Exam (elaborations)
ROCKWELL STATE EXAM PREP (MISSED FUNDAMENTALS & PRACTICES) QUESTIONS AND ANSWERS
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ROCKWELL STATE EXAM PREP (MISSED FUNDAMENTALS & PRACTICES) QUESTIONS AND ANSWERS
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Name: Score:43 Multiple choice questions
Term 1 of 43
The seller listed the property for $95,000. Assuming that their listing agreement is typical, the
broker would NOT be entitled to a commission if the seller:
Rejected a $90,000 offer from a financially qualified buyer
Accepted a $90,000 offer from a financially qualified buyer
Accepted a $95,000 offer, but his title turned out to be unmarketable
Rejected a $95,000 offer from a financially qualified buyer
Term 2 of 43
A mortgage, and the associated mortgage note, are both examples of:
Contracts
Deeds
Non-negotiable instruments
Option agreements
Term 3 of 43
Any changes to a purchase and sale agreement must be approved and signed by the:
Seller and buyer
Seller, seller's agent, and buyer
Seller only
Buyer only
,Term 4 of 43
A landowner is negotiating the lease of his land to a developer who wants to build a mall
there. They should use a:
Gross lease
Ground lease
Net lease
Percentage lease
Term 5 of 43
Which of the following is not usually a cost to the buyer?
Origination fee
Purchase price
Appraisal
Excise tax
Term 6 of 43
An increasingly common land use pattern allows for subdivisions with smaller lot sizes and
little or no setback and sideyard requirements while keeping the same density ratio. These are
known as:
Horizontal property divisions
Downzoning
Planned unit developments
Spot zoning
,Term 7 of 43
The Hutchinsons owns a house that is currently appraised at $545,000. They owe $397,000 on
the deed of trust and would have $65,000 in selling expenses. What is their net equity in the
property?
$83,000
$148,000
$213,000
$480,000
Term 8 of 43
Which party to a purchase and sale agreement usually benefits from a contingency?
Buyer
Seller
Designated broker
Second buyer
Term 9 of 43
An apartment building has eight units; each units rents for $800 per month. The property can
also be expected to earn $4,000 per year from laundry and vending machines. An appraiser
estimates that the property typically operates with a 5% vacancy factor. What is the property's
estimated annual effective gross income?
$10,080
$13,120
$76,760
$76,960
, Term 10 of 43
The mortgage assigns its interest and the assignee records the assignment. The mortgagor
now needs to make payments to the:
Assignee
Assignor
Beneficiary
Mortgage
Term 11 of 43
J passes the license exam on March 20. How much time does J have to apply for his license,
before being required to retake the license examination?
Six months
12 months
18 months
Term 12 of 43
Your buyers have found their dream home. The market is currently very active, and the home
has already received two offers. The buyers want to make their offer more attractive, without
increasing their risk or expense, so you recommend that they:
Include a personal statement with their offer
Waive all contingencies
Offer a smaller earnest money deposit
All of the above
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