Exam (elaborations)
ROCKWELL PRACTICE MIDTERM QUESTIONS AND ANSWERS
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ROCKWELL PRACTICE MIDTERM QUESTIONS AND ANSWERS
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Name: Score: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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