Contracts, Finance, and Transfer Practice Question
Question
A seller is preparing to list a home for the Ohio Real Estate Salesperson Exam involving financing contingency and agency disclosure and brokerage relationship practice. Which statement is most accurate for exam purposes? (Item 189)
Answer choices
- A. Understand buyer protection tied to loan approval or financing terms in a way that fits Ohio exam practice.
- B. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- C. The client’s preference eliminates the need to disclose known material facts.
- D. The party who complains first automatically receives the remedy requested.
Correct Answer
A. Understand buyer protection tied to loan approval or financing terms in a way that fits Ohio exam practice.
Explanation
The correct answer is A because financing contingency requires candidates to understand buyer protection tied to loan approval or financing terms. 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: financing contingency