Agency and License Law Practice Question
Question
An agent compares two similar exam concepts for the Pennsylvania Real Estate Salesperson Exam involving record retention and Pennsylvania Real Estate Commission. What should the licensee understand? (Item 177)
Answer choices
- A. Understand transaction records must be maintained for required periods in a way that fits Pennsylvania 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 transaction records must be maintained for required periods in a way that fits Pennsylvania exam practice.
Explanation
The correct answer is A because record retention requires candidates to understand transaction records must be maintained for required periods. The Pennsylvania 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: Agency and License Law
- Objective: record retention