Exam (elaborations)
ROCKWELL CRAM EXAM 2 QUESTIONS AND ANSWERS
- Course
- Institution
ROCKWELL CRAM EXAM 2 QUESTIONS AND ANSWERS
[Show more]
Content preview
Name: Score:68 Multiple choice questions
Term 1 of 68
Which law prohibits discrimination in real estate transactions based on race, with no
exceptions?
Civil Rights Act of 1866
Civil Rights Act of 1964
Civil Rights Act of 1968
Fair Housing Act of 1968
Term 2 of 68
An owner-occupied property qualifies for its state's homestead exemption from property
taxes. Shortly after closing, the new assessed value of the property is issued, and the property
tax amount increases significantly. The selling agent is obligated to:
do as instructed
plea bargaining
do nothing
net lease
,Term 3 of 68
Which of the following is NOT a purpose of the Center for Real Estate Research?
sales comparison approach
Enforcement may be brought about by filing a complaint with the Dept. of Housing and
Urban Development
Establish listing prices for properties
-The Center for Real Estate Research studies local economic conditions and proposes
changes to real estate education curricula. It does not have a role in establishing listing
prices
The deed's restrictive covenants take precedence over the city because they are more
restrictive
Term 4 of 68
A developer wants a construction loan to build 20 homes. The lender requires a take-out
commitment. This means the developer needs:
a permanent lender who will provide financing once construction is completed
a short-term lender who will finance the construction phase only
an investor who will buy the homes before they are built
a government grant that covers all construction costs
Term 5 of 68
Sonya buys a parcel of land and pays taxes on it for five years. After she builds a home on it,
the taxes she'll pay are:
property taxes
special assessment taxes
ad valorem taxes
assessed value
,Term 6 of 68
The Director of the Department of Licensing has revoked S's license. Which of the following is
TRUE?
S has a grace period of 30 days to appeal the decision
S can continue to operate until the end of the month
S can transfer their license to another individual
S must stop acting in the capacity of licensee as of the date S receives the order of
revocation
Term 7 of 68
L owns a bookstore and the lot it sits on. He hires M, a high school English teacher, to find a
buyer for the business and property. He agrees to pay her $5,000. M finds a buyer and L pays
her $5,000. Has M violated the real estate license law?
Yes, because selling a business opportunity that includes real estate for pay requires a
license
The listing agent violated her fiduciary duty to the seller by telling the buyer how low the
seller would go
The deed's restrictive covenants take precedence over the city because they are more
restrictive
The seller can revoke the listing but may be liable to the brokerage for damages
Term 8 of 68
Cluster zoning, which allows smaller lot sizes and reduced frontages, is suitable if a
development:
is primarily for commercial use rather than residential
still has a density ratio consistent with the general plan
is located in an area with no zoning restrictions
has larger lot sizes than the surrounding developments
, Term 9 of 68
A broker would need to have a securities license to participate in:
listing a property owned by a corporation
a transaction involving an investment contract
maintain a trust account in washington if holding any funds in trust
request a title insurance policy that has the fewest exceptions
Term 10 of 68
Broker T explains to her designated broker that she is leaving the firm for a better opportunity
with another brokerage. What must T's designated broker do?
Discuss her reasons for leaving with the other agents
Notify the clients about her departure before sending the license
Hold onto the license until she finds a new brokerage
Immediately send her license to the Director of the Department of Licensing
Term 11 of 68
For how long is a deed restriction valid?
Constructive notice
Curable depreciation
Potentially forever
Property taxes
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)
75860 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now