Contracts, Finance, and Transfer Practice Question
Question
A closing coordinator flags an issue before settlement for the Tennessee Affiliate Broker Exam involving deed types and Tennessee Real Estate Commission. What should the licensee understand? (Item 68)
Answer choices
- A. The client’s preference eliminates the need to disclose known material facts.
- B. The party who complains first automatically receives the remedy requested.
- C. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- D. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Tennessee exam practice.
Correct Answer
D. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Tennessee exam practice.
Explanation
The correct answer is D because deed types requires candidates to distinguish warranty, grant, special warranty, and quitclaim concepts at a high level. The Tennessee 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: deed types