Exam (elaborations)
FINAL PRACTICE ROCKWELL QUESTIONS AND ANSWERS
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FINAL PRACTICE ROCKWELL QUESTIONS AND ANSWERS
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Name: Score:60 Multiple choice questions
Term 1 of 60
Two brokers in a small community felt that another local broker was unethical and dishonest.
They agreed not to send him any referral business, and they encouraged other area brokers to
follow their lead. They could be accused of:
price fixing
a group boycott
extortion
a list-back arrangement
Term 2 of 60
A substantial good faith deposit:
Your Answer:
guarantees the buyer's performance
demonstrates the buyer's intention to complete the purchase if the offer is accepted
provides full compensation to the agent if the buyer defaults
All of the above
Term 3 of 60
A lower loan-to-value ratio corresponds to a higher:
degree of risk
interest rate
amount of equity in the property
loan amount
,Term 4 of 60
A provision that is related to a financing contingency (and which may be included as part of a
financing contingency clause) is a/an:
purchase of replacement property contingency
title insurance contingency
appraisal contingency
closing costs contingency
Term 5 of 60
All of the following are exempt from escrow agent licensing requirements, except:
an attorney at law
a title company
a broker providing escrow services for her own transaction
a broker providing escrow services for someone else's transaction
Term 6 of 60
At what point in a transaction must you disclose your agency status in writing?
At closing
When a party asks who you represent
Whenever providing any agency services
Before or at the same time a party signs a purchase agreement form
,Term 7 of 60
If an advertisement for a home with financing states the monthly payment amount, what else
must be disclosed?
The downpayment amount
The repayment terms
The annual percentage rate
All of the above
Term 8 of 60
While canvassing a neighborhood, a salesperson informs local homeowners of the city's plans
to build a group home for the mentally disabled nearby. "Home prices here will probably fall
as a result. Have you thought of selling your home while you can still get top dollar?" The
salesperson's actions would probably be considered:
A. blockbusting
B. an attempt to induce panic selling
C. ethically questionable, but legal
D. Both A and B
Term 9 of 60
Which of the following is not considered a desirable characteristic in a neighborhood?
High level of owner-occupancy
High level of vacancies
Reasonable level of conformity
Gently rolling topography
, Term 10 of 60
All of the following are important components of an inspection report, except:
Your Answer:
identifying problems that may arise if remodeling is undertaken
projecting a future budget for repair or remodeling work
providing a preliminary value estimate for the property
listing areas that need or will need repairs
Term 11 of 60
The property's sales price is $210,000 and the appraised value is $200,000. The lender won't
make a loan with a loan-to-value ratio over 90%. As a result, the maximum loan amount for this
transaction is:
$177,000
$180,000
$189,000
$200,000
Term 12 of 60
Under which type of listing will the seller owe a commission to the listing agent regardless of
who is the procuring cause of the sale?
Open listing
Exclusive agency listing
Exclusive right to sell listing
Net listing
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