Contracts, Finance, and Transfer Practice Question
Question
An agent compares two similar exam concepts for the South Carolina Real Estate Salesperson Exam involving purchase agreement and state disclosure practice. What should the licensee understand? (Item 95)
Answer choices
- A. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- B. The client’s preference eliminates the need to disclose known material facts.
- C. Identify essential residential sale terms and buyer/seller obligations in a way that fits South Carolina exam practice.
- D. The party who complains first automatically receives the remedy requested.
Correct Answer
C. Identify essential residential sale terms and buyer/seller obligations in a way that fits South Carolina exam practice.
Explanation
The correct answer is C because purchase agreement requires candidates to identify essential residential sale terms and buyer/seller obligations. The South Carolina 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