Contracts, Finance, and Transfer Practice Question
Question
A supervising broker is reviewing a transaction file for the Illinois Real Estate Broker Exam involving exclusive right to sell and agency disclosure practice. Which answer best reduces risk? (Item 76)
Answer choices
- A. The affiliated licensee may handle the matter independently without broker responsibility.
- B. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- C. The requirement matters only when the buyer obtains institutional financing.
- D. Recognize a listing that generally earns commission if the property sells during the listing term in a way that fits Illinois exam practice.
Correct Answer
D. Recognize a listing that generally earns commission if the property sells during the listing term in a way that fits Illinois exam practice.
Explanation
The correct answer is D because exclusive right to sell requires candidates to recognize a listing that generally earns commission if the property sells during the listing term. 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: hard
- Domain: Contracts, Finance, and Transfer
- Objective: exclusive right to sell