Contracts, Finance, and Transfer Practice Question
Question
A property manager asks how a rule affects a rental property for the Pennsylvania Real Estate Salesperson Exam involving counteroffer and consumer notice concepts. Which statement is the best answer? (Item 24)
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. Recognize that a counteroffer rejects the prior offer and proposes new terms in a way that fits Pennsylvania exam practice.
Correct Answer
D. Recognize that a counteroffer rejects the prior offer and proposes new terms in a way that fits Pennsylvania exam practice.
Explanation
The correct answer is D because counteroffer requires candidates to recognize that a counteroffer rejects the prior offer and proposes new terms. 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: hard
- Domain: Contracts, Finance, and Transfer
- Objective: counteroffer