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California Real Estate Salesperson

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Set · 2026-10

A purchase agreement contains a financing contingency with specified deadlines. What does the contingency generally do?

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2026-10 · 150 practice questions with explanations

Original, independent study material. This is not an official exam paper.

10 questions on this page

  1. A purchase agreement contains a financing contingency with specified deadlines. What does the contingency generally do?

  2. An agent recommends that a buyer waive an inspection contingency without explaining a known material concern. What is the appropriate standard of practice?

  3. What is a liquidated-damages provision generally intended to do?

  4. Why may specific performance be requested in a real property contract dispute?

  5. A buyer assigns contract rights to another person. What is generally true about the original buyer's liability unless the parties agree to a release?

  6. All necessary parties agree to substitute a new buyer and release the original buyer from the purchase obligation. What concept best describes that substitution?

  7. A seller signs an exclusive-right-to-sell listing and then personally finds the buyer during its term. Under the usual clause, with no applicable exception, what is the compensation consequence?

  8. How does a typical exclusive-agency listing differ from a typical exclusive-right-to-sell listing?

  9. An owner grants a tenant a right of first refusal rather than an option at a fixed exercise price. What is the key distinction?

  10. A seller closes at $750,000, pays off a $415,000 loan, pays a $30,000 commission, and has $5,000 in other seller closing costs. With no other adjustments, what are the seller's net proceeds?

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