Exam (elaborations)
ROCKWELL REAL ESTATE FUNDAMENTALS FINAL EXAM QUESTIONS AND ANSWERS
- Course
- Institution
ROCKWELL REAL ESTATE FUNDAMENTALS FINAL EXAM QUESTIONS AND ANSWERS
[Show more]
Content preview
Name: Score:247 Multiple choice questions
Term 1 of 247
Milo is filing his federal income tax return. He can deduct:
Which party will be responsible for the one-time premium
The interest paid on his mortgage
proof that the son is a licensed and bonded contractor
J discloses her interest in the janitorial company and obtains the owners' written
permission to use it
Term 2 of 247
The Director may impose all of the following penalties on a licensee for violating the license
law, EXCEPT:
Requiring the licensee to pay for costs of formal hearing (there is a cost for preparing a
transcript if you want to appeal the findings)
Revoking the licensee's license permanently
Suspending the licensee's license for a specified period
Issuing a warning to the licensee without any further action
Term 3 of 247
When determining the value of a vacant lot, an appraiser will typically use the:
Demand of people and location
Cost approach
Sales comparison approach
Care and confidentiality
,Term 4 of 247
Prior to a licensee's second license renewal, she must complete how many hours of education
in courses approved by the Director?
50 - First renewal is 70 hours, second on is 50
20 - First renewal is 100 hours, second on is 20
30 - First renewal is 90 hours, second on is 30
40 - First renewal is 80 hours, second on is 40
Term 5 of 247
A condensed history of the ownership of a property is called a/an:
Chain of title
Abstract of title
Title insurance
Equitable title
Term 6 of 247
One of the provisions of the Housing for Older Persons Act:
Requires that in qualified projects, at least 80% of the units must be occupied by persons
55 years or older
Allows for any age group to live in the housing community
Mandates that all residents must be under 30 years old
Requires that residents must be at least 18 years old
,Term 7 of 247
Reconciliation is
The property manager as well as the designated broker (for failing to properly supervise
the licensee)
As long as before Sally agreed to the sale, Al informed her of the upcoming zoning
change and what it would mean for the property's value
Analyzing the results obtained from the three approaches to value and deciding how
much weight must be given to each approach
offer inducements (incentives) to prospective tenants.
Term 8 of 247
A buyer bought a home from an owner. The owners agreed to owner-finance the property. The
parties agreed to amortize the loan over a 15-year period. The buyer became the owner of
record of the property, and the seller had a lien against the property. What type of instrument
was used to purchase the property?
Planned unit developments
Reverse mortgage
A purchase money mortgage
The buyer can finish out the contract as the buyer's guardian has proposed
Term 9 of 247
A licensee takes a listing from his sister. He should:
Hide the relationship to avoid conflicts
Disclose the relationship after the transaction is complete
Disclose the relationship only if asked by the client
Disclose the relationship if acting as a dual agent
, Term 10 of 247
Jamie's house is mostly rectangular, measuring 30 feet by 40 feet. There is also an enclosed
triangular foyer (a fully walled-in entry area) in front, measuring four feet across, four feet
along the perpendicular side, and 5.7 feet along the diagonal side. In the back, there is a
screened porch, which is 40 feet long and 5 feet deep. To the side, there is an attached
garage, which measures 10 feet by 20 feet. What is the square footage of the living area?
$76,960 -
Multiply the eight units in the building by the monthly rent to find the monthly income (8
× $800 = $6,400). Multiply that by 12 months per year, to find the annual income (12 ×
$6,400 = $76,800). Calculate what is 5% of that amount ($76,800 × .05 = $3,840), and
subtract that amount from the annual income ($76,800 − $3,840 = $72,960). Add the
$4,000 in additional revenue (which is not subject to the vacancy factor) to find the
effective gross income ($72,960 + $4,000 = $76,960).
1208 sq. ft - Keep in mind that a house's square footage is based on its outside
dimensions, but excludes garages and porches. So, you would only need to calculate the
area of the main part of the house (30 feet × 40 feet = 1,200 square feet) and the odd
triangular foyer (4 feet × 4 feet × 1/2 = 8 square feet.) (Remember, the formula for the
area of a triangle is 1/2 or .5 × H × B—you don't use the diagonal or hypotenuse.) Add the
two together to find the square footage is 1,208 square feet.
The new owner takes ownership subject to the lease and must wait until the lease ends
to move in
A purchase money mortgage
Term 11 of 247
Ad valorem taxes are based on
the millage value of property
the replacement value of property
the assessed value of property
equal ownership interests
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller selftest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now