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Rockwell Exam 3 Questions and Answers 100% Pass
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Rockwell Exam 3 Questions and Answers 100% Pass Which of the following is TRUE about the holder of an inactive license? This person: A. may not perform any acts that require a real estate license B. is technically licensed, and may perform certain acts that require a real estate license C. can...

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  • December 30, 2024
  • 72
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rockwell exam 3 questions and answers 100 pass

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  • Rockwell
  • Rockwell

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KatelynWhitman

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Rockwell Exam 3 Questions and
Answers 100% Pass

Which of the following is TRUE about the holder of an inactive license? This person:




A. may not perform any acts that require a real estate license


B. is technically licensed, and may perform certain acts that require a real estate license


C. can keep the license on inactive status for a maximum of three years


D. must obtain 30 clock hours of real estate instruction prior to each inactive license

renewal - ✔✔A. may not perform any acts that require a real estate license


A borrower defaults on a mortgage. What does the acceleration clause in the mortgage

allow the lender to do?




A. Compel the borrower to sell the property and repay the debt


B. Demand immediate payment of the entire loan balance


C. Prevent the borrower from selling the property




Katelyn Whitman© 2025, All Rights Reserved.

, 2|Page


D. Report the borrower to a collection agency - ✔✔B. Demand immediate payment of

the entire loan balance


A prospective tenant applies to rent a unit in a 12-unit apartment building, where the

owner lives in one of the units and handles all lease transactions on his own. The tenant

is turned down, and believes he has been discriminated against on the basis of his race.

If true, this would be:




A. lawful, because no discriminatory advertising was used


B. lawful, because the owner lives on the premises


C. lawful, because no real estate agent was used


D. unlawful, because this is a 12-unit building - ✔✔D. unlawful, because this is a 12-unit

building




Only lawful for four or fewer unit buildings


If a licensee is sued based on her real estate activities, the licensee must notify the Real

Estate Program Manager:




A. if the judge determines the case to be serious enough to warrant disclosure




Katelyn Whitman© 2025, All Rights Reserved.

, 3|Page


B. within 20 days of any settlement conference


C. within 20 days of a court order, verdict, or judgment against the licensee


D. at the conclusion of the case, unless the licensee intends to appeal - ✔✔C. within 20

days of a court order, verdict, or judgment against the licensee


A letter of intent:




A. contains all terms and conditions of a contractual agreement


B. is generally binding


C. is used regularly in small residential transactions


D. sets out basics prior to negotiation - ✔✔D. sets out basics prior to negotiation




A letter of intent is not a contract and isn't binding. Its just a preliminary statement that

lays out parameters for negotiation of a contract


An elderly woman gives a power of attorney to her son to manage all of her affairs.

What sort of agent is he?




A. Ostensible agent


B. Special agent


Katelyn Whitman© 2025, All Rights Reserved.

, 4|Page


C. Universal agent


D. Unlimited agent - ✔✔C. Universal agent




The description of the power of attorney doesn't mention any limitations so the

document gives the son universal agency authority.


A plaintiff files a lawsuit involving a property and also files a separate document

intended to provide notice of the lawsuit. This recorded notice of a pending legal action

is called a/an:




A. abstract of judgment


B. petition for alienation


C. writ of execution


D. lis pendens - ✔✔D. lis pendens


When can an earnest money deposit be held by someone other than the firm that the

check is made out to?




A. When borrower and lender agree in writing


B. When both parties agree in writing



Katelyn Whitman© 2025, All Rights Reserved.

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