National Real Estate Exam Prep |Latest Release| 100% Correct

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