Contracts, Finance, and Transfer Practice Question
Question
A license applicant is reviewing a practice scenario for the Ohio Real Estate Salesperson Exam involving closing statement and agency disclosure and brokerage relationship practice. Which answer best reduces risk? (Item 197)
Answer choices
- A. Distinguish buyer and seller debits and credits at settlement in a way that fits Ohio exam practice.
- B. The party who complains first automatically receives the remedy requested.
- C. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- D. The client’s preference eliminates the need to disclose known material facts.
Correct Answer
A. Distinguish buyer and seller debits and credits at settlement in a way that fits Ohio exam practice.
Explanation
The correct answer is A because closing statement requires candidates to distinguish buyer and seller debits and credits at settlement. The Ohio 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: easy
- Domain: Contracts, Finance, and Transfer
- Objective: closing statement