Contracts, Finance, and Transfer Practice Question
Question
A property manager asks how a rule affects a rental property for the Oregon Real Estate Broker Exam involving deed types and seller property disclosure awareness. Which statement is most accurate for exam purposes? (Item 50)
Answer choices
- A. The requirement matters only when the buyer obtains institutional financing.
- B. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Oregon exam practice.
- C. The affiliated licensee may handle the matter independently without broker responsibility.
- D. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
Correct Answer
B. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Oregon exam practice.
Explanation
The correct answer is B because deed types requires candidates to distinguish warranty, grant, special warranty, and quitclaim concepts at a high level. The Oregon 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: deed types