Contracts, Finance, and Transfer Practice Question
Question
A property manager asks how a rule affects a rental property for the Virginia Real Estate Salesperson Exam involving deed types and Virginia Real Estate Board. What should the licensee understand? (Item 68)
Answer choices
- A. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- B. The requirement matters only when the buyer obtains institutional financing.
- C. The affiliated licensee may handle the matter independently without broker responsibility.
- D. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Virginia exam practice.
Correct Answer
D. Distinguish warranty, grant, special warranty, and quitclaim concepts at a high level in a way that fits Virginia 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 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: hard
- Domain: Contracts, Finance, and Transfer
- Objective: deed types