Which source most directly confirms the price actually paid in a transaction?
Correct Answer
C) The recorded deed or a party to the transaction
Why this is correct: The governing concept is that verification of sale price requires primary evidence from the transaction itself. The recorded deed is a legal document that typically states the consideration, and parties to the transaction (buyer, seller, agent) have direct knowledge. These sources provide the most direct confirmation of the actual price paid. Why the other choices are wrong: "A listing service entry showing the closed price" is incorrect because MLS entries may contain errors or not reflect concessions. "An estimate returned by an online valuation site" is incorrect because AVM estimates are derived, not transactional evidence. "The assessor's record of the property's value" is incorrect because assessed value is for taxation and may not equal sale price. Exam tip: Always seek primary sources like deeds or transaction parties for price verification; secondary sources may be unreliable.
Why This Is the Correct Answer
Why this is correct: The governing concept is that verification of sale price requires primary evidence from the transaction itself. The recorded deed is a legal document that typically states the consideration, and parties to the transaction (buyer, seller, agent) have direct knowledge. These sources provide the most direct confirmation of the actual price paid. Why the other choices are wrong: "A listing service entry showing the closed price" is incorrect because MLS entries may contain errors or not reflect concessions. "An estimate returned by an online valuation site" is incorrect because AVM estimates are derived, not transactional evidence. "The assessor's record of the property's value" is incorrect because assessed value is for taxation and may not equal sale price. Exam tip: Always seek primary sources like deeds or transaction parties for price verification; secondary sources may be unreliable.
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