NATIONAL REAL ESTATE EXAM PREP QUESTIONS AND 100% CORRECT AND WELL DETAILED ANSWERS|LATEST 2025/2026|GUARANTEED A+

NATIONAL REAL ESTATE EXAM PREP
QUESTIONS AND 100% CORRECT AND WELL
DETAILED ANSWERS|LATEST
2025/2026|GUARANTEED A+
Unilateral Contract - ANSWER- B B B



Contract containing ONE promise given in exchange for completing an act. NO obligatio
B B B B B B B B B B B B



n to act.
B B




Bilateral Contract - ANSWER- B B B



Contract containing TWO promises. Example: A listing agreement is a bilateral contract
B B B B B B B B B B B




Client/Principal - ANSWER- B B



A person who has entered into an agency relationship w/ a licensee & with whom there
B B B B B B B B B B B B B B B



B is a written contract
B B B




Customer - ANSWER- B B Any 3rd party w/ whom a licensee works
B B B B B B B




In-Company Transaction - ANSWER- B B B



Transaction in which the buyer and seller are both represented by the same brokerage.
B B B B B B B B B B B B B




Management-Level License - ANSWER- B B B



A licensee who is employed by or affiliated w/ a brokerage who has supervisory respon
B B B B B B B B B B B B B B



sibility over other licensees.
B B B




Statute of Frauds requires the following: - ANSWER-
B B B B B B B



1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the s
B B B B B B B B B B B B B B B B



ale of LAND & ALL LEASES for more than one year, options for more than 6 months, must be in
B B B B B B B B B B B B B B B B B B B B



writing & signed by all parties.
B B B B B




Novation - ANSWER- B B



Substituting a new obligation for an old one. Also, a transfer of rights and/or duties und
B B B B B B B B B B B B B B B



er contract.
B




1
Wicky

, If the original party to an agreement is replaced due to novation, are they liable? - ANSWER-
B B B B B B B B B B B B B B B B



No



Mailbox Rule - ANSWER-
B B B



Acceptance that becomes effective as soon as it is sent in the mail, unless the contract s
B B B B B B B B B B B B B B B B



pecified a certain means for delivery.
B B B B B




Grantor is the - ANSWER-
B B B B Owner



Grantee is the - ANSWER-
B B B B Buyer



Optionor is the - ANSWER-B B B B Seller



Optionee is the - ANSWER-B B B B Buyer



Lessor is the - ANSWER-
B B B B Landlord



Lessee is the - ANSWER-
B B B B Tenant



Vendor is the - ANSWER-
B B B B Seller



Vendee is the - ANSWER-
B B B B Buyer



Mortgagor is the - ANSWER- B B B B Buyer



Mortgagee is the - ANSWER- B B B B Lender



2
Wicky