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ROCKWELL EXAM REAL ESTATE CLASSES WA FINAL EXAM 2024/2025 ACTUAL EXAM 180 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (100%CORRECT ANSWERS)$12.99
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ROCKWELL EXAM REAL ESTATE CLASSES WA
FINAL EXAM 2024/2025 ACTUAL EXAM 180
QUESTIONS AND CORRECT DETAILED ANSWERS
WITH RATIONALES (100%CORRECT ANSWERS)
Terms in this set (180)
A buyer purchases a rental b. bill of sale
home that is fully
furnished. The document Deeds transfer title to real estate, a bill of sale is
used to transfer title to the generally needed to transfer title to personal
furniture is: property.
a. quitclaim deed
b. bill of sale
c. special warranty deed
d. general warranty deed
Ben receives a life estate A. Fee Simple Estate
in a property, with his
nephew Will designated The interest that passes to a designated person upon
as the remainderman. the death of a life tenant (or other measuring life) is a
When Ben dies, what kind fee simple estate. Will has a remainder interest only up
of interest does Will until the moment Ben dies. Once Ben is dead, Will's
receive? interest immediately becomes a fee simple interest.
A. Fee Simple Estate
B. Life Estate
C. Remainder Interest
D. Reversionary Interest
,A buyer accepts a general D. Yes, there is a covenant providing marketable title
warranty deed from a
seller, believing that the The general warranty deed contains a covenant of the
seller is the sole owner of right to convey, meaning that the grantor either has
the property. The buyer title to the interest or is an agent of the owner with the
later finds out that the authority to transfer the interest.
seller is only a co-owner.
Has a covenant in the
general warranty deed
been violated?
A. No, the only covenant
in a general warranty
deed promises that the
previous owner didn't
encumber the property
B. No, the principle of
caveat emptor controls
matters concerning a
deed
C. Yes, there is a covenant
providing equitable title
D. Yes, there is a covenant
providing marketable title
A plaintiff files a lawsuit D. Lis Pendens
involving a property and
also files a separate A Lis Pendens is a recorded notice stating that there is
document intended to a lawsuit pending that may affect title to the
provide notice of the defendant's real estate and that could bind the
lawsuit. This recorded purchaser of the property.
notice of a pending legal
action is called a/ an:
A. Abstract of judgement
B. Petition for alienation
C. Writ of execution
D. Lis Pendens
,A movie theater was built D. Will be allowed to continue since it was built before
ten years ago. If the the new zoning law went into effect
neighborhood is now
zoned entirely residential, The movie theater is an example of a nonconforming
the movie theater: use, which predated a zoning change.
A. will have to be torn Nonconforming uses are generally allowed to
down continue, although they may not be enlarged, or
B. must be remodeled to resumed if they are stopped.
better conform to the
neighborhood's intended
use
C. will be allowed to
continue if the owner
obtains a conditional use
permit
D. will be allowed to
continue since it was built
before the new zoning law
went into effect
In a bilateral contract: C. two parties have exchanged promises, and both
A. a duty wil be parties are obligated to perform
performed by only one
party In a bilateral contract, two parties have exchanged
B. one party can restrict promises and both parties are obligated to perform.
the performance of (Bi=two way)
another party
C. two parties have
exchanged promises, and
both parties are obligated
to perform
D. all parties have fully
performed their duties
, Gerald engages a licensee D. Special Agent
to list his property and
find a buyer for it. In this When a licensee represents a seller in a single
context, the licensee is transaction, and is authorized to perform typical
acting as a: duties associated with listing a property, she acts as a
A. General agent special agent.
B. power of attorney
C. property manager
D. special agent
A licensee located what B. No, because there was no ready, willing, and able
seems like a ready, willing, buyer
and able buyer. However,
the deal falls through at The most important rule of determining whether a
closing because the buyer seller is obligated to pay a commission is whether a
cant obtain necessary ready, willing, and able buyer was found during the
financing. At the same listing period. This would take precedence over the
time, though, a seller turns seller's failure to provide marketable title. A buyer
out to be unable to who does not have financial ability to complete the
provide marketable title. purchase does not qualify as "able."
Does the seller still owe a
commission to the listing
agent in this case?
A. No, because the sale
didn't close
B. No, because there was
no ready, willing, and able
buyer
C. Yes, because the
licensee saw the
transaction through the
closing date
D. Yes, because the seller
has an absolute duty to
provide marketable title at
closing
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