Contracts, Finance, and Transfer Practice Question
Question
A closing coordinator flags an issue before settlement for the Washington Real Estate Broker Exam involving closing statement and seller disclosure and environmental awareness. Which answer best reduces risk? (Item 107)
Answer choices
- A. The party who complains first automatically receives the remedy requested.
- B. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- C. Distinguish buyer and seller debits and credits at settlement in a way that fits Washington exam practice.
- D. The client’s preference eliminates the need to disclose known material facts.
Correct Answer
C. Distinguish buyer and seller debits and credits at settlement in a way that fits Washington exam practice.
Explanation
The correct answer is C because closing statement requires candidates to distinguish buyer and seller debits and credits at settlement. The Washington 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: closing statement