Exam (elaborations)
ROCKWELL WA REAL ESTATE PRACTICE EXAM 2023 QUESTIONS AND ANSWERS
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ROCKWELL WA REAL ESTATE PRACTICE EXAM 2023 QUESTIONS AND ANSWERS
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Name: Score:180 Multiple choice questions
Term 1 of 180
All of the following are requirements for a valid deed, EXCEPT:
A. Subordination clause
***B. Acceleration clause
C. Writ clause
D. Safety clause
***A. flexibility
B. inheritability
C. joint occupancy
D. shared risk
***A. the amount paid to obtain the property
B. the initial basis, plus capital improvements and minus depreciation
C. the price that the property would likely bring in a sale under normal circumstances
D. the value of the property to a particular owner
***A. acknowledgment
B. adequate legal description
C. signature of grantor
D. words of conveyance
,Term 2 of 180
Bronson agreed to sell his house to the Hatchers. Closing is scheduled for May 15. Bronson
already paid the taxes for the entire year, but the Hatchers are assuming responsibility for the
taxes as of the closing date. The settlement statement will prorate the taxes as a:
A. credit to the buyer, and debit to the seller
***B. debit to the buyer, and credit to the seller
C. debit to the seller
D. credit to the buyer
A. 1
***B. 2
C. 3
D. 4
***A. licensee undertakes to provide real estate brokerage services to a principal
B. purchase and sale agreement is signed
C. transaction closes
D. licensee first meets a prospective client
A. general agent
B. power of attorney
C. property manager
***D. special agent
,Term 3 of 180
A contract specifies that "time is of the essence." This means that:
A. there is now a valid contract that has been signed by all parties
B. the offer has been invalidated and the buyers will need to begin looking for a new
property
C. the sellers can turn around and accept the original offer, if the buyers won't go along
with giving up the stove
***D. the original offer is terminated, and the sellers have made a counteroffer
A. Capitalize the net income
***B. Determine replacement cost and then deduct for depreciation
C. Adjust for inflation that has occurred since the sale of any comparable properties
D. Estimate the cost, on the basis of current prices, of reproducing a replica home with
the same or closely similar materials
A. one year
B. two years
***C. three years
D. four years
A. the seller must fulfill her contractual duties by the date set forth in the contract, but
the buyer does not have to
B. the buyer must fulfill her contractual duties by the date set forth in the contract, but
the seller does not have to
C. the agent must fulfill his contractual duties by the date set forth in the contract, but
the buyer and seller do not have to
***D. all contractual duties must be fulfilled on or before the date set forth in the
contract
[ A time is of the essence clause means that all parties to the contract are legally
, required to meet all deadlines set in the agreement. Failure to meet any deadline by
either party is a breach of contract. ]
Term 4 of 180
An investor rents a property to a tenant. For tax purposes, depreciation on this property is
based on:
A. physical location of the properties
***B. brokerage's licensed name
C. brokerage's email address
D. physical location of the real estate firm's office
A. market value, plus capital improvements, minus land value
B. market value, plus rental income, minus land value
***C. price, plus capital improvements, minus land value
D. price, plus rental income, minus land value
A. a copy of the Uniform Landlord Tenant Act
B. a warranty of quiet enjoyment
C. a tenancy at will provision
D. specific rules and regulations
A. property that will offer a low rate of return
***B. property where the rents are similar to comparable properties in the same area
C. property with a high vacancy rate
D. rent-controlled property
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