Contracts, Finance, and Transfer Practice Question
Question
A buyer asks a licensee for an exam-focused explanation for the Virginia Real Estate Salesperson Exam involving deed types and property owner association disclosure awareness. Which answer best reduces risk? (Item 104)
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