Real Estate Principles Practice Question
Question
A transaction coordinator flags a compliance question in a New York real estate transaction involving title transfer. Which answer best reduces transaction risk? (Item 120)
Answer choices
- A. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- B. The requirement matters only if the buyer uses lender financing.
- C. The salesperson may handle the matter independently without broker involvement when compensation is expected.
- D. Identify deeds, title evidence, recording, closing adjustments, and settlement documents.
Correct Answer
D. Identify deeds, title evidence, recording, closing adjustments, and settlement documents.
Explanation
The correct answer is D because title transfer requires candidates to identify deeds, title evidence, recording, closing adjustments, and settlement documents. The other options rely on unsafe assumptions about custom, oral agreement, escrow, client preference, or independent salesperson authority and do not reflect sound New York exam practice.
Question details
- Difficulty: hard
- Domain: Real Estate Principles
- Objective: title transfer