Rockwell real estate exam - Study guides, Class notes & Summaries

At what point in a transaction must you disclose your agency status in writing? - correct answer -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. A counteroffer: - correct answer -Acts as a rejection of the initial offer A counteroffer is a rejection o...

Rockwell Real Estate Exam Questions And 100% Correct Answers!!

Which of the following loans would be subject to the Truth In Lending Act? - correct answer A loan to a first-time home buyer Art sold his house, which was not encumbered with a mortgage. Closing expenses were $5,264, and he paid a commission of 7% of the selling price. He received a check at closing for $372,316. What did the house sell for? - correct answer $406,000 (100%-7%=93%). $337,580/ 0.93= $406,000. Frank gives Stella an option to buy his house. Stella, as the optionee, is obl...

Rockwell Real Estate Exam WA 2 questions with correct answers A counteroffer: A. acts as a rejection of the initial offer B. is used to rescind a previously existing contract C. is used only to make an offer contingent on a particular event D. is used when a buyer wants to make an offer where the seller has already accepted an offer Correct Answer-A. acts as a rejection of the initial offer A counteroffer is a rejection of the previous offer. Either a buyer or a seller may make a count...

Rockwell Real Estate Exam WA 2 questions with correct answers At what point in a transaction must you disclose your agency status in writing? A. at closing B. when first meeting any potential party to the transaction C. when a party signs an offer D. Before a party signs an offer Correct Answer-D. 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 requir...

Rockwell Real Estate Exam with correct Answers

A counteroffer: A. acts as a rejection of the initial offer B. is used to rescind a previously existing contract C. is used only to make an offer contingent on a particular event D. is used when a buyer wants to make an offer where the seller has already accepted an offer Correct Answer-A. acts as a rejection of the initial offer A counteroffer is a rejection of the previous offer. Either a buyer or a seller may make a counteroffer, in response to either the initial or previous countero...

Rockwell Real Estate Exam questions with correct answers Which of the following loans would be subject to the Truth In Lending Act? Correct Answer-A loan to a first-time home buyer Art sold his house, which was not encumbered with a mortgage. Closing expenses were $5,264, and he paid a commission of 7% of the selling price. He received a check at closing for $372,316. What did the house sell for? Correct Answer-$406,000 (100%-7%=93%). $337,580/ 0.93= $406,000. Frank gives Stella an option...

3 methods of legal description - correct answer Metes and Bounds - Local. Describes the property location in the location itself Government Survey method - Used to identify the location of the property in reference to the united states survey map. Meridian and Baselines, Range and township lines The lot and black method is the standard method for describing downs and cities. - Map showing lots and blocks in the subdivision is called a plat or a plat map. A developer building on vacant...

Rockwell Real Estate Exam WA 2 questions with correct answers At what point in a transaction must you disclose your agency status in writing? Correct Answer--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. A counteroffer: Correct Answer--Acts as a rejection ...