Agency and License Law Practice Question
Question
A closing coordinator flags an issue before settlement for the Virginia Real Estate Salesperson Exam involving accounting and Virginia Real Estate Board. Which answer best reduces risk? (Item 169)
Answer choices
- A. Properly handle and account for money, documents, and property entrusted to the licensee in a way that fits Virginia 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. Properly handle and account for money, documents, and property entrusted to the licensee in a way that fits Virginia exam practice.
Explanation
The correct answer is A because accounting requires candidates to properly handle and account for money, documents, and property entrusted to the licensee. The Virginia 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: Agency and License Law
- Objective: accounting