Agency and License Law Practice Question
Question
A closing coordinator flags an issue before settlement for the New Jersey Real Estate Salesperson Exam involving accounting and New Jersey Real Estate Commission. Which response best applies the rule? (Item 7)
Answer choices
- A. The party who complains first automatically receives the remedy requested.
- B. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- C. Properly handle and account for money, documents, and property entrusted to the licensee in a way that fits New Jersey exam practice.
- D. The client’s preference eliminates the need to disclose known material facts.
Correct Answer
C. Properly handle and account for money, documents, and property entrusted to the licensee in a way that fits New Jersey exam practice.
Explanation
The correct answer is C because accounting requires candidates to properly handle and account for money, documents, and property entrusted to the licensee. The New Jersey 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: Agency and License Law
- Objective: accounting