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ROCKWELL FUNDAMENTAL FINAL EXAM 1 QUESTIONS AND ANSWERS
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ROCKWELL FUNDAMENTAL FINAL EXAM 1 QUESTIONS AND ANSWERS
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Name: Score:179 Multiple choice questions
Term 1 of 179
A home is listed for $200,000. A prospective buyer tells the listing agent that she may take an
offer for $190,000. The listing agent tells her that the seller won't accept anything under
$195,000. The buyer offers $195,000 and the seller accepts. Which is correct?
the listing agent violated her fiduciary duty to the seller by engaging in self-dealing
the listing agent violated her fiduciary duty to the seller by telling the buyer how low the
seller would go
the listing agent did not violate her fiduciary duty to the seller because that is not
information that the seller would expect to remain confidential
the listing agent fulfilled her fiduciary duty to the seller by facilitating a successful offer
and acceptance
Term 2 of 179
The following are all goals of Washington Center for Real Estate Research, EXCEPT:
recommending changes to state statues regarding licensing
promoting growth and development in Washington
researching low-income vacancy rates
writing real estate exam questions
Term 3 of 179
Meridians and base lines relate to the:
lot and block method
metes and bounds method
recorded map method
rectangular survey method
,Term 4 of 179
The purchase and sale agreement has been signed and the seller has completed the seller
disclosure form. A windstorm damages the property. The seller's agent is obligated to:
contact the buyer's agent and inform him
amend the seller disclosure form
terminate the purchase and sale agreement
subtract the cost of repairing the damage from the purchase price
Term 5 of 179
Mavis buys a home with a $500,000 sales price. She will be obtaining a loan for 90% of the
property's value. She is paying two discount points, in order to bring the interest rate down
from 5% to 4.75%. What is the total amount of cash that she will owe at closing?
$9,000
$10,000
$59,000
$60,000
Term 6 of 179
An apartment building has eight-units; each unit rents for $800 per month. The property can
also be expected to earn $4,000 per year from laundry and vending machines. An appraiser
estimates that the property typically operates with a 5% vacancy factor. What is the property's
estimated annual effective gross income?
$10,080
$13,120
$76,760
$76,960
,Term 7 of 179
A purchase and sale agreement is for $150,000, with 80% financing, closing in 30 days with
possession at closing, and a rent provision for possession after closing. This is an example of
a/an:
acceptance
contract with contingencies
counteroffer
unilateral contract
Term 8 of 179
A licensee is a defendant in a civil suit stemming from real estate activities. When must the
licensee notify the Real Estate Program Manager?
immediately
within 20 days of learning of a verdict or judgment against her
within 20 days of service of process
within 90 days of the lawsuit being filed
Term 9 of 179
An out of state real estate licensee (who is licensed in another state) may enter Washington to
engage in which real estate activity?
property management
residential sales
commercial sales or leasing
contract collection
, Term 10 of 179
When the parties to a contract put themselves back in the same positions they were in before
they entered into the contract, the contract has been:
canceled
rescinded
revoked
performed
Term 11 of 179
Of the following types of contracts, which one is a unilateral contract?
escrow instructions
exclusive right-to-sell listing
lease
option
Term 12 of 179
Zoning requirements state that a lot must be at least four times the size of the building located
on the lot. An architect draws up plans for a building that is 20,000 square feet. At least how
many aces does the lot need to be?
1
2
3
4
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