Contracts, Finance, and Transfer Practice Question
Question
A closing coordinator flags an issue before settlement for the Virginia Real Estate Salesperson Exam involving breach and agency disclosure and brokerage relationship duties. Which statement is most accurate for exam purposes? (Item 29)
Answer choices
- A. Identify nonperformance and available contractual remedies in a way that fits Virginia exam practice.
- B. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- C. The client’s preference eliminates the need to disclose known material facts.
- D. The party who complains first automatically receives the remedy requested.
Correct Answer
A. Identify nonperformance and available contractual remedies in a way that fits Virginia exam practice.
Explanation
The correct answer is A because breach requires candidates to identify nonperformance and available contractual remedies. 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: easy
- Domain: Contracts, Finance, and Transfer
- Objective: breach