correct 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
- correct answer Owner
Grantee is the
- correct answer Buyer
Optionor is the
- correct answer Seller
Optionee is the
- correct answer Buyer
Lessor is the
- correct answer Landlord
Lessee is the
- correct answer Tenant
Vendor is the
- correct answer Seller
