PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM GLOSSARY
Executory contract
An executory contract is a valid agreement under which one or more parties still have material performance due, such as a purchase contract between acceptance and closing.
Contracts
Contract performance
Define, distinguish, apply, retrieve
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PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEBuild the complete exam definition
Learn the rule, separate it from the nearest distractor, then apply it to a Georgia fact pattern.
What does Executory contract mean?
An executory contract is a valid agreement under which one or more parties still have material performance due, such as a purchase contract between acceptance and closing.
How do you separate the nearest exam answer?
Executory means performance remains. Executed means all required performance is complete.
What changes or stays the same in Georgia?
Most Georgia purchase agreements are executory during due diligence, financing, title work, and the period before the attorney closing.
The parties have signed, but the buyer must obtain financing and pay while the seller must deliver marketable title at closing.
Executory does not mean defective, uncertain, or unenforceable. It describes performance status only.
Memory cue: Executory does not mean defective, uncertain, or unenforceable.PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDERetrieve the rule under exam conditions
Answer before reading the explanation. Then explain why every distractor belongs to a different term.
Which statement correctly explains Executory contract?
- A
An executed contract is a contract in which all parties have completed the promised performance.
- B
A contingency is a contract condition that makes a party's duty, right to terminate, or obligation to proceed depend on a stated event, standard, deadline, or approval.
- C
An executory contract is a valid agreement under which one or more parties still have material performance due, such as a purchase contract between acceptance and closing.
- D
A due-diligence period is a negotiated contract window during which a buyer may investigate the property and exercise the termination rights stated in the agreement, often for any reason when the contract grants that broad right.
Executory contract is correct. An executory contract is a valid agreement under which one or more parties still have material performance due, such as a purchase contract between acceptance and closing. Executory means performance remains. Executed means all required performance is complete. Most Georgia purchase agreements are executory during due diligence, financing, title work, and the period before the attorney closing.
Mark each box only when you can perform the skill without looking.
I can define the term in one precise sentence.
I can separate it from the closest look-alike.
I can explain the Georgia rule or confirm that the national rule applies.
I can answer the practice check and explain every option.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEConnect the term to the wider exam
Use these relationships to move from isolated recall to a connected exam model.
Contracts complete lesson
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