Contracts, Finance, and Transfer Practice Question
Question
A closing coordinator flags an issue before settlement for the Pennsylvania Real Estate Salesperson Exam involving purchase agreement and state agreement and disclosure practice. What should the licensee understand? (Item 95)
Answer choices
- A. A verbal understanding always replaces a written real estate requirement.
- B. The safest practice is to avoid written documentation so fewer questions are raised later.
- C. Identify essential residential sale terms and buyer/seller obligations in a way that fits Pennsylvania exam practice.
- D. A licensee may give legal conclusions instead of recommending qualified legal advice when uncertain.
Correct Answer
C. Identify essential residential sale terms and buyer/seller obligations in a way that fits Pennsylvania exam practice.
Explanation
The correct answer is C because purchase agreement requires candidates to identify essential residential sale terms and buyer/seller obligations. 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: medium
- Domain: Contracts, Finance, and Transfer
- Objective: purchase agreement