National Real Estate Exam Prep / Study Guide
Questions with Definitive solutions.
Terms in this set (101)
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 A licensee who is employed by or affiliated w/ a
License brokerage who has supervisory responsibility over other
licensees.
Statute of Frauds requires 1) Certain contracts be in writing to be enforceable, 2)
the following: 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.
No
If the original party to an
agreement is replaced due
to novation, are they
liable?
, 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 Landlord
Lessee is the Tenant
Vendor is the Seller
Vendee is the Buyer
Mortgagor is the Buyer
Mortgagee is the Lender
Trustor is the Buyer
Trustee is the 3rd Party to the transaction
Regulation Z dictates Disclosure Requirements in Credit Transactions, including the
disclosure of the Annual Percentage
Rate (APR)
Regulation Z applies to: ALL REAL ESTATE credit transactions except for commercial
loans. For non-real estate transactions, it covers up to
$25,000.
The Cooling Off Period is a Regulation Z. It gives the customer the right to rescind the
condition of: transaction for up to 3 business days following the transaction
for liens placed on a principal residence.
RESPA stands for Real Estate Settlement Procedures Act
Questions with Definitive solutions.
Terms in this set (101)
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 A licensee who is employed by or affiliated w/ a
License brokerage who has supervisory responsibility over other
licensees.
Statute of Frauds requires 1) Certain contracts be in writing to be enforceable, 2)
the following: 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.
No
If the original party to an
agreement is replaced due
to novation, are they
liable?
, 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 Landlord
Lessee is the Tenant
Vendor is the Seller
Vendee is the Buyer
Mortgagor is the Buyer
Mortgagee is the Lender
Trustor is the Buyer
Trustee is the 3rd Party to the transaction
Regulation Z dictates Disclosure Requirements in Credit Transactions, including the
disclosure of the Annual Percentage
Rate (APR)
Regulation Z applies to: ALL REAL ESTATE credit transactions except for commercial
loans. For non-real estate transactions, it covers up to
$25,000.
The Cooling Off Period is a Regulation Z. It gives the customer the right to rescind the
condition of: transaction for up to 3 business days following the transaction
for liens placed on a principal residence.
RESPA stands for Real Estate Settlement Procedures Act