Contracts, Finance, and Transfer Practice Question
Question
A closing coordinator flags an issue before settlement for the Indiana Real Estate Broker Exam involving deed types and state agency and disclosure practice. Which statement is most accurate for exam purposes? (Item 50)
Answer choices
- A. The party who complains first automatically receives the remedy requested.
- B. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Indiana exam practice.
- C. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- D. The client’s preference eliminates the need to disclose known material facts.
Correct Answer
B. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Indiana exam practice.
Explanation
The correct answer is B because deed types requires candidates to distinguish warranty, grant, special warranty, and quitclaim concepts at a high level. The Indiana 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: medium
- Domain: Contracts, Finance, and Transfer
- Objective: deed types