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 exclusive right to sell and Virginia Real Estate Board. Which statement is the best answer? (Item 58)
Answer choices
- A. Client funds may be mixed with business funds if the broker reconciles the account later.
- B. Recognize a listing that generally earns commission if the property sells during the listing term in a way that fits Virginia exam practice.
- C. The issue can be ignored if the parties want to close quickly.
- D. The rule applies only to commercial transactions and never to residential transactions.
Correct Answer
B. 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 B 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: medium
- Domain: Contracts, Finance, and Transfer
- Objective: exclusive right to sell