License Law and Agency Practice Question
Question
A transaction coordinator flags a compliance question in a Nevada real estate transaction involving recordkeeping. Which response best applies the rule? (Item 94)
Answer choices
- A. The requirement matters only if the buyer uses lender financing.
- B. Understand broker file and trust record retention duties.
- C. The salesperson may handle the matter independently without broker involvement when compensation is expected.
- D. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
Correct Answer
B. Understand broker file and trust record retention duties.
Explanation
The correct answer is B because recordkeeping requires candidates to understand broker file and trust record retention duties. The other options rely on unsafe assumptions about custom, oral agreement, escrow, client preference, or independent salesperson authority and do not reflect sound Nevada exam practice.
Question details
- Difficulty: medium
- Domain: License Law and Agency
- Objective: recordkeeping