Contracts, Finance, and Transfer Practice Question
Question
A property manager asks how a rule affects a rental property for the New Jersey Real Estate Salesperson Exam involving counteroffer and New Jersey Real Estate Commission. What should the licensee understand? (Item 6)
Answer choices
- A. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- B. Recognize that a counteroffer rejects the prior offer and proposes new terms in a way that fits New Jersey exam practice.
- C. The requirement matters only when the buyer obtains institutional financing.
- D. The affiliated licensee may handle the matter independently without broker responsibility.
Correct Answer
B. Recognize that a counteroffer rejects the prior offer and proposes new terms in a way that fits New Jersey exam practice.
Explanation
The correct answer is B because counteroffer requires candidates to recognize that a counteroffer rejects the prior offer and proposes new terms. 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: counteroffer