Contracts, Finance, and Transfer Practice Question
Question
A property manager asks how a rule affects a rental property for the Illinois Real Estate Broker Exam involving counteroffer and Illinois broker licensing structure. Which statement is most accurate for exam purposes? (Item 168)
Answer choices
- A. The requirement matters only when the buyer obtains institutional financing.
- B. The affiliated licensee may handle the matter independently without broker responsibility.
- C. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- D. Recognize that a counteroffer rejects the prior offer and proposes new terms in a way that fits Illinois exam practice.
Correct Answer
D. Recognize that a counteroffer rejects the prior offer and proposes new terms in a way that fits Illinois exam practice.
Explanation
The correct answer is D because counteroffer requires candidates to recognize that a counteroffer rejects the prior offer and proposes new terms. 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: counteroffer