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ROCKWELL REAL ESTATE FUNDAMENTALS FINAL EXAM QUESTIONS AND ANSWERS $9.00   Add to cart

Exam (elaborations)

ROCKWELL REAL ESTATE FUNDAMENTALS FINAL EXAM QUESTIONS AND ANSWERS

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  • Course
  • Rockwell Real Estate
  • Institution
  • Rockwell Real Estate

ROCKWELL REAL ESTATE FUNDAMENTALS FINAL EXAM QUESTIONS AND ANSWERS

Preview 4 out of 247  pages

  • September 24, 2024
  • 247
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • rockwell
  • Rockwell Real Estate
  • Rockwell Real Estate
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247 Multiple choice questions

Term 1 of 247
Milo is filing his federal income tax return. He can deduct:

Which party will be responsible for the one-time premium

The interest paid on his mortgage

proof that the son is a licensed and bonded contractor

J discloses her interest in the janitorial company and obtains the owners' written
permission to use it

Term 2 of 247
The Director may impose all of the following penalties on a licensee for violating the license
law, EXCEPT:

Requiring the licensee to pay for costs of formal hearing (there is a cost for preparing a
transcript if you want to appeal the findings)

Revoking the licensee's license permanently

Suspending the licensee's license for a specified period

Issuing a warning to the licensee without any further action

Term 3 of 247
When determining the value of a vacant lot, an appraiser will typically use the:

Demand of people and location


Cost approach

Sales comparison approach


Care and confidentiality

,Term 4 of 247
Prior to a licensee's second license renewal, she must complete how many hours of education
in courses approved by the Director?

50 - First renewal is 70 hours, second on is 50

20 - First renewal is 100 hours, second on is 20


30 - First renewal is 90 hours, second on is 30

40 - First renewal is 80 hours, second on is 40

Term 5 of 247
A condensed history of the ownership of a property is called a/an:

Chain of title

Abstract of title


Title insurance

Equitable title

Term 6 of 247
One of the provisions of the Housing for Older Persons Act:

Requires that in qualified projects, at least 80% of the units must be occupied by persons
55 years or older


Allows for any age group to live in the housing community

Mandates that all residents must be under 30 years old

Requires that residents must be at least 18 years old

,Term 7 of 247
Reconciliation is

The property manager as well as the designated broker (for failing to properly supervise
the licensee)


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

Analyzing the results obtained from the three approaches to value and deciding how
much weight must be given to each approach

offer inducements (incentives) to prospective tenants.

Term 8 of 247
A buyer bought a home from an owner. The owners agreed to owner-finance the property. The
parties agreed to amortize the loan over a 15-year period. The buyer became the owner of
record of the property, and the seller had a lien against the property. What type of instrument
was used to purchase the property?

Planned unit developments

Reverse mortgage

A purchase money mortgage


The buyer can finish out the contract as the buyer's guardian has proposed

Term 9 of 247
A licensee takes a listing from his sister. He should:

Hide the relationship to avoid conflicts


Disclose the relationship after the transaction is complete

Disclose the relationship only if asked by the client

Disclose the relationship if acting as a dual agent

, Term 10 of 247
Jamie's house is mostly rectangular, measuring 30 feet by 40 feet. There is also an enclosed
triangular foyer (a fully walled-in entry area) in front, measuring four feet across, four feet
along the perpendicular side, and 5.7 feet along the diagonal side. In the back, there is a
screened porch, which is 40 feet long and 5 feet deep. To the side, there is an attached
garage, which measures 10 feet by 20 feet. What is the square footage of the living area?

$76,960 -
Multiply the eight units in the building by the monthly rent to find the monthly income (8
× $800 = $6,400). Multiply that by 12 months per year, to find the annual income (12 ×
$6,400 = $76,800). Calculate what is 5% of that amount ($76,800 × .05 = $3,840), and
subtract that amount from the annual income ($76,800 − $3,840 = $72,960). Add the
$4,000 in additional revenue (which is not subject to the vacancy factor) to find the
effective gross income ($72,960 + $4,000 = $76,960).

1208 sq. ft - Keep in mind that a house's square footage is based on its outside
dimensions, but excludes garages and porches. So, you would only need to calculate the
area of the main part of the house (30 feet × 40 feet = 1,200 square feet) and the odd
triangular foyer (4 feet × 4 feet × 1/2 = 8 square feet.) (Remember, the formula for the
area of a triangle is 1/2 or .5 × H × B—you don't use the diagonal or hypotenuse.) Add the
two together to find the square footage is 1,208 square feet.

The new owner takes ownership subject to the lease and must wait until the lease ends
to move in

A purchase money mortgage

Term 11 of 247
Ad valorem taxes are based on

the millage value of property

the replacement value of property

the assessed value of property

equal ownership interests

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