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Exam (elaborations)

ROCKWELL PRACTICE EXAM QUESTIONS AND ANSWERS

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  • Course
  • Rockwell Real Estate
  • Institution
  • Rockwell Real Estate

ROCKWELL PRACTICE EXAM QUESTIONS AND ANSWERS

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  • September 24, 2024
  • 48
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Rockwell Real Estate
  • Rockwell Real Estate
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54 Multiple choice questions

Term 1 of 54
A seller offers to pay six discount points on behalf of the buyers. This will reduce the buyers'
interest rate from 9% to 8%. This is known as a:

lease/option


seller second

buydown

two-step mortgage

Term 2 of 54
In a VA transaction, who pays the points?

the buyer

the seller

as negotiated between the buyer and seller

the government

Term 3 of 54
If a contingency is not fulfilled despite a good faith effort to fulfill it, what may the person who
benefits from the contingency do?

a. . terminate the agreement and have the earnest money deposit returned


b. waive the contingency and continue with the agreement

c. sue the other party for a breach of contract


d. either A or B

,Term 4 of 54
In Washington, which type of listing must have a definite termination date?

open listing


exclusive agency

exclusive right to sell


none of the above

Term 5 of 54
Under which type of listing will an agent receive a commission only if he is the procuring cause
of the sale?

open listing

exclusive agency


exclusive right to sell

net listing

Term 6 of 54
Pest inspections are most clearly indicated when:

once every few years there is water in the basement


there is sawdust-like material below parts of the foundation's wooden structure

under the house there's a crawl space with a dirt floor (used for accessing pipes and
wiring)

all of the above

,Term 7 of 54
The "included items" paragraph is used to:

list the documents being attached to the agreement


determine how closing costs will be allocated

specify which fixtures and/or personal property items will be part of the sale

disclose the encumbrances on the property

Term 8 of 54
Which party to a purchase and sale agreement usually benefits from a contingency?

buyer


seller

designated broker

second buyer

Term 9 of 54
The legal description in a purchase and sale agreement:

is the street address of the property

may be attached as an addendum when lengthy, rather than appearing on the first page
of the agreement form

should always include the lot size or acreage

need not mention any personal property included in the sale, but only if the personal
property was mentioned in the agreement

, Term 10 of 54
Disclosure of and consent to a dual agency:

are not require in a transaction where both agents work for the same brokerage


must occur only after the parties sign the purchase and sale agreement

must be in writing

allow the agent to promote the interest of one party over that of another party

Term 11 of 54
Excise tax is usually paid by the:

buyer

seller

lender

borrower

Term 12 of 54
Which of the following practices would not be an illegal discriminatory action?

always assigning minority buyers to work with minority agents

referring all Spanish-speaking buyers to Spanish-speaking colleagues

referring a buyer to a Spanish-speaking colleague after the buyer expressed a
preference to work with a Spanish-speaking agent

failing to transmit an offer from an Asian buyer to the seller of a property in an all-white
neighborhood

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