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ROCKWELL EXAM STUDY GUIDE QUESTIONS AND ANSWERS
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ROCKWELL EXAM STUDY GUIDE QUESTIONS AND ANSWERS
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Name: Score:56 Multiple choice questions
Term 1 of 56
A condensed history of the ownership of a property is called a/an:
Quitclaim deed
Abstract of title
Chain of title
Certificate of title
Term 2 of 56
For which of the following people Ould an adjustable rate loan not be a good idea?
A person whose income is expected to go up soon
Blockbusting
A person planning to refinance after several years
A person about to retire
Term 3 of 56
A real estate agent from Oregon is involved in a commercial property transaction in
Washington. The agent from Oregon must do all of the following EXCEPT:
Submit a detailed report of her oregon transactions to washington authorities
Register with the Department of Licensing at least 20 days before engaging in brokerage
activities
Obtain a washington state real estate license before proceeding
Hire a local agent to represent her in the transaction
,Term 4 of 56
Which of the following actions by a developer would require a zoning variance or a rezone,
because it would result in a roe intensive use of the land?
Change in the color of the building exteriors
Decrease in the height of buildings allowed
Reduction of parking spaces required per lot
Increase in number of lots per acre
Term 5 of 56
Gail gives ABC Realty a listing that stipulates it is the only real estate firm authorized to list her
home. At the same time she insists on including a provision that would allow her to sell the
home herself without paying a commission to ABC. Which of the following describes the kind
of listing she has created?
Blockbusting
Quiet title action
Open listing
Exclusive agency listing
Term 6 of 56
A seller finds that he cannot provide marketable title because of a cloud on the title. To clear
the title, he should file a/an:
Quitclaim deed
Partition action
Quiet title action
Abstract of title
,Term 7 of 56
The Real Estate Commission does all of the following, EXCEPT:
Maximum interest rates
Set real estate transaction fees
Prepare licensing exam questions
Seller disclosure statement
Term 8 of 56
One of the provisions of the Housing for Older Persons Act:
Prohibits any rental agreements with individuals under 65 years old
Requires that in qualified projects, at least 80% of the units must be occupied by persons
55 years or older
Allows for a maximum of 50% occupancy by younger individuals
Mandates that all units must be accessible to individuals with disabilities
Term 9 of 56
A licensee hires an unlicensed assistant. While the licensee is on a two-week vacation, the
assistant helps negotiate contract addenda. The licensee could be disciplined under the
Uniform Regulation of Business and Professions act for:
Aiding and abetting unlicensed practice
Enforce the deed restriction against Smith via lawsuit
Misrepresentation
Requiring licensee to pay for costs of formal hearing
, Term 10 of 56
Net listings are strongly discouraged because they are likely to be unfair to the:
Lender
Buyer
Seller
Broker
Term 11 of 56
A property manager will be paid 3% of a property's annual gross rental income. The rent paid
is $24,000 base rent; $12,000 percentage rent; $8,000 maintenance, taxes and insurance (triple
net). The commission amount that the manager will receive is:
$960
$1,530
$840
$1,080
Term 12 of 56
A licensee is about to change her business location. Which of the following should she do?
Transfer her business operations to a partner
Change her business name to reflect the new location
Notify her clients about the change in business location
Surrender her license and apply for an updated license with the correct location
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