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Rockwell Exam 4 Questions and Answers 100% Pass
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Rockwell Exam 4 Questions and Answers 100% Pass Once a contract for deed is signed by the parties, the buyer immediately receives: A. a life estate B. legal title C. equitable title D. the right to lease the property - C. equitable title A buyer receives equitable title to the property once ...

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  • December 30, 2024
  • 75
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rockwell exam 4 questions and answers 100 pass

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  • Rockwell
  • Rockwell

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KatelynWhitman

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Rockwell Exam 4 Questions and
Answers 100% Pass

Once a contract for deed is signed by the parties, the buyer immediately receives:




A. a life estate


B. legal title


C. equitable title


D. the right to lease the property - ✔✔C. equitable title




A buyer receives equitable title to the property once the land contract has been signed


A real estate broker represents the seller in a transaction involving an investment

property. Several months later, the new owner asks the broker if he would act as

property manager for that property. The broker may take this position:




A. only if his designated broker allows it


B. only if the broker and the buyer are not related


Katelyn Whitman© 2025, All Rights Reserved.

,2|Page


C. only if the broker does not work for compensation


D. only if the broker works for a third party rather than the buyer - ✔✔A. only if his

designated broker allows it


Max would like to know if there's an encroachment on his boundary line. He should:




A. examine the legal description


B. order an appraisal


C. order a survey


D. do a title search - ✔✔C. order a survey


Two parties enter into an option agreement, scheduled to end in December. However,

in October the optionee decides he doesn't want to buy the property. What should the

parties do in order to terminate the option?




A. Complete a formal statement of novation


B. Exercise the option's contingency clause


C. File an interpleader action so a court can void the contract


D. Nothing; the option will expire automatically - ✔✔D. Nothing; the option will expire

automatically



Katelyn Whitman© 2025, All Rights Reserved.

, 3|Page


Prices in a local market are trending downward. A seller found that she had to lower

the price of her house by $25,000 over the course of six months before she could find a

buyer. Upset over selling at a loss, she informs her listing agent that she is going to

lower the commission rate that she pays. Can she do this?




A. Yes, a loss by the seller must be shared by the listing agent


B. Yes, since commission rates are negotiated and can be changed at any time


C. No, commission rates are established by the local multiple listing service and cannot

be changed


D. No, the commission rate, once established in the listing agreement contract, cannot

be changed unless both parties agree - ✔✔D. No, the commission rate, once established

in the listing agreement contract, cannot be changed unless both parties agree


Sally lists her property for sale with Broker Al. Al learns that the property is about to be

rezoned to a higher use. He tells Sally he would like to purchase the property himself.

She agrees, and the sale closes. Six months later, Al resells the property for a significant

profit. This is legal:




A. as long as before Sally agreed to the sale, Al informed her of the upcoming zoning

change and what it would mean for the property's value




Katelyn Whitman© 2025, All Rights Reserved.

, 4|Page


B. as long as he disclosed to Sally the profit he made off the resale, after his sale closed


C. only if Al shares his profits with Sally


D. under no circumstances - ✔✔A. as long as before Sally agreed to the sale, Al

informed her of the upcoming zoning change and what it would mean for the

property's value


Sarita bought a home. She had poor credit, so the owner agreed to finance the purchase.

The parties agreed to a 20-year loan term. Sarita took title to the property, and the seller

held a lien against the property. What type of financing instrument was used?




A. Option to buy


B. Land contract


C. Purchase money mortgage


D. Open mortgage - ✔✔C. Purchase money mortgage


A broker can serve as a closing agent for a fee in the state of Washington, if the:




A. broker is a licensed escrow officer


B. fee is reasonable


C. buyer and seller agree



Katelyn Whitman© 2025, All Rights Reserved.

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