Contracts, Finance, and Transfer Practice Question
Question
A buyer asks a licensee for an exam-focused explanation for the Oregon Real Estate Broker Exam involving counteroffer and Oregon Real Estate Agency. What should the licensee understand? (Item 6)
Answer choices
- A. The affiliated licensee may handle the matter independently without broker responsibility.
- B. Recognize that a counteroffer rejects the prior offer and proposes new terms in a way that fits Oregon exam practice.
- C. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- D. The requirement matters only when the buyer obtains institutional financing.
Correct Answer
B. Recognize that a counteroffer rejects the prior offer and proposes new terms in a way that fits Oregon exam practice.
Explanation
The correct answer is B because counteroffer requires candidates to recognize that a counteroffer rejects the prior offer and proposes new terms. 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: counteroffer