Real Estate Principles Practice Question
Question
A broker reviews a transaction file with a new salesperson in a Nevada real estate transaction involving co-ownership. Which statement is most accurate for exam purposes? (Item 218)
Answer choices
- A. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- B. Distinguish tenancy in common, joint tenancy, and community property concepts.
- C. The requirement matters only if the buyer uses lender financing.
- D. The salesperson may handle the matter independently without broker involvement when compensation is expected.
Correct Answer
B. Distinguish tenancy in common, joint tenancy, and community property concepts.
Explanation
The correct answer is B because co-ownership requires candidates to distinguish tenancy in common, joint tenancy, and community property concepts. 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: Real Estate Principles
- Objective: co-ownership