Contracts, Finance, and Transfer Practice Question
Question
A seller is preparing to list a home for the Pennsylvania Real Estate Salesperson Exam involving contract elements and Pennsylvania Real Estate Commission. What should the licensee understand? (Item 1)
Answer choices
- A. Identify offer, acceptance, consideration, capacity, consent, and lawful objective 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. Identify offer, acceptance, consideration, capacity, consent, and lawful objective in a way that fits Pennsylvania exam practice.
Explanation
The correct answer is A because contract elements requires candidates to identify offer, acceptance, consideration, capacity, consent, and lawful objective. 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: Contracts, Finance, and Transfer
- Objective: contract elements