Contracts, Finance, and Transfer Practice Question
Question
A seller is preparing to list a home for the Utah Real Estate Sales Agent Exam involving closing statement and sales agent brokerage affiliation. Which statement is the best answer? (Item 89)
Answer choices
- A. Distinguish buyer and seller debits and credits at settlement in a way that fits Utah exam practice.
- 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. The client’s preference eliminates the need to disclose known material facts.
Correct Answer
A. Distinguish buyer and seller debits and credits at settlement in a way that fits Utah exam practice.
Explanation
The correct answer is A because closing statement requires candidates to distinguish buyer and seller debits and credits at settlement. The Utah 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: closing statement