Exam (elaborations)
ROCKWELL TEST QUESTIONS AND ANSWERS
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ROCKWELL TEST QUESTIONS AND ANSWERS
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Name: Score:33 Multiple choice questions
Term 1 of 33
Milo is filing his federal tax return. He can deduct...
only the lender
the interest paid on his mortgage
the property managers scope of authority
sheltering of income
Term 2 of 33
RESPA
Real Estate Settlement Procedures Act
Express Contract
Homeowner's Protection Act
Truth In Lending Act
Term 3 of 33
The Westerfield's finance their home through ABC Mortgage Company, which plans to sell the
loan to a secondary market agency. Of the following, which is likely to end up purchasing the
westerfield's mortgage from ABC Mortgage Company?
Wells Fargo
Fannie Mae, Ginnie Mae, or Freddie Mac
Citibank
Chase Bank
,Term 4 of 33
Who benefits the most from recording a warranty deed?
Grantee
Only The Lender
Grantor
Mortgagee
Term 5 of 33
You just purchased oceanfront property in a small coastal town. You start to notice that
townspeople walk along the shore at low tide, right in front of your property ( and have been
doing so for years). You want to stop them from continuing to do so. Which of the following is
generally true?
A time is of the essence clause
Only the lender
You are unlikely to succeed, because you only own the property to the high-water mark
Refuse to do so, as it would be a violation of the federal fair housing act
Term 6 of 33
A loans interest is best defined as...
a fee charged by a bank for opening a new account.
a charge paid by a borrower in exchange for use of the lenders money.
a tax imposed on goods imported or exported.
a penalty for late payment of a bill.
,Term 7 of 33
Deborah sells her property to Juan, but Juan fails to record the deed. Which of the following
statementd is true about unrecorded deeds?
The deed automatically transfers to a third party.
The deed is still valid between Deborah and Juan.
The deed is only valid if recorded by a notary public.
The deed becomes null and void.
Term 8 of 33
Darren and Martin are agents for a large brokerage firm. They decide that Darren will
specialize in listing and selling houses on the north side of the river and Martin will specialize
in listing and selling houses on the south side of the river. Such a practice is...
legal, because the prohibition against Market allocation does not apply to agents
working for the same firm.
Refuse to do so, as it would be a violation of the federal Fair Housing Act
You are unlikely to succeed, because you only own the property to the high-water mark
the property managers scope of authority
Term 9 of 33
A seller asks an appraiser to help determine a realistic listing price for her single family, owner-
occupied house. Which approach to value would the appraiser rely on when making this
decision?
Cost approach
Market data approach
Income approach
Capitalization approach
, Term 10 of 33
An exclusive listing agreement is an example of a/an....
implied contract
express contract
bilateral contract
listing agreement
Term 11 of 33
A seller tells a real-estate agent that she has lived in the neighborhood for a long time and
would like to be selective about who buys her house. She would like the agent to tell her the
race and nationality of all prospective buyers. How should the agent respond?
A time is of the essence clause
Refuse to do so, as it would be a violation of the federal Fair Housing Act
A time is of the essence clause
You are unlikely to succeed, because you only own the property to the high-water mark
Term 12 of 33
Which of the following would most likely happen in a land contract?
The Fender retains the title to the property until the final payment is made
The property is transferred to a third party for safekeeping
The seller keeps the title even after the final payment is made
The buyer receives the title immediately upon signing the contract
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