National Real Estate Exam Prep
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1. Unilateral Contract Contract containing ONE promise given in exchange for complet-
ing an act. NO obligation to act.
2. Bilateral Contract Contract containing TWO promises. Example: A listing agreement
is a bilateral contract
3. Client/Principal A person who has entered into an agency relationship w/ a
licensee & with whom there is a written contract
4. Customer Any 3rd party w/ whom a licensee works
5. In-Company Transaction Transaction in which the buyer and seller are both represented
by the same brokerage.
6. Management-Level License A licensee who is employed by or affiliated w/ a brokerage who
has supervisory responsibility over other licensees.
7. Statute of Frauds requires 1) Certain contracts be in writing to be enforceable, 2) All real
the following: 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.
8. Novation Substituting a new obligation for an old one. Also, a transfer of
rights and/or duties under contract.
9. If the original party to an No
agreement is replaced due
to novation, are they liable?
10. Mailbox Rule Acceptance that becomes effective as soon as it is sent in the mail,
unless the contract specified a certain means for delivery.
11. Grantor is the Owner
, National Real Estate Exam Prep
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12. Grantee is the Buyer
13. Optionor is the Seller
14. Optionee is the Buyer
15. Lessor is the Landlord
16. Lessee is the Tenant
17. Vendor is the Seller
18. Vendee is the Buyer
19. Mortgagor is the Buyer
20. Mortgagee is the Lender
21. Trustor is the Buyer
22. Trustee is the 3rd Party to the transaction
23. Regulation Z dictates Disclosure Requirements in Credit Transactions, including the
disclosure of the Annual Percentage Rate (APR)
24. Regulation Z applies to: ALL REAL ESTATE credit transactions except for commercial loans.
For non-real estate transactions, it covers up to $25,000.
25. The Cooling Off Period is a Regulation Z. It gives the customer the right to rescind the trans-
condition of: action for up to 3 business days following the transaction for liens
placed on a principal residence.
26. RESPA stands for Real Estate Settlement Procedures Act
27. RESPA requirements in- 1) Lenders must give borrowers a good faith estimate of closing
clude: costs.
Study online at https://quizlet.com/_3m7lw
1. Unilateral Contract Contract containing ONE promise given in exchange for complet-
ing an act. NO obligation to act.
2. Bilateral Contract Contract containing TWO promises. Example: A listing agreement
is a bilateral contract
3. Client/Principal A person who has entered into an agency relationship w/ a
licensee & with whom there is a written contract
4. Customer Any 3rd party w/ whom a licensee works
5. In-Company Transaction Transaction in which the buyer and seller are both represented
by the same brokerage.
6. Management-Level License A licensee who is employed by or affiliated w/ a brokerage who
has supervisory responsibility over other licensees.
7. Statute of Frauds requires 1) Certain contracts be in writing to be enforceable, 2) All real
the following: 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.
8. Novation Substituting a new obligation for an old one. Also, a transfer of
rights and/or duties under contract.
9. If the original party to an No
agreement is replaced due
to novation, are they liable?
10. Mailbox Rule Acceptance that becomes effective as soon as it is sent in the mail,
unless the contract specified a certain means for delivery.
11. Grantor is the Owner
, National Real Estate Exam Prep
Study online at https://quizlet.com/_3m7lw
12. Grantee is the Buyer
13. Optionor is the Seller
14. Optionee is the Buyer
15. Lessor is the Landlord
16. Lessee is the Tenant
17. Vendor is the Seller
18. Vendee is the Buyer
19. Mortgagor is the Buyer
20. Mortgagee is the Lender
21. Trustor is the Buyer
22. Trustee is the 3rd Party to the transaction
23. Regulation Z dictates Disclosure Requirements in Credit Transactions, including the
disclosure of the Annual Percentage Rate (APR)
24. Regulation Z applies to: ALL REAL ESTATE credit transactions except for commercial loans.
For non-real estate transactions, it covers up to $25,000.
25. The Cooling Off Period is a Regulation Z. It gives the customer the right to rescind the trans-
condition of: action for up to 3 business days following the transaction for liens
placed on a principal residence.
26. RESPA stands for Real Estate Settlement Procedures Act
27. RESPA requirements in- 1) Lenders must give borrowers a good faith estimate of closing
clude: costs.
