CEN EXAM +t
Exam Solution+t
National Real Estate Exam Prep 2026 A+ GRADE ASSUR +t +t +t +t +t +t +t +t
ED COMPLETE SOLUTIONS AND VERIFIED ANSWERS (A
+t +t +t +t +t +t
404E)
QUESTION 1 +t
Statute of Frauds requires the following:
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ANSWER
1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND & A
+t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t
LL LEASES for more than one year, options for more than 6 months, must be in writing & signed by all
+t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t
parties.
QUESTION 2 +t
Novation
ANSWER
Substituting a new obligation for an old one. Also, a transfer of rights and/or duties under contract.
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QUESTION 3 +t
If the original party to an agreement is replaced due to novation, are they liable?
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ANSWER
No
QUESTION 4 +t
Mailbox Rule +t
ANSWER
Acceptance that becomes effective as soon as it is sent in the mail, unless the contract specified a certai
+t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t
n means for delivery.
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,QUESTION 5 +t
Grantor is the+t +t
ANSWER
Owner
QUESTION 6 +t
Grantee is the +t +t
ANSWER
Buyer
QUESTION 7 +t
Optionor is the +t +t
ANSWER
Seller
QUESTION 8 +t
Optionee is the +t +t
ANSWER
Buyer
QUESTION 9 +t
Lessor is the
+t +t
ANSWER
Landlord
QUESTION 10 +t
Lessee is the
+t +t
ANSWER
Tenant
, QUESTION 11
+t
Vendor is the
+t +t
ANSWER
Seller
QUESTION 12
+t
Vendee is the
+t +t
ANSWER
Buyer
QUESTION 13
+t
Mortgagor is the +t +t
ANSWER
Buyer
QUESTION 14
+t
Mortgagee is the +t +t
ANSWER
Lender
QUESTION 15
+t
Trustor is the
+t +t
ANSWER
Buyer
QUESTION 16
+t
Trustee is the
+t +t
ANSWER
3rd Party to the transaction
+t +t +t +t
Exam Solution+t
National Real Estate Exam Prep 2026 A+ GRADE ASSUR +t +t +t +t +t +t +t +t
ED COMPLETE SOLUTIONS AND VERIFIED ANSWERS (A
+t +t +t +t +t +t
404E)
QUESTION 1 +t
Statute of Frauds requires the following:
+t +t +t +t +t
ANSWER
1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND & A
+t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t
LL LEASES for more than one year, options for more than 6 months, must be in writing & signed by all
+t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t
parties.
QUESTION 2 +t
Novation
ANSWER
Substituting a new obligation for an old one. Also, a transfer of rights and/or duties under contract.
+t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t
QUESTION 3 +t
If the original party to an agreement is replaced due to novation, are they liable?
+t +t +t +t +t +t +t +t +t +t +t +t +t +t
ANSWER
No
QUESTION 4 +t
Mailbox Rule +t
ANSWER
Acceptance that becomes effective as soon as it is sent in the mail, unless the contract specified a certai
+t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t +t
n means for delivery.
+t +t +t
,QUESTION 5 +t
Grantor is the+t +t
ANSWER
Owner
QUESTION 6 +t
Grantee is the +t +t
ANSWER
Buyer
QUESTION 7 +t
Optionor is the +t +t
ANSWER
Seller
QUESTION 8 +t
Optionee is the +t +t
ANSWER
Buyer
QUESTION 9 +t
Lessor is the
+t +t
ANSWER
Landlord
QUESTION 10 +t
Lessee is the
+t +t
ANSWER
Tenant
, QUESTION 11
+t
Vendor is the
+t +t
ANSWER
Seller
QUESTION 12
+t
Vendee is the
+t +t
ANSWER
Buyer
QUESTION 13
+t
Mortgagor is the +t +t
ANSWER
Buyer
QUESTION 14
+t
Mortgagee is the +t +t
ANSWER
Lender
QUESTION 15
+t
Trustor is the
+t +t
ANSWER
Buyer
QUESTION 16
+t
Trustee is the
+t +t
ANSWER
3rd Party to the transaction
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