Contracts, Finance, and Transfer Practice Question
Question
A closing coordinator flags an issue before settlement for the Virginia Real Estate Salesperson Exam involving listing agreement and property owner association disclosure awareness. Which statement is the best answer? (Item 39)
Answer choices
- A. A verbal understanding always replaces a written real estate requirement.
- B. The safest practice is to avoid written documentation so fewer questions are raised later.
- C. Identify broker employment terms, compensation, property description, and authorization in a way that fits Virginia exam practice.
- D. A licensee may give legal conclusions instead of recommending qualified legal advice when uncertain.
Correct Answer
C. Identify broker employment terms, compensation, property description, and authorization in a way that fits Virginia exam practice.
Explanation
The correct answer is C because listing agreement requires candidates to identify broker employment terms, compensation, property description, and authorization. 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: medium
- Domain: Contracts, Finance, and Transfer
- Objective: listing agreement