Contracts, Finance, and Transfer Practice Question
Question
A salesperson notices a possible compliance problem for the Illinois Real Estate Broker Exam involving listing agreement and Illinois broker licensing structure. Which answer best reduces risk? (Item 57)
Answer choices
- A. Identify broker employment terms, compensation, property description, and authorization in a way that fits Illinois exam practice.
- B. The client’s preference eliminates the need to disclose known material facts.
- C. The party who complains first automatically receives the remedy requested.
- D. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
Correct Answer
A. Identify broker employment terms, compensation, property description, and authorization in a way that fits Illinois exam practice.
Explanation
The correct answer is A because listing agreement requires candidates to identify broker employment terms, compensation, property description, and authorization. The Illinois 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: listing agreement