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ROCKWELL FUNDAMENTALS FINAL EXAM QUESTIONS AND ANSWERS
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ROCKWELL FUNDAMENTALS FINAL EXAM QUESTIONS AND ANSWERS
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Name: Score:180 Multiple choice questions
Term 1 of 180
A brokerage office must have a sign:
that measures at least two feet by three feet
positioned over every entrance and exit
that states how many branch offices this brokerage has
that states the firm's name as it appears on its license
Term 2 of 180
Which of the following is the best examples of non-discriminatory language, according to
HUD's guidelines for the Fair Housing Act?
Female seeking female roommate
Nice neighborhood for families with kids
No children please
Walking distances to great Catholic School
Term 3 of 180
Net listings are strongly discouraged because they are likely to be unfair to the:
broker
buyer
seller
all of the above
,Term 4 of 180
Maya and Andrew are real estate agents
who work for competing brokerages. They
don't like a new discount broker and decide
together not to show any of the new
broker's listings. This is a violation of the
'Sherman Act because it's:
a group boycott
a tie-in arrangement
market allocation
price fixing
Term 5 of 180
A property manager will be paid 3% of a property's annual gross rental income. The rent paid
is $24,000 base rent, $12,000 percentage rent; $8,000 maintenance, taxes, and insurance (triple
net). The commission amount that the manager will receive is:
$ 720
$ 1080
$ 1,320
$ 1,200,000
Term 6 of 180
Sam takes possession of an unused farm and begins growing crops. He sends the farm's owner
a letter describing his actions. Can Sam ever become the owner of the farm?
yes, because he is putting the land to productive use
Yes, as long as he maintains possession
no, because adverse possession requires that the true owner be unaware of the
possession
No, because his possession is not hostile to the owner's interest
,Term 7 of 180
The seller tells the buyer's agent that the home has never had flooding issues, but when
touring the home, the buyer's agent notices a sump pump in the basement. The buyer's agent
should:
say nothing because the seller said there was no flooding
advise the buyer that the sump pump may be a sign of flooding and that she should
inquire into whether flooding is an issue
contract the seller directly to ask about the sump pump/flooding
instruct the buyer to stop considering the property
Term 8 of 180
Exaggeration about a property's positive characteristics would be considered:
Fraud
Misrepresentation
Overstating
Puffing
Term 9 of 180
A property is listed for $275,000. The buyers offer $265,000 and insist that the gourmet six-
burner stove remain with the property. When the signed offer is presented to the sellers, the
sellers accepts the price, but want to take the stove with them. They cross out the item about
the stove, sign the form, and return it to the buyers. Under these circumstances:
there is now a valid contract that his been signed by all parties
the offer has been invalidated and the buyers will need to begin looking for a new
property
the sellers can turn around and accept the original offer, if the buyers won't go along
with giving up the stove
the original offer is terminated, and the sellers have made a counteroffer
, Term 10 of 180
A contract for deed wouldn't be a good idea if the seller's mortgage has a/an:
acceleration clause
alienation clause
defeasance clause
subordination clause
Term 11 of 180
A licensee is criminally charged for stealing prescription drugs on July 2. He tells his
designated broker about the charges on July 5. Who must notify the Real Estate Program
Manager?
The licensee must provide notice within 20 days of conviction
The licensee must provide notice by July 22
The licensee must provide notice by July 25
The designated broker must provide notice by July 25
Term 12 of 180
One of the provisions of the Housing for Older Persons Act:
creates a cause of action for lawsuits concerning misrepresentation of the nature of a
55+ property
Exempts grandparents who will have grandchildren visiting
requires that facilities and services for elderly persons must be available in housing that
is specifically for persons 55 or older
Requires that in qualified projects, at least 80% of the units must be occupied by persons
55 years or older
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