Rockwell Exam Questions and Answers Exam Bundle

Rockwell Part 1 Exam Questions with Correct Solutions Graded to Pass

To determine an appropriate listing price for a property, a real estate agent will perform a/an ______ , which is related to but less rigorous than a/an ______ . A. CMA/appraisal B. Appraisal/CMA C. CMA/reconciliation D. Valuation/CMA - A. CMA/appraisal Explanation: An agent may pe...

A couple with children would like to buy a house that was built in 1950. The home was recently remodeled, with completely new paint and plumbing. In this situation, what does the agent always have to do? A.Ensure that the paint used during the remodel is lead-free B.Make sure the buyers receiv...

3 methods of legal description - Metes and Bounds - Local. Describes the property location in the location itself Government Survey method - Used to identify the location of the property in reference to the united states survey map. Meridian and Baselines, Range and township lines The lot a...

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 $37...

Which of the following people might bring a suit for specific performance? - A buyer in a real estate transaction in which the seller backed out one day before closing Once a lender issues a veteran a VA-guaranteed loan, the veteran: - immediately becomes liable for the guaranteed amount ...

Which of the following is most likely to be considered a fixture? Plumbing A life estate will last until: The Death of the recipient A deed that states there is a conveyance of interest, if any, is the: Quitclaim deed A judgement lien: When paid off, requires a satisfaction of jud...

what is RA dedicated to? - industrial automation + Allen Bradley what are RA flagship brands - rockwell Software + allen bradley + FactoryTalk RA success is based on.... - integrity RA success is based on.... - corporate responsibility RA success is based on.... - technolo...

At what point in a transaction must you disclose your agency status in writing? - -Before a party signs an offer You must disclose your agency status to each party in a transaction as soon as practicable. However, the initial disclosure may be oral - the law doesn't require written confirmati...

Freehold Estate - Is an interest in real property that has an indeterminable (not fixed or certain) referred to as a owner Fee Simple Estate - Is the greatest estate that can exist in land, the highest and most complete form of ownership. It is potentially infinite duration and represents t...

At what point in a transaction must you disclose your agency status in writing? A. at closing B. when first meeting any potential party to the transaction C. when a party signs an offer D. Before a party signs an offer - D. Before a party signs an offer You must disclose your agency stat...

Acceleration Clause - A provision in a promissory note or security instrument allowing the lender to declare the entire debt due immediately if the borrower breaches one or more provisions of the loan agreement. Also referred to as a call provision Accession - Any addition to real property ...

When homes in a new development are sold, a $2,000 fee is charged to the buyers. This fee covers the homeowners association dues for the first year. HOA dues for each subsequent year are $1,000. In the development's first year, ten homes are sold. Ten more are sold the second year. Assuming that th...

Tina is representing the buyers in a transaction; she described the property's boundaries to her clients without clarifying that she was not sure that the boundaries were exactly precise. The buyers, upon taking possession, built a fence along the boundaries that she described, but the neighbors th...