California Real Estate Practice Exam 2025 - Free Real Estate Practice Questions and Study Guide

Question: 1 / 740

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

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.

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Must report to the IRS only

Has to disclose only the selling price

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