Contracts, Finance, and Transfer Practice Question
Question
A broker is correcting a new licensee’s misunderstanding for the South Carolina Real Estate Salesperson Exam involving deed types and agency disclosure and broker supervision. Which statement is the best answer? (Item 86)
Answer choices
- A. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- B. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits South Carolina exam practice.
- C. The requirement matters only when the buyer obtains institutional financing.
- D. The affiliated licensee may handle the matter independently without broker responsibility.
Correct Answer
B. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits South Carolina exam practice.
Explanation
The correct answer is B because deed types requires candidates to distinguish warranty, grant, special warranty, and quitclaim concepts at a high level. 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: deed types