Contracts, Finance, and Transfer Practice Question
Question
A supervising broker is reviewing a transaction file for the Ohio Real Estate Salesperson Exam involving deed types and agency disclosure and brokerage relationship practice. Which statement is most accurate for exam purposes? (Item 140)
Answer choices
- A. The affiliated licensee may handle the matter independently without broker responsibility.
- B. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- C. The requirement matters only when the buyer obtains institutional financing.
- D. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Ohio exam practice.
Correct Answer
D. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Ohio exam practice.
Explanation
The correct answer is D because deed types requires candidates to distinguish warranty, grant, special warranty, and quitclaim concepts at a high level. 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: hard
- Domain: Contracts, Finance, and Transfer
- Objective: deed types