National Real Estate Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the National Real Estate Exam with engaging quizzes. Study with flashcards and in-depth questions, each providing hints and explanations, to boost your confidence in the exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is the relationship of a vendor to a real estate transaction?

Buyer
Seller
Tenant
Landlord

The correct answer is: Seller

In a real estate transaction, the term "vendor" specifically refers to the seller of the property. This individual or entity is responsible for transferring the ownership of the property to the buyer in exchange for an agreed-upon price. The vendor plays a crucial role in the transaction, as they must provide clear title and ensure that the property meets all legal requirements for the transfer to take place. Understanding this relationship is key in real estate, as the vendor's obligations include disclosing any material defects and upholding the terms of the sale until the transaction is finalized. In contrast, the other roles mentioned relate to different positions within a real estate transaction: the buyer is the one acquiring the property, while the tenant is typically leasing or renting a property from a landlord. The landlord, similar to the vendor, is not necessarily involved in the sale of the property but rather in the rental process. Therefore, the vendor distinctly represents the seller's side of the real estate transaction.