Contracts, Finance, and Transfer Practice Question
Question
A salesperson notices a possible compliance problem for the Virginia Real Estate Salesperson Exam involving contract elements and property owner association disclosure awareness. Which answer best reduces risk? (Item 37)
Answer choices
- A. Identify offer, acceptance, consideration, capacity, consent, and lawful objective in a way that fits Virginia 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. Identify offer, acceptance, consideration, capacity, consent, and lawful objective in a way that fits Virginia exam practice.
Explanation
The correct answer is A because contract elements requires candidates to identify offer, acceptance, consideration, capacity, consent, and lawful objective. 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: Contracts, Finance, and Transfer
- Objective: contract elements