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ROCKWELL REAL ESTATE EXAM WA 2 QUESTIONS AND ANSWERS
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ROCKWELL REAL ESTATE EXAM WA 2 QUESTIONS AND ANSWERS
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Name: Score:82 Multiple choice questions
Term 1 of 82
In a VA transaction, who pays the points?
-The firm the licensee taking the listing works for
Even though an affiliated licensee is the person who actually takes the listing agreement
is always between the seller and the brokerage firm.
-Buyer
A contingency in a purchase and sale agreement usually benefits the buyer, by
protecting the buyer from having to complete the purchase if something doesn't work
out.
-Repaint interior walls in a bright primary color
When showing a home, neutral colors are considered best for interior paint and décor.
-As negotiated between the buyer and seller
Discounted points paid in a VA loan transaction may be paid by the buyer, the seller, or a
third party, depending on what the parties negotiate.
,Term 2 of 82
All of the following are necessary elements of a contingency, except:
-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
confirmation of the agency disclosure until each party is about to sign an offer.
-Buyer
A contingency in a purchase and sale agreement usually benefits the buyer, by
protecting the buyer from having to complete the purchase if something doesn't work
out.
-Costs that the party must pay at closing
Debits are a cost that a party must pay at closing, either to the other party or to a third
party.
-The damage that the party unable to fulfill the contingency will pay the other party
A contingency usually benefits the party who is trying to fulfill it, by allowing that party
to terminate the agreement if the condition cannot be met. The benefiting party won't be
required to pay damages if the condition is not met.
,Term 3 of 82
Which of the following is the duration of a listing agreement in the state of Washington?
-Confidentiality
In a transaction, an agent owes only her principal the duty of confidentiality. However,
the agent owes the duties of reasonable care and skill, honesty and good faith to all of
the parties. Also, the agent must present communications promptly.
-Whatever the broker and seller agree upon
There is no standard listing period according to law or convention. The real estate firm
and seller should agree upon a period that takes into account real estate market activity
and the listing price of the property.
-Making a counteroffer
The escrow process is used to close the sale, so it does not begin until the buyer and
seller have signed off on a purchase and sale agreement. The process of offer and
counteroffer come earlier than that.
-There's no comfortable area in the kitchen where the family can eat
It's considered a design deficiency if a kitchen is too cramped to allow even a small area
for eating.
, Term 4 of 82
Unless specified in writing, all deposits to a brokerage of $10,000 or less will be held:
-In the brokerage firm's pooled trust account or by the closing agent
Trust fund deposits of $10,000 or less must be held in the brokerage's pooled trust
account, with interest on the account paid to the state. Earnest money deposits may also
be passed directly to the escrow agent.
-Explain the fair housing laws to the seller
If a seller indicated an intent to discriminate, the agent should explain the fair housing
laws and if necessary, decline to take the listing. Anything the agent does to
accommodate discriminatory behavior by the seller may be construed as discriminatory
behavior on the part of the agent.
-Whatever the broker and seller agree upon
There is no standard listing period according to law or convention. The real estate firm
and seller should agree upon a period that takes into account real estate market activity
and the listing price of the property.
-The buyer's agent, writing the terms of the contract himself
A real estate agent is not permitted to draft all the provision of a contract for a buyer
(this would constitute the unauthorized practice of law). However, a real estate agent can
fill out a pre-printed purchase and sale agreement.
Term 5 of 82
In Washington, which type of listing must have a definite termination date?
Open listing
Exclusive agency
Exclusive right to sell
None of the above
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