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ROCKWELL REAL ESTATE EXAM WA 2 TEST 1 QUESTIONS AND ANSWERS
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ROCKWELL REAL ESTATE EXAM WA 2 TEST 1 QUESTIONS AND ANSWERS
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Name: Score:82 Multiple choice questions
Term 1 of 82
If a seller does not want to sell to a member of a protected class, the agent should:
take steps to accommodate the seller's wishes
include this information in the Comments section of the listing
explain the fair housing laws to the seller
All of the above
Term 2 of 82
The seller disclosure statement should be filled out by the:
seller
seller's agent
inspector
Any of the above
Term 3 of 82
The licensee owes to all parties whom the licensee renders real estate brokerage services the
following duties:
to exercise reasonable care and skill
to deal in honesty and good faith
to present all written offers
All of the above
,Term 4 of 82
If a seller wants to help a prospective buyer qualify for an institutional loan, which of the
following options will reduce the buyer's interest rate?
Buydown
Equity Exchange
Lease/option
Silent wrap
Term 5 of 82
In order to disclose all material facts, a real estate licensee must:
physically inspect the property
disclose latent defects the licensee knows about
actively search for material facts
investigate both parties' financial positions
Term 6 of 82
When taking a listing, the agent should:
let the seller know what to expect regarding open houses, signs, and the escrow process
give instructions on preparing the house for sale
explain how the keybox works
All of the above
Term 7 of 82
A bathroom contains a toilet, a sink, and a stand-up shower. This would be considered a:
one-quarter bath
half bath
three-quarter bath
full bath
,Term 8 of 82
PMI is private mortgage insurance that protects the lender in case of
fire
water damage
default by the borrower
None of the above
Term 9 of 82
Unless otherwise agreed, a licensee owes no duty to:
conduct an independent investigation of the property
conduct an independent investigation of either party's financial condition
independently verify the accuracy or completeness of any statement made by either
party
All of the above
Term 10 of 82
The cash price for a property and APR may be advertised. However, if other terms such as the
downpayment or interest rate are stated in the as, then:
all the important terms of the loan must be included in the ad
the APR is all that is necessary to include in the ad
the lender's phone number must be included
the ad violates the fair housing laws
, Term 11 of 82
Which of the following items is not a part of the escrow process?
ordering a preliminary title report
Making a counteroffer
Paying off the remainder of the seller's loan
Recording mortgage documents
Term 12 of 82
Which party to a purchase and sale agreement usually benefits from a contingency?
buyer
seller
designated broker
second buyer
Term 13 of 82
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 14 of 82
All of the following should be included in every purchase and sale agreement, except:
identification of the parties
purchase price and method of payment
agent's commission
dates when the title and possession will pass to buyer
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