Contracts, Finance, and Transfer Practice Question
Question
A seller is preparing to list a home for the New Jersey Real Estate Salesperson Exam involving contingencies and New Jersey disclosure and consumer protection practice. Which statement is the best answer? (Item 43)
Answer choices
- A. The client’s preference eliminates the need to disclose known material facts.
- B. The party who complains first automatically receives the remedy requested.
- C. Identify conditions that must be satisfied or waived before obligations become final in a way that fits New Jersey exam practice.
- D. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
Correct Answer
C. Identify conditions that must be satisfied or waived before obligations become final in a way that fits New Jersey exam practice.
Explanation
The correct answer is C because contingencies requires candidates to identify conditions that must be satisfied or waived before obligations become final. 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: Contracts, Finance, and Transfer
- Objective: contingencies