National Real Estate Exam Prep with Verified Answers Graded A+
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Course
National Real Estate
Institution
National Real Estate
National Real Estate Exam Prep with Verified Answers Graded A+
1. Unilateral Contract Contract containing ONE promise given in ex-
change for completing an act. NO obligation
to act.
2. Bilateral Contract Contract containing TWO promises. Example:
A listing agreement is a bilateral contract
3...
National Real Estate Exam Prep with Verified Answers Graded A+
1. Unilateral Contract Contract containing ONE promise given in ex-
change for completing an act. NO obligation
to act.
2. Bilateral Contract Contract containing TWO promises. Example:
A listing agreement is a bilateral contract
3. Client/Principal A person who has entered into an agency
relationship w/ a licensee & with whom there
is a written contract
4. Customer Any 3rd party w/ whom a licensee works
5. In-Company Transaction Transaction in which the buyer and seller are
both represented by the same brokerage.
6. Management-Level License A licensee who is employed by or affiliated w/
a brokerage who has supervisory responsibil-
ity over other licensees.
7. Statute of Frauds requires 1) Certain contracts be in writing to be en-
the following: forceable, 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.
8. Novation Substituting a new obligation for an old one.
Also, a transfer of rights and/or duties under
contract.
9. If the original party to an No
agreement is replaced due
to novation, are they liable?
10. Mailbox Rule Acceptance that becomes effective as soon
as it is sent in the mail, unless the contract
specified a certain means for delivery.
11. Grantor is the Owner
, 12. Grantee is the Buyer
13. Optionor is the Seller
14. Optionee is the Buyer
15. Lessor is the Landlord
16. Lessee is the Tenant
17. Vendor is the Seller
18. Vendee is the Buyer
19. Mortgagor is the Buyer
20. Mortgagee is the Lender
21. Trustor is the Buyer
22. Trustee is the 3rd Party to the transaction
23. Regulation Z dictates Disclosure Requirements in Credit Transac-
tions, including the disclosure of the Annual
Percentage Rate (APR)
24. Regulation Z applies to: ALL REAL ESTATE credit transactions ex-
cept for commercial loans. For non-real estate
transactions, it covers up to $25,000.
25. The Cooling Off Period is a Regulation Z. It gives the customer the right
condition of: to rescind the transaction for up to 3 business
days following the transaction for liens placed
on a principal residence.
26. RESPA stands for Real Estate Settlement Procedures Act
27. RESPA requirements in- 1) Lenders must give borrowers a good faith
clude: estimate of closing costs.
2) Lenders must give borrowers a HUD book-
let describing closing costs, settlement proce-
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