Contracts, Finance, and Transfer Practice Question
Question
A closing coordinator flags an issue before settlement for the Michigan Real Estate Salesperson Exam involving purchase agreement and agency and trust-money compliance. Which response best applies the rule? (Item 149)
Answer choices
- A. Identify essential residential sale terms and buyer/seller obligations in a way that fits Michigan exam practice.
- B. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- C. The client’s preference eliminates the need to disclose known material facts.
- D. The party who complains first automatically receives the remedy requested.
Correct Answer
A. Identify essential residential sale terms and buyer/seller obligations in a way that fits Michigan exam practice.
Explanation
The correct answer is A because purchase agreement requires candidates to identify essential residential sale terms and buyer/seller obligations. 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: purchase agreement