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Rockwell Real Estate Exam MAIN Questions and Answers 100% Pass
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Rockwell Real Estate Exam MAIN Questions and Answers 100% Pass Which of the following loans would be subject to the Truth In Lending Act? - A loan to a first-time home buyer Art sold his house, which was not encumbered with a mortgage. Closing expenses were $5,264, and he paid a commission of ...

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  • December 30, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rockwell real estate exam main questions and answe

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KatelynWhitman

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Rockwell Real Estate Exam MAIN
Questions and Answers 100% Pass

Which of the following loans would be subject to the Truth In Lending Act? - ✔✔A

loan to a first-time home buyer


Art sold his house, which was not encumbered with a mortgage. Closing expenses were

$5,264, and he paid a commission of 7% of the selling price. He received a check at

closing for $372,316. What did the house sell for? - ✔✔$406,000 (100%-7%=93%).

$337,580/ 0.93= $406,000.


Frank gives Stella an option to buy his house. Stella, as the optionee, is obligated to: -

✔✔Pay consideration for the option right


A corn field with a depth of 900 ft and a frontage of 484 feet is bisected by an access

road, leaving two triangular lots. If the land sells for $2,000 per acre, how much is each

lot worth? - ✔✔$10,000.


*Find area of triangular lots and use the triangular formula A=½ B x Height (900ft x 484

ft x 0.5= 217,800 sqft.) Convert the acreage (217,800 sqft / 43,560 sqft per acre= 5 acres)

and then multiply by the cost per acre (5 acres x $2,000= $10,000)




Katelyn Whitman© 2025, All Rights Reserved.

,2|Page


Which is a list of duties owed to a principal by an

agent?Loyalty,confidentiality,reasonable care, accounting. -

✔✔Loyalty,confidentiality,reasonable care, accounting.


Ajax reality lists a property for a seller at a commission rate of 8%.The multiple listing

service provides that a listing brokerage will split commissions at a 50-50 rate. Baron

Realty, a cooperating Brokerage, finds a buyer for the property, at a price of $300,000.

How much will the seller owe Ajax Realty at closing? - ✔✔$24,000 ($300,000 x 0.8 =

$24,000)


A buyer enters into a buyer agency agreement with a real estate licensee to negotiate the

purchase of a particular FSBO property. The buyer then enters into a purchase and sale

agreement, but the property he agreed to buy is subsequently condemned. Which of the

following is true? - ✔✔The agency is terminated


A new subdivision required payment of homeowners association dues. If unpaid, what

type of lien do they create? - ✔✔Specific lien that encumbers the property


A homeowner in a recently developed subdivision plans to build an extra bedroom

extending from the back of his house. Nobody in the subdivision has added on to their

houses in a similar manner yet. What would the homeowner need to obtain before he

could begin work on the project? - ✔✔Conforming use permit


A buyer and seller enter into a purchase and sale agreement. The agreement provides

that closing must take place by September 30th. A clause states that a party's failure to



Katelyn Whitman© 2025, All Rights Reserved.

, 3|Page


be ready by a date specified in the contract will constitute a breach of the contract. What

is the name of the clause? - ✔✔A closing clause


Interest on a loan for a home purchase is which type of interest? - ✔✔Simple


Which of the following is a primary market lender? - ✔✔Mortgage banking company


Adjusted Basis is: - ✔✔Initial basis, plus capital expenditures, less depreciation


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? - ✔✔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).


A deed that is not signed by the seller is still considered valid as long as it: - ✔✔Is

signed by an authorized attorney in fact


A potential buyer gives a seller an offer that doesn't meet the seller's demands in the

listing. What has the buyer given? - ✔✔Offer to purchase


An exclusive listing agreement is an example of a/an: - ✔✔Express contract


Which of the following clauses relates to mortgage loan default and requires immediate

payment of debt? - ✔✔Acceleration Clause




Katelyn Whitman© 2025, All Rights Reserved.

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