National Real Estate Practice Exam

In real estate terminology, who is the vendee?

1. Buyer

2. Seller

3. Landlord

4. Tenant

The correct answer is: Buyer

The term "vendee" specifically refers to the buyer in a real estate transaction. In the context of a sale, the vendee is the person or entity that agrees to purchase property from the vendor, who is the seller. This terminology is often used in sales contracts and conveyancing documents to designate the party that will receive ownership of the property after fulfilling the contractual obligations to pay for it. In real estate practice, understanding roles like vendee and vendor is crucial, as it clarifies the responsibilities and expectations of each party involved in the transaction. This distinction is especially important for agents and professionals working in real estate, as they navigate contracts and negotiations on behalf of clients. Other options represented in the question denote different roles within real estate transactions. The seller, often referenced as the vendor, is responsible for transferring ownership of the property. A landlord is someone who rents out property to tenants, while a tenant is the individual or entity that occupies property owned by a landlord, typically under a lease agreement. Understanding these terms is important for anyone studying to become certified in real estate.