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Rockwell Real Estate Exam WA 2 with 100% correct answers graded A+
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Rockwell Real Estate Exam WA 2 with 100% correct answers graded A+
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Rockwell Real Estate Exam WA 2At 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 require written confirmation of the agency disclosure until
each party is about to sign an offer.
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 counteroffer.
Which of the following practices would not be an illegal discriminatory action?
A. Always assigning minority buyers to work with minority agents
B. Referring all Spanish-speaking buyers to Spanish speaking colleagues
,C. Referring a buyer to a Spanish-speaking colleague after the buyer expressed a preference to work with
a Spanish-speaking agent
D. Failing to transmit an offer from an Asian buyer to the seller of a property in an all-white
neighborhood - correct answer ✔✔C. Referring a buyer to a Spanish-speaking colleague after the buyer
expressed a preference to work with a Spanish-speaking agent
It is unlawful to treat certain types of buyers differently from others based on discriminatory reasons.
However, there is nothing illegal about honoring a buyer's request to work with an agent of a particular
ethnicity or national origin.
If a contingency is not fulfilled despite a good faith effort to fulfill it, what may the person who benefits
from the contingency do?
A. Terminate the agreement and have the earnest money deposit returned
B. Waive the contingency and continue with the agreement
C. Sue the other party for a breach of contract
D. Either A or B - correct answer ✔✔D. Either A or B
The party who benefits from a contingency may, if the contingency is not fulfilled, terminate the
agreement or waive the contingency and complete the purchase anyway
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?
A. Open listing
B. Exclusive agency
C. Exclusive right to sell
D. Net listing - correct answer ✔✔C. Exclusive right to sell
Under an exclusive right to sell listing, the listing agent will earn a commission if the property sells during
the listing period, even if another agent or the seller finds the buyer
, Under which type of listing will an agent receive a commission only if he is the procuring cause of the
sale?
A. Open listing
B. Exclusive agency
C. Exclusive right to sell
D. Net listing - correct answer ✔✔A. Open listing
Under an open listing, the seller pays a commission only if the agent is the person responsible for
bringing about the agreement between buyer and seller. No commission is owed if another agent or
seller is responsible for the sale.
All of the following should be taken into account in choosing a closing date, except:
A. the due date of the next installment of the property taxes
B. how long the seller needs to make any necessary repairs
C. whether the buyer needs to sell her current home
D. the time needed to clear way any liens - correct answer ✔✔A. the due date of the next installment of
the property taxes
In choosing a closing date, it's important to consider how long it will take for the seller to make any
necessary repairs, for the buyer to sell her current home, and for any liens to clear. The property tax due
date is irrelevant, since this expense is prorated between the parties at closing
Excise tax is usually paid by the:
A. buyer
B. seller
C. lender
D. borrower - correct answer ✔✔B. seller
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