National Real Estate Exam Prep Answered 100% Correctly 2024

National Real Estate Exam Prep Answered 100% Correctly 2024 Unilateral Contract Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer Any 3rd party w/ whom a licensee works In-Company Transaction Transaction in which the buyer and seller are both represented by the same brokerage. Management-Level License A licensee who is employed by or affiliated w/ a brokerage who has supervisory responsibility over other licensees. Statute of Frauds requires the following: 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 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? No Mailbox Rule 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 Owner Grantee is the Buyer Optionor is the Seller Optionee is the Buyer Lessor is the