Contracts, Finance, and Transfer Practice Question
Question
A client asks whether a fact should be disclosed for the Arizona Real Estate Salesperson Exam involving contract elements and Arizona subdivision and disclosure practice. What should the licensee understand? (Item 181)
Answer choices
- A. Identify offer, acceptance, consideration, capacity, consent, and lawful objective in a way that fits Arizona exam practice.
- B. The requirement matters only when the buyer obtains institutional financing.
- C. The affiliated licensee may handle the matter independently without broker responsibility.
- D. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
Correct Answer
A. Identify offer, acceptance, consideration, capacity, consent, and lawful objective in a way that fits Arizona exam practice.
Explanation
The correct answer is A because contract elements requires candidates to identify offer, acceptance, consideration, capacity, consent, and lawful objective. The Arizona reference keeps the scenario tied to state licensing practice, while the other options rely on unsafe assumptions about oral custom, escrow, client preference, independent licensee authority, or ignoring written duties.
Question details
- Difficulty: easy
- Domain: Contracts, Finance, and Transfer
- Objective: contract elements