Contracts, Finance, and Transfer Practice Question
Question
A seller is preparing to list a home for the Michigan Real Estate Salesperson Exam involving contract elements and agency and trust-money compliance. Which response best applies the rule? (Item 145)
Answer choices
- A. Identify offer, acceptance, consideration, capacity, consent, and lawful objective in a way that fits Michigan exam practice.
- B. The party who complains first automatically receives the remedy requested.
- 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
A. Identify offer, acceptance, consideration, capacity, consent, and lawful objective in a way that fits Michigan exam practice.
Explanation
The correct answer is A because contract elements requires candidates to identify offer, acceptance, consideration, capacity, consent, and lawful objective. The Michigan 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: contract elements