National Real Estate Exam Prep. | Questions & Answers (100% Correct)

National Real Estate Exam Prep. | Questions & Answers (100% Correct) National Real Estate Exam Prep. | Questions & Answers (100% Correct) 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