Unilateral Contract - Correct Answer Contract containing ONE promise given in exchange for completing
an act. NO obligation to act.
Bilateral Contract - Correct Answer Contract containing TWO promises. Example: A listing agreement is
a bilateral contract
Client/Principal - Correct Answer A person who has entered into an agency relationship w/ a licensee &
with whom there is a written contract
Customer - Correct Answer Any 3rd party w/ whom a licensee works
In-Company Transaction - Correct Answer Transaction in which the buyer and seller are both
represented by the same brokerage.
Management-Level License - Correct Answer A licensee who is employed by or affiliated w/ a brokerage
who has supervisory responsibility over other licensees.
Statute of Frauds requires the following: - Correct Answer 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 - Correct Answer 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? - Correct Answer No
Mailbox Rule - Correct Answer 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 - Correct Answer Owner
Grantee is the - Correct Answer Buyer
Optionor is the - Correct Answer Seller
Optionee is the - Correct Answer Buyer
Lessor is the - Correct Answer Landlord
Lessee is the - Correct Answer Tenant
Vendor is the - Correct Answer Seller
Vendee is the - Correct Answer Buyer
Mortgagor is the - Correct Answer Buyer
Mortgagee is the - Correct Answer Lender
Trustor is the - Correct Answer Buyer
Trustee is the - Correct Answer 3rd Party to the transaction
Regulation Z dictates - Correct Answer Disclosure Requirements in Credit Transactions, including the
disclosure of the Annual Percentage Rate (APR)
Regulation Z applies to: - Correct Answer ALL REAL ESTATE credit transactions except for commercial
loans. For non-real estate transactions, it covers up to $25,000.
an act. NO obligation to act.
Bilateral Contract - Correct Answer Contract containing TWO promises. Example: A listing agreement is
a bilateral contract
Client/Principal - Correct Answer A person who has entered into an agency relationship w/ a licensee &
with whom there is a written contract
Customer - Correct Answer Any 3rd party w/ whom a licensee works
In-Company Transaction - Correct Answer Transaction in which the buyer and seller are both
represented by the same brokerage.
Management-Level License - Correct Answer A licensee who is employed by or affiliated w/ a brokerage
who has supervisory responsibility over other licensees.
Statute of Frauds requires the following: - Correct Answer 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 - Correct Answer 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? - Correct Answer No
Mailbox Rule - Correct Answer 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 - Correct Answer Owner
Grantee is the - Correct Answer Buyer
Optionor is the - Correct Answer Seller
Optionee is the - Correct Answer Buyer
Lessor is the - Correct Answer Landlord
Lessee is the - Correct Answer Tenant
Vendor is the - Correct Answer Seller
Vendee is the - Correct Answer Buyer
Mortgagor is the - Correct Answer Buyer
Mortgagee is the - Correct Answer Lender
Trustor is the - Correct Answer Buyer
Trustee is the - Correct Answer 3rd Party to the transaction
Regulation Z dictates - Correct Answer Disclosure Requirements in Credit Transactions, including the
disclosure of the Annual Percentage Rate (APR)
Regulation Z applies to: - Correct Answer ALL REAL ESTATE credit transactions except for commercial
loans. For non-real estate transactions, it covers up to $25,000.
