How much it counts
| Vendor | Outline area (salesperson national) |
|---|---|
| Pearson VUE | Real estate contracts and agency (16, shared with agency) of 80 scored items |
| PSI | Contracts 19% of the national portion |
Study notes
- Essential elements: competent parties, offer and acceptance (mutual assent), consideration, legal purpose; real estate sales also need a writing and signatures.
- Void vs voidable vs unenforceable. Void has no legal effect; voidable can be cancelled by one party (e.g., a minor); unenforceable is valid but cannot be sued on (e.g., an oral sales contract).
- Counteroffers kill the original offer. Acceptance must be unconditional and communicated.
- Remedies for breach: specific performance, compensatory damages, liquidated damages, rescission.
Exam traps
- Bilateral vs unilateral. A listing is typically bilateral; an option is unilateral until exercised.
- Executed vs executory. Executed = fully performed; executory = still to be performed. Signing does not make a contract “executed” in this sense.
- Time is of the essence makes deadlines strict.
Educational summary, not legal advice. State law can change the rule - your state portion tests your state’s version.
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