Nova Scotia Association of Realtors (NSAR) Salesperson License Practice Test 2025 – Your All-in-One Guide to Exam Success!

In the context of a real estate contract, the term "lawful object" specifically refers to the requirement that the intent of the contract must be legal. This means that the purpose of the agreement and the activities it encompasses must align with the laws and regulations governing real estate transactions. If a contract has an unlawful object—such as agreements to engage in illegal activities—it cannot be enforced in a court of law. Therefore, for a contract to be valid, it must have a lawful object, ensuring that all parties involved are entering into the agreement with legal intentions and purposes.

The other choices, while they may be relevant to different aspects of contracts, do not specifically address the concept of lawful object. A financial exchange is common in many contracts but does not define legality. Similarly, while specifying the duration and disclosing the property's location are essential components of real estate agreements, they do not encompass the legality of the intent behind the contract itself.