National Real Estate Exam Quiz: Differentiate Contract Status
20 questions · exam conditions
0:00
Differentiate Contract StatusQuestion 1 of 20

A listing agreement signed by someone who forged the property owner's signature is:

Valid if the person had apparent authority to sign for the owner
Void because the signature was obtained through fraudulent misrepresentation of identity
Voidable at the option of the true owner when they discover the forgery
Executory until the real owner can be located to ratify the agreement
← Back to quizzes

National Real Estate Exam Quiz

National Real Estate Exam Quiz: Differentiate Contract Status

Practice Differentiate Contract Status in National Real Estate Exam with focused quiz questions that help you check what you know, review explanations, and build confidence with test-style prompts.

What this quiz covers

This quiz focuses on Differentiate Contract Status, giving you a quick way to practice the rules, question types, and explanations that matter most for National Real Estate Exam.

How to use this quiz

Try each quiz question before looking at the correct answer. Use the explanations to review missed ideas, then come back to similar questions until the pattern feels familiar.

All questions

Question 1

A listing agreement signed by someone who forged the property owner's signature is:

  1. Valid if the person had apparent authority to sign for the owner
  2. Void because the signature was obtained through fraudulent misrepresentation of identity (correct answer)
  3. Voidable at the option of the true owner when they discover the forgery
  4. Executory until the real owner can be located to ratify the agreement
Explanation: A contract with a forged signature is void because it lacks a legally competent party who actually agreed to the terms - the signature is fraudulent. Choice A is incorrect because forgery is different from apparent authority. Choice C is incorrect because forgery creates void contracts, not voidable ones. Choice D is incorrect because void contracts cannot be executed, and ratification would create a new contract.

Question 2

A buyer representation agreement where the agent found a property but the buyer purchased a different property through another agent is:

  1. Executed because the original agent fulfilled the obligation to locate suitable properties
  2. Void because the agent failed to complete the transaction as originally intended
  3. Executory if the original agent is still owed commission under the agreement (correct answer)
  4. Voidable because the buyer worked with a different agent for the purchase
Explanation: The agreement's status depends on whether all obligations are complete. If the original agent is owed commission under the agreement terms, it remains executory until that obligation is fulfilled. Choice A is incorrect because finding property doesn't necessarily complete all agent obligations. Choice B is incorrect because the agent's performance depends on agreement terms, not transaction completion. Choice D is incorrect because working with another agent doesn't automatically create voidable status.

Question 3

An exclusive right-to-sell listing that expired last month without a sale is:

  1. Executed because the listing period ran its full course as originally agreed (correct answer)
  2. Void because the listing failed to accomplish its primary purpose of selling
  3. Executory because the broker may still be owed commission for introduced buyers
  4. Voidable because either party can claim the listing was ineffective
Explanation: An expired listing is executed because both parties performed their obligations for the agreed time period - the broker marketed the property and the seller cooperated, completing the contract terms. Choice B is incorrect because lack of sale doesn't void a contract that was properly performed. Choice C is incorrect because post-expiration commission claims are separate issues, not executory status. Choice D is incorrect because contract effectiveness doesn't create voidable status.

Question 4

A purchase agreement has been signed by both buyer and seller, but the closing has not yet occurred. This contract is considered:

  1. Executed because all parties have signed the agreement
  2. Executory because performance is still pending by both parties (correct answer)
  3. Void because the transaction has not been completed
  4. Voidable because either party can still withdraw from the agreement
Explanation: An executory contract is one where performance is still pending by one or both parties. Since the closing has not occurred, both parties still have obligations to fulfill. Choice A is incorrect because executed means fully performed, not just signed. Choice C is incorrect because an incomplete transaction doesn't make a contract void. Choice D is incorrect because the ability to withdraw depends on contract terms and contingencies, not the executory nature.

Question 5

A contract signed by a 16-year-old to purchase real estate is:

  1. Valid because the contract involves real estate which is regulated differently
  2. Void because minors cannot legally enter into real estate contracts
  3. Voidable because the minor can choose to affirm or disaffirm the contract (correct answer)
  4. Executory because the minor must wait until age 18 to complete
Explanation: Contracts with minors are typically voidable at the minor's option, meaning the minor can choose to affirm or disaffirm the contract. Choice A is incorrect because real estate contracts still require legally competent parties. Choice B is incorrect because the contract isn't automatically void - it's voidable by the minor. Choice D is incorrect because executory refers to performance status, not legal capacity issues.

Question 6

A lease agreement where the tenant has moved in and is paying monthly rent, but the lease term continues for another eight months is:

  1. Executed because the tenant has taken possession and begun making payments
  2. Executory because both parties have ongoing obligations for the remaining term (correct answer)
  3. Void because residential leases cannot exceed a six-month initial period
  4. Voidable because either party can terminate with proper thirty-day notice
Explanation: The lease remains executory because both parties have continuing obligations throughout the lease term - the tenant must pay rent and the landlord must provide quiet enjoyment. Choice A is incorrect because taking possession doesn't complete all contractual obligations. Choice C is incorrect because there's no such restriction on lease terms. Choice D is incorrect because termination rights depend on lease terms, not voidable status.

Question 7

A purchase contract where the buyer obtained financing but failed the property inspection contingency is:

  1. Executed because the buyer successfully completed the financing requirement portion
  2. Void because failing any contingency automatically invalidates the entire agreement
  3. Voidable because the buyer can choose to waive the inspection issues (correct answer)
  4. Executory until the buyer decides whether to proceed despite inspection concerns
Explanation: When an inspection contingency is not satisfied, the contract typically becomes voidable at the buyer's option - they can choose to proceed anyway (waive the contingency) or terminate the contract. Choice A is incorrect because meeting one contingency doesn't execute the entire contract. Choice B is incorrect because failed contingencies usually create voidable, not void, contracts. Choice D is incorrect because this describes the buyer's choice in a voidable situation, not an executory status.

Question 8

A purchase agreement where both parties are legally competent adults but the contract contains no consideration is:

  1. Valid because competent parties can waive the consideration requirement by agreement
  2. Void because consideration is an essential element required for contract validity (correct answer)
  3. Voidable because either party can claim inadequate consideration as grounds for rescission
  4. Executory because the parties can still add consideration before closing occurs
Explanation: A contract without consideration is void because it lacks one of the essential elements required for a valid contract. Consideration is legally required and cannot be waived. Choice A is incorrect because consideration cannot be waived by agreement. Choice C is incorrect because lack of consideration creates a void contract, not voidable. Choice D is incorrect because void contracts cannot be executed and adding consideration later creates a new contract.

Question 9

A purchase contract where the seller has delivered the deed but the buyer has not yet paid the purchase price is:

  1. Executed because the most important obligation of deed delivery is now complete
  2. Void because simultaneous performance is required in all real estate transactions
  3. Executory because the buyer still owes performance of the payment obligation (correct answer)
  4. Voidable because the seller can reclaim the property for non-payment
Explanation: The contract remains executory because the buyer still has an unfulfilled obligation to pay the purchase price. A contract is only executed when all parties have completed all their obligations. Choice A is incorrect because both parties must complete performance, not just one. Choice B is incorrect because simultaneous performance isn't always legally required. Choice D is incorrect because breach remedies don't make contracts voidable in the legal sense.

Question 10

A property management agreement where the manager collected rents but failed to maintain the property as required is:

  1. Executed because rent collection is the primary management obligation
  2. Void because failure to maintain violates fundamental duties
  3. Voidable at the owner's option due to breach of contract (correct answer)
  4. Executory because both parties still have ongoing obligations
Explanation: The manager's failure to perform required maintenance constitutes a material breach, making the contract voidable at the owner's option - they can choose to terminate or continue the relationship. Choice A is incorrect because management agreements involve multiple obligations beyond rent collection. Choice B is incorrect because breach creates voidable, not void, contracts. Choice D is incorrect because breach consequences take precedence over ongoing obligations.

Question 11

A purchase contract contingent on the sale of the buyer's current home, where the buyer's home just went under contract but has not closed is:

  1. Executed because the buyer has successfully placed their current home under contract
  2. Void because sale contingencies must be satisfied within thirty days of signing
  3. Executory because the contingency has not been fully satisfied by actual closing (correct answer)
  4. Voidable because the buyer can choose to waive the contingency requirement
Explanation: The contract remains executory because the sale contingency typically requires actual closing, not just going under contract. Performance is still pending on this condition. Choice A is incorrect because going under contract doesn't satisfy a sale contingency that requires closing. Choice B is incorrect because contingency time frames vary and aren't automatically thirty days. Choice D is incorrect because while the buyer might waive the contingency, the current status is executory pending satisfaction.

Question 12

A verbal agreement to purchase a $300,000 home where both parties have agreed to all terms is:

  1. Valid because both parties have reached complete agreement on all essential terms
  2. Void because real estate contracts must be in writing under Statute of Frauds (correct answer)
  3. Voidable because either party can claim the verbal nature makes it unenforceable
  4. Executory because the parties can still reduce the agreement to writing
Explanation: Real estate contracts must be in writing under the Statute of Frauds, so a verbal agreement is void and unenforceable. Choice A is incorrect because the writing requirement cannot be satisfied by agreement alone. Choice C is incorrect because Statute of Frauds violations create void contracts, not voidable ones. Choice D is incorrect because void contracts cannot be executed, and creating a written version would be a new contract.

Question 13

An exclusive agency listing where the owner sold the property themselves without using any broker is:

  1. Executed because the listing period concluded with a successful property sale (correct answer)
  2. Void because exclusive agency listings prohibit owner sales during the listing period
  3. Voidable because the broker can claim interference with the exclusive agency relationship
  4. Executory if the broker introduced buyers who are still considering offers
Explanation: In an exclusive agency listing, the owner retains the right to sell themselves without paying commission, so when this occurs, the contract is executed - both parties performed according to terms. Choice B is incorrect because exclusive agency listings specifically allow owner sales. Choice C is incorrect because the owner exercised a retained right, not interference. Choice D is incorrect because other potential buyers don't affect the executed status when the owner sells.

Question 14

An installment sales contract where the buyer has made all required payments and received the deed is:

  1. Executory because the warranty period for the property continues for several years
  2. Void because installment contracts merge with the deed upon final transfer
  3. Executed because both parties have completed all their contractual obligations successfully (correct answer)
  4. Voidable because the buyer can still claim defects in the installment process
Explanation: The contract is executed because both parties have fully performed - the buyer made all payments and the seller delivered the deed, completing all contractual obligations. Choice A is incorrect because warranty periods are separate from contract execution status. Choice B is incorrect because merger doesn't make contracts void, and the status is executed. Choice D is incorrect because completed performance doesn't create voidable status for process claims.

Question 15

A management agreement where the property manager has been collecting rents for six months but the agreement continues for another year is:

  1. Executed because the manager has been successfully performing all required duties
  2. Void because property management agreements cannot exceed a one-year total duration
  3. Executory because both parties have ongoing obligations for the remaining contract period (correct answer)
  4. Voidable because the owner can terminate the manager without cause anytime
Explanation: The management agreement remains executory because both parties have continuing obligations - the manager must continue providing services and the owner must pay management fees for the remaining term. Choice A is incorrect because ongoing performance doesn't make a contract executed until all obligations are complete. Choice B is incorrect because there's no such legal restriction on management agreement duration. Choice D is incorrect because termination rights are contractual, not related to voidable status.

Question 16

A purchase contract where the buyer misrepresented their financial qualifications but still obtained financing is:

  1. Valid because the buyer ultimately fulfilled the financing contingency
  2. Void because material misrepresentation automatically invalidates contracts
  3. Voidable at the seller's option due to material misrepresentation (correct answer)
  4. Executory because the misrepresentation must be resolved first
Explanation: Material misrepresentation typically makes a contract voidable at the option of the innocent party (the seller), who can choose to proceed or rescind. Choice A is incorrect because misrepresentation affects contract validity regardless of ultimate performance. Choice B is incorrect because misrepresentation usually creates voidable, not void, contracts. Choice D is incorrect because executory refers to incomplete performance, not breach consequences.

Question 17

A listing agreement where the seller has completed all required disclosures but the listing period has not yet expired is:

  1. Executed because the seller has fulfilled all disclosure obligations completely
  2. Void because no buyer has been found within the original timeframe
  3. Executory because both parties still have ongoing obligations to perform (correct answer)
  4. Voidable because the seller can withdraw the listing at any time
Explanation: The listing agreement remains executory because both parties have ongoing obligations - the broker must continue marketing efforts and the seller must cooperate with showings and accept qualified offers. Choice A is incorrect because completing disclosures doesn't make the entire contract executed. Choice B is incorrect because not finding a buyer doesn't void the contract. Choice D is incorrect because the ability to withdraw depends on contract terms, not voidable status.

Question 18

A purchase contract that violates fair housing laws by including discriminatory language is:

  1. Valid but subject to modification to remove the discriminatory provisions
  2. Void because it contains illegal provisions that violate federal law (correct answer)
  3. Voidable at the option of the party being discriminated against
  4. Executory until the discriminatory language can be properly amended by both parties
Explanation: A contract containing illegal provisions that violate federal fair housing laws is void because it lacks a legal purpose, which is an essential element. Choice A is incorrect because illegal contracts cannot be simply modified to become valid. Choice C is incorrect because illegal contracts are void, not voidable. Choice D is incorrect because illegal contracts cannot be executed and executory refers to performance status.

Question 19

A buyer's agent has located a property and submitted an offer, but the seller has not yet responded. The buyer representation agreement is:

  1. Executed because the agent has fulfilled the obligation to find property
  2. Void because no purchase contract has been successfully negotiated yet
  3. Executory because the agent's duties continue until contract completion or expiration (correct answer)
  4. Voidable because the buyer can terminate without penalty before offer acceptance
Explanation: The buyer representation agreement remains executory because the agent's obligations continue beyond just finding property - they include negotiating, managing the transaction through closing, or until the agreement expires. Choice A is incorrect because finding property is just one step, not complete performance. Choice B is incorrect because the representation agreement is separate from the purchase contract. Choice D is incorrect because termination rights depend on contract terms, not voidable status.

Question 20

An option contract where the optionee has paid the option fee but has not yet exercised the option is:

  1. Executed because the optionee has paid all required consideration upfront
  2. Void because no decision has been made within the specified timeframe
  3. Executory because the optionee still has the right to exercise or let expire (correct answer)
  4. Voidable because the optionee can demand return of the option fee
Explanation: An option contract remains executory until the option is either exercised or expires because the optionee still has a decision to make and potential performance pending. Choice A is incorrect because paying the option fee doesn't complete all performance - the decision to exercise remains. Choice B is incorrect because not exercising doesn't void the contract until expiration. Choice D is incorrect because option fees are typically non-refundable consideration.