Rockwell real - 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 Final Exam Questions and Answers Latest 2023/2024. The interest that passes to a designated person upon the death of a life tenant (or other measuring life) is a fee simple estate. Will has a remainder interest only up until the moment Ben dies. Once Ben is dead, Will's interest immediately becomes a fee simple interest. A buyer accepts a general warranty deed from a seller, believing that the seller is the sole owner of the property. The buyer later finds out that the...

Rockwell Real Estate Classes WA Final Exam Questions and Answers 2024.

Rockwell Real Estate Exam Questions and Answers 100% Correct Rockwell Real Estate Exam Questions and Answers 100% Correct Rockwell Real Estate Exam Questions and Answers 100% Correct Rockwell Real Estate Exam Questions and Answers 100% Correct 3 methods of legal description - 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....

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...

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 Classes WA Final Exam 1 | Questions, Answers and Rationales A buyer purchases a rental home that is fully furnished. The document used to transfer title to the furniture is: a. quitclaim deed b. bill of sale c. special warranty deed d. general warranty deed Deeds transfer title to real estate, a bill of sale is generally needed to transfer title to personal property. Ben receives a life estate in a property, with his nephew Will designated as the remainderman. When Ben die...

Rockwell Real Estate Exam WA 2 | Questions, Answers and Rationales 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 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 unt...

Rockwell Real Estate Exam WA 2 Questions and Answers 100% Correct Rockwell Real Estate Exam WA 2 Questions and Answers 100% Correct Rockwell Real Estate Exam WA 2 Questions and Answers 100% Correct Rockwell Real Estate Exam WA 2 Questions and Answers 100% Correct At what point in a transaction must you disclose your agency status in writing? - 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 initia...

Rockwell Real Estate Exam MAIN Questions and Answers 100% Correct Rockwell Real Estate Exam MAIN Questions and Answers 100% Correct Rockwell Real EstRockwell Real Estate Exam MAIN Questions and Answers 100% Correct Rockwell Real Estate Exam MAIN Questions and Answers 100% Correct ate Exam MAIN Questions and Answers 100% Correct Which of the following loans would be subject to the Truth In Lending Act? - ANSWER-A loan to a first-time home buyer Art sold his house, which was not encumbered ...