Exam (elaborations)
ROCKWELL PRACTICE EXAM QUESTIONS AND ANSWERS
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ROCKWELL PRACTICE EXAM QUESTIONS AND ANSWERS
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Name: Score:54 Multiple choice questions
Term 1 of 54
A seller offers to pay six discount points on behalf of the buyers. This will reduce the buyers'
interest rate from 9% to 8%. This is known as a:
lease/option
seller second
buydown
two-step mortgage
Term 2 of 54
In a VA transaction, who pays the points?
the buyer
the seller
as negotiated between the buyer and seller
the government
Term 3 of 54
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
,Term 4 of 54
In Washington, which type of listing must have a definite termination date?
open listing
exclusive agency
exclusive right to sell
none of the above
Term 5 of 54
Under which type of listing will an agent receive a commission only if he is the procuring cause
of the sale?
open listing
exclusive agency
exclusive right to sell
net listing
Term 6 of 54
Pest inspections are most clearly indicated when:
once every few years there is water in the basement
there is sawdust-like material below parts of the foundation's wooden structure
under the house there's a crawl space with a dirt floor (used for accessing pipes and
wiring)
all of the above
,Term 7 of 54
The "included items" paragraph is used to:
list the documents being attached to the agreement
determine how closing costs will be allocated
specify which fixtures and/or personal property items will be part of the sale
disclose the encumbrances on the property
Term 8 of 54
Which party to a purchase and sale agreement usually benefits from a contingency?
buyer
seller
designated broker
second buyer
Term 9 of 54
The legal description in a purchase and sale agreement:
is the street address of the property
may be attached as an addendum when lengthy, rather than appearing on the first page
of the agreement form
should always include the lot size or acreage
need not mention any personal property included in the sale, but only if the personal
property was mentioned in the agreement
, Term 10 of 54
Disclosure of and consent to a dual agency:
are not require in a transaction where both agents work for the same brokerage
must occur only after the parties sign the purchase and sale agreement
must be in writing
allow the agent to promote the interest of one party over that of another party
Term 11 of 54
Excise tax is usually paid by the:
buyer
seller
lender
borrower
Term 12 of 54
Which of the following practices would not be an illegal discriminatory action?
always assigning minority buyers to work with minority agents
referring all Spanish-speaking buyers to Spanish-speaking colleagues
referring a buyer to a Spanish-speaking colleague after the buyer expressed a
preference to work with a Spanish-speaking agent
failing to transmit an offer from an Asian buyer to the seller of a property in an all-white
neighborhood
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