Valuation and Financing Practice Question
Question
A property manager is preparing a written response involving VA loans. Which statement best describes VA loans? (Item 53)
Answer choices
- A. Recognize guaranty concepts for eligible veterans and service members.
- B. It is optional whenever both parties verbally agree to proceed.
- C. It allows a salesperson to act independently of the responsible broker.
- D. It shifts all responsibility to escrow and eliminates the broker’s duties.
Correct Answer
A. Recognize guaranty concepts for eligible veterans and service members.
Explanation
The correct answer is A because VA loans requires candidates to recognize guaranty concepts for eligible veterans and service members. The other options overstate the effect of custom, oral agreement, escrow, or independent salesperson action and do not reflect safe California exam practice.
Question details
- Difficulty: easy
- Domain: Valuation and Financing
- Objective: VA loans