Exam (elaborations)
ROCKWELL REAL ESTATE EXAM MAIN QUESTIONS AND ANSWERS
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ROCKWELL REAL ESTATE EXAM MAIN QUESTIONS AND ANSWERS
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Name: Score:137 Multiple choice questions
Term 1 of 137
Which of the following statements regarding pooled interest-bearing trust accounts is true?
All earnest money must be held in a single account regardless of amount
Pooled accounts cannot accept any earnest money deposits
Earnest money deposits over $10,000 can be placed in a separate trust accounts
Separate accounts are only for personal transactions
Term 2 of 137
A seller lists a 1.1 acre vacant lot, asking $10,000. His broker decided to offer the financing
himself. The broker runs an ad saying, "A $3,000 downpayment will get you beautiful residential
acreage." Is more credit information required?
Yes, because the downpayment amount was given
Yes, because selling a business opportunity that includes real estate for pay requires a
license.
Each model must display the Fair Housing Logo
Seller's agent is not breaching the duty of loyalty
Term 3 of 137
Through careful management, a property manager increases an apartment building's monthly
income of $3,000 by an additional $500/month. Assuming a cap rate of 8% what is the increase
in the building's value?
A reverse equity loan, since they are over 62 and have sufficient equity in their home
$75,000
*$500 x 12 ($6,000) and then factor in the cap rate ($6,000/ 0.8= $75,000).
A short sale could result in a 1099 form from the Lender, or a deficiency judgment
Yes, because selling a business opportunity that includes real estate for pay requires a
license.
,Term 4 of 137
TempWorks leases space from Consolidated Properties for an eight-year term. The lease did
not include a provision regarding assignment of the lease. Two years later, SuperTemps bought
out Tempworks. Tempworks can:
Assign its leasehold estate to SuperTemps
The real estate commission
The benefit the property receives from the improvements
Ask a judge to terminate its lease, on the grounds of unforeseen circumstances
Term 5 of 137
Which of the following is a primary market lender?
Veterans administration
Mortgage banking company
Mortgage broker
Federal housing administration
Term 6 of 137
Which of the following pieces of information may an apartment property manager gather
about applicants?
Education
Employment history
Residency history
Length of residence
,Term 7 of 137
Which of the following statements about a blind Ad is true?
It is required to list the agency's name prominently
It fails to identify the advertiser as a real estate agent
It provides detailed information about the property being sold
It must include the agent's contact information
Term 8 of 137
Z a real estate licensee, has been certified by the Department of Social and Health Services as
not in compliance with his court-ordered child support payments. What disciplinary action is
available to the Director of the Department Of Licensing?
File a cease and desist order
Revoke Z's license
Seller Disclosure statement
Suspend Z's license
Term 9 of 137
A living room needs to be re-carpeted. It measures 18ft long by 15 ft wide. How many yards of
carpet will need to be purchased?
The borrower is entitled to a good faith estimate of the settlement costs within 3 days of
submitting an application
Seller's agent is not breaching the duty of loyalty
30
*First multiply LxW to find square footage (18ft. X 15ft.= 270 sq.ft.) Then, because there
are 9 square feet in a square yard, divide by 9 to convert to square yards (270/9=30
square yards).
Advise the buyer that the property may be subject to special assessment and
recommend that the buyer look into it.
, Term 10 of 137
B purchases a small commercial property, and he finances it with a 65% loan. The lender
charges 9.25% annual interest and three discount points. The discount points:
Increase the nominal interest rate
Increase the lender's upfront yield
Functional obsolescence
Increase the mortgage payments
Term 11 of 137
Interest on a loan for a home purchase is which type of interest?
Simple
Complex
Finance
Monthly
Term 12 of 137
One of the provisions of the Housing for Older Persons Act is it:
Mandates that all housing must be exclusively for seniors
States that only 55% of the units can be occupied by seniors
Allows for any age group to occupy the units without restrictions
Requires that in qualified projects, at least 80% of the units must be occupied by persons
55 years or older
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