Contracts, Finance, and Transfer Practice Question
Question
A property manager asks how a rule affects a rental property for the Massachusetts Real Estate Salesperson Exam involving listing agreement and Massachusetts Board of Registration. Which statement is most accurate for exam purposes? (Item 3)
Answer choices
- A. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- B. The requirement matters only when the buyer obtains institutional financing.
- C. Identify broker employment terms, compensation, property description, and authorization in a way that fits Massachusetts exam practice.
- D. The affiliated licensee may handle the matter independently without broker responsibility.
Correct Answer
C. Identify broker employment terms, compensation, property description, and authorization in a way that fits Massachusetts exam practice.
Explanation
The correct answer is C because listing agreement requires candidates to identify broker employment terms, compensation, property description, and authorization. The Massachusetts 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: listing agreement