The Law Would Most Likely Impose a Duty of Disclosure

question 50

Multiple Choice

The law would most likely impose a duty of disclosure in a transaction between:

• A) a salesperson and customer.
• B) business partners.
• C) a contractor and a homeowner seeking bids on repairing a roof.
• D) a seller of real property and a potential buyer who knows the property has greater value than the seller realizes.

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Definitions:

Retirement Savings

Money that has been put aside to be used during retirement, often in specific retirement accounts or investment plans.

Withdraw

To remove funds from a bank account, or to pull back an offer or participation in an activity.

Annual Percentage Rate

The Annual Percentage Rate (APR) is the yearly interest rate charged on borrowed money, encompassing both the interest rate and any associated fees, to represent the total cost of borrowing.

Per Month

The term per month is used to describe or quantify an event, action, or measurement over the period of a month.