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 exclusive right to sell and Virginia Real Estate Board. Which response best applies the rule? (Item 4)
Answer choices
- A. The affiliated licensee may handle the matter independently without broker responsibility.
- B. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- C. The requirement matters only when the buyer obtains institutional financing.
- D. Recognize a listing that generally earns commission if the property sells during the listing term in a way that fits Virginia exam practice.
Correct Answer
D. Recognize a listing that generally earns commission if the property sells during the listing term in a way that fits Virginia exam practice.
Explanation
The correct answer is D because exclusive right to sell requires candidates to recognize a listing that generally earns commission if the property sells during the listing term. 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: exclusive right to sell