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National Real Estate Exam Prep 2024/2025 (100% verified) A+ grade assured
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National Real Estate Exam Prep 2024/2025 (100% verified) A+ grade assured
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National Real Estate Exam PrepUnilateral Contract - ANSContract containing ONE promise given in exchange for completing
an act. NO obligation to act.
Bilateral Contract - ANSContract containing TWO promises. Example: A listing agreement is
a bilateral contract
Client/Principal - ANSA person who has entered into an agency relationship w/ a licensee &
with whom there is a written contract
Customer - ANSAny 3rd party w/ whom a licensee works
In-Company Transaction - ANSTransaction in which the buyer and seller are both
represented by the same brokerage.
Management-Level License - ANSA licensee who is employed by or affiliated w/ a brokerage
who has supervisory responsibility over other licensees.
Statute of Frauds requires the following: - ANS1) 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 - ANSSubstituting 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? - ANSNo
Mailbox Rule - ANSAcceptance that becomes effective as soon as it is sent in the mail,
unless the contract specified a certain means for delivery.
Grantor is the - ANSOwner
Grantee is the - ANSBuyer
Optionor is the - ANSSeller
Optionee is the - ANSBuyer
Lessor is the - ANSLandlord
Lessee is the - ANSTenant
Vendor is the - ANSSeller
, Vendee is the - ANSBuyer
Mortgagor is the - ANSBuyer
Mortgagee is the - ANSLender
Trustor is the - ANSBuyer
Trustee is the - ANS3rd Party to the transaction
Regulation Z dictates - ANSDisclosure Requirements in Credit Transactions, including the
disclosure of the Annual Percentage Rate (APR)
Regulation Z applies to: - ANSALL 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 condition of: - ANSRegulation Z. It gives the customer the right
to rescind the transaction for up to 3 business days following the transaction for liens placed
on a principal residence.
RESPA stands for - ANSReal Estate Settlement Procedures Act
RESPA requirements include: - ANS1) Lenders must give borrowers a good faith estimate of
closing costs.
2) Lenders must give borrowers a HUD booklet describing closing costs, settlement
procedures & borrowers rights.
3) Closing agent must prepare a HUD stmt detailing how much was paid to what companies
for what services
4) Borrower must be given right to inspect HUD stmt 1 day before close.
5) Lenders & other parties must give full disclosure of all business relationships.
6) Lender must disclose to borrower if the loan is likely to be sold to another investor.
RESPA prohibits: - ANS1) Kickbacks & fees for services not performed in connection w/ the
closing
2) It limits the amount of escrow reserves a lender can hold
3) The sale may not be on the condition on the use of a certain title co or escrow co. chosen
by the seller.
Annexation is - ANSthe act of bringing something or putting something on the land. When
determining annexation, value of the item is RARELY considered. The RELATIONSHIP if the
parties is more important.
Doctrine of Emblements - ANSsays that a TENANT farmer may return to pick the 1st crop
after the land has been sold.
Fixtures - ANSMan made attachments
Bundle of Rights - ANS1) Right of use
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