Contracts, Finance, and Transfer Practice Question
Question
A license applicant is reviewing a practice scenario for the New Jersey Real Estate Salesperson Exam involving contract elements and New Jersey disclosure and consumer protection practice. What should the licensee understand? (Item 91)
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 offer, acceptance, consideration, capacity, consent, and lawful objective 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 offer, acceptance, consideration, capacity, consent, and lawful objective in a way that fits New Jersey exam practice.
Explanation
The correct answer is C because contract elements requires candidates to identify offer, acceptance, consideration, capacity, consent, and lawful objective. 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: contract elements