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Exam (elaborations)

ROCKWELL PRACTICE MIDTERM QUESTIONS AND ANSWERS

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

ROCKWELL PRACTICE MIDTERM QUESTIONS AND ANSWERS

Preview 4 out of 70  pages

  • September 24, 2024
  • 70
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Rockwell Real Estate
  • Rockwell Real Estate
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74 Multiple choice questions

Term 1 of 74
A net proceeds to seller form is used to:

show buyers what they can expect to spend

show sellers how much cash they are likely to receive from the sale after closing

estimate the property's likely selling price

report the transaction to the IRS

Term 2 of 74
Most listing contracts authorize a broker to:

find a buyer and accept the buyer's offer on behalf of the seller

guarantee to a prospective buyer that the seller will accept his offer

deed the property over to the buyer

find a buyer and accept a deposit with the offer to purchase

Term 3 of 74
Broker Ray is closely acquainted with the Subdivision Heights neighborhood in his town. Over
the years, Ray has made it a practice to contact homeowners in person and also to send them
quarterly mailings. This method of finding listings is known as:

cultivation


grooming

farming


knock and drop

,Term 4 of 74
A buyer submitted an offer with a deposit on a property on June 1. The offer included the
condition that it must be accepted within 48 hours. The sellers were out of town, however, and
could not be contacted until June 6. At that point, the sellers eagerly signed and returned the
purchase agreement; but now the buyer says he does not want the property any longer and is
demanding the return of his deposit. A court would rule that:

the deposit should be returned to the buyer


the sellers may keep the deposit

the sellers' broker is entitled to his full commission

the sellers' acceptance acts as a counteroffer

Term 5 of 74
To successfully sue a seller for a commission owed, a broker who worked under a nonexclusive
listing must be able to prove that she was:

licensed at the time of the transaction

working under a written listing agreement


the procuring cause of the sale

All of the above

Term 6 of 74
After several months of trying to sell a property, the seller's agent decided to purchase it
herself. She must:

notify the Real Estate Commissioner


notify the seller that she is the buyer

wait until the listing period expires before making an offer

find a third party to purchase the property through

,Term 7 of 74
K makes an offer to purchase M's farm. How is the amount of the good faith deposit
determined?

By agreement between the parties


State law sets the minimum amount as a percentage of the purchase price

Local MLS policy

Real Estate Commissioner's guidelines

Term 8 of 74
An apartment rental application contains a question about marital status. This question is:

unlawful

permissible as long as the building is owned by a single party

permissible as long as rental ads inform applicants that the owner prefers married
couples


permissible as long as the building rents to unmarried tenants as well as married tenants

Term 9 of 74
Which of the following does California law require a real estate agent to do in a residential
transaction?

Inspect the common areas of a condominium

Inspect all areas of the property, including those that may be physically inaccessible

Visually inspect the property and inform all parties of any latent defects found

All of the above

, Term 10 of 74
Which of the following is equivalent to value in exchange?

Book value for income tax purposes


Probable price in a competitive and open market

Assessed value

Subjective value

Term 11 of 74
One of the legal obligations of a seller's agent is providing a copy of the seller's transfer
disclosure statement to:

the county recorder

the listing brokerage and all its agents

the multiple listing service


the buyer

Term 12 of 74
Which of these factors would tend to lower overall property values most in a single-family
residential neighborhood?

Construction of smaller and less valuable homes

Homogeneity in socioeconomic levels

Small changes in zoning laws

Purchase of existing homes by first-time buyers

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