Real Estate — Agency, Contracts & Practice flashcards
6 of 74 questions free to study here · 10 topics · the whole deck is built into Willys
Agency and fiduciary duties, listing types, contract law, options and contingencies, earnest money, deeds and title, RESPA and TRID closing rules, fair housing, antitrust and advertising for the national salesperson exam.
Practice deck · part of Real-estate salesperson license (national portion) · written against: National portion content common to Pearson VUE / PSI exams; state law excluded. Updated 2026-10-10.
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The 6 sample questions as a list
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In an agency relationship, who is the client and who is the customer?The client is the principal the agent represents and owes fiduciary duties to; the customer is the third party the agent works with but does not represent, who is owed honesty and fair dealing.Agency Relationships
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Under which listing type is the broker paid no matter who finds the buyer, even if it is the seller?The exclusive right to sell listing, the most common type and the one most favorable to the broker.Listing Agreements
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In an option contract, which party is bound to sell and which is free to decide?The optionor (owner) is bound to sell on the stated terms if the option is exercised; the optionee has the right but not the obligation to buy, in exchange for paid consideration.Sales Contract Provisions
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Which elements are required for a valid deed?A competent grantor, an identifiable grantee, a granting clause (words of conveyance), an adequate legal description, a recital of consideration, the grantor's signature, and delivery and acceptance.Deeds & Title
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Which seven classes does the federal Fair Housing Act protect?Race, color, religion, national origin, sex, disability (handicap) and familial status. Sex was added in 1974; disability and familial status in 1988.Fair Housing
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A licensee runs an ad listing only a phone number and no brokerage name. What problem does this raise?It is a blind ad, which state license laws such as those of Texas and New York prohibit: licensee ads there must show the broker's name or that a broker placed them. The exact requirements vary by state.Advertising & Disclosure
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About these cards
Review status: Second-reader reviewed, with corrections applied.
Checked against:
- Checked against the Fair Housing Act (42 U.S.C. 3601 et seq.), HUD fair housing regulations (24 CFR Part 100), RESPA and Regulation X (12 CFR Part 1024), the TILA-RESPA Integrated Disclosure rule (12 CFR 1026.19), the Sherman Act (15 U.S.C. 1) and ADA Title III; public domain U.S. government sources.
- General agency, contract and conveyancing principles written from author knowledge; no textbook or question-bank text copied.
- Buyer-agency and compensation cards reflect the NAR settlement practice changes effective 17 August 2024; the assistance-animal card reflects HUD FHEO's May 2026 enforcement memo.
These are independent study notes written for Willys. They are not official exam material, may contain mistakes, and are no substitute for your course, your teacher or the exam owner's own publications. Found an error? Tell us — corrections ship as a new version of the deck.
Not legal advice. These cards cover the national portion of the exam only. State law and your state's exam content are not included; check your state's licensing authority.
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