California Real Estate Practice Exam

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Master the California Real Estate Exam with our comprehensive practice quiz. Get expert tips, detailed content review, and insider strategies to pass on your first try.

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Upon selling a property for a profit within three months, which of the following is correct regarding transaction confidentiality?

Must disclose all transaction details
May keep all information confidential
Must report to the IRS only
Has to disclose only the selling price

The correct answer is: May keep all information confidential

Sellers are not required to disclose transaction details when selling a property for profit within three months. However, they may choose to do so if they wish. Option A suggests that all details must be disclosed, but this is not the case. Option C is also incorrect, as sellers may be required to report profit to the IRS, but they are not limited to only reporting to the IRS. Option D is also incorrect, as sellers may choose to disclose more information than just the selling price if they wish. Option B is the correct answer because it allows sellers to maintain confidentiality if they so choose.