National Real Estate Practice Exam

Which term refers to the seller in a real estate agreement?

1. Lessee

2. Vendor

3. Vendee

4. Grantee

The correct answer is: Vendor

In the context of real estate agreements, the term "vendor" specifically refers to the seller of the property. This is a commonly used term in real estate transactions and denotes an individual or entity that is transferring ownership of a property to another party. This term is important because it delineates the roles within the transaction, allowing for clear communication between the parties involved. The vendor is responsible for disclosing certain information about the property and ensuring that the sale is conducted fairly. Understanding this terminology is essential for anyone studying real estate principles, as it lays the groundwork for grasping broader concepts related to property transactions and agreements. While other terms in the choices refer to different roles within real estate transactions—such as the lessee, who is a tenant or renter, the vendee, who is the buyer, and the grantee, who receives a property interest—recognizing "vendor" as the seller helps clarify the dynamics of the agreement.