National Real Estate Exam Prep questions with correct answers
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
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