Contracts, Finance, and Transfer Practice Question
Question
A license applicant is reviewing a practice scenario for the Oregon Real Estate Broker Exam involving purchase agreement and seller property disclosure awareness. What should the licensee understand? (Item 95)
Answer choices
- A. The client’s preference eliminates the need to disclose known material facts.
- B. The party who complains first automatically receives the remedy requested.
- C. Identify essential residential sale terms and buyer/seller obligations in a way that fits Oregon exam practice.
- D. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
Correct Answer
C. Identify essential residential sale terms and buyer/seller obligations in a way that fits Oregon exam practice.
Explanation
The correct answer is C because purchase agreement requires candidates to identify essential residential sale terms and buyer/seller obligations. 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: purchase agreement