Exam (elaborations)
ROCKWELL CRAM EXAM 1 QUESTIONS AND ANSWERS
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ROCKWELL CRAM EXAM 1 QUESTIONS AND ANSWERS
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Name: Score:74 Multiple choice questions
Term 1 of 74
A buyer enters into a buyer agency agreement with a real estate licensee to negotiate the
purchase of a particular FSBO property. The buyer then enters into a purchase and sale
agreement, but the property he agreed to buy is subsequently condemned. Which of the
following is true?
The agency is terminated
This creates a dual agency
Exclusive agency listing
The hearing is held without the licensee present
Term 2 of 74
Which of the following rental transactions would be covered by (not exempt from) the Fair
Housing Act even if no real estate agent were involved?
Rental of a unit in a vacation resort with discriminatory advertising
Rental of a commercial property without any advertising
Rental of a unit in a triplex, using no discriminatory advertising
Rental of a single-family home with a real estate agent
Term 3 of 74
A real estate agent has assisted an investor with the purchase of a number of commercial
properties. The investor will be out of the country for part of the year and asks the agent to
manage all aspects of those properties during that time, including advertising and leasing. The
real estate agent will be a/an:
specific agent
designated broker
general agent
simple
,Term 4 of 74
The closing date is August 16. The property's fair market value is $180,000. In this community,
property is assessed at 50% of its market value, and taxes are applied at 55 mills per dollar of
assessed value. Using a 365-day calendar year and assuming the buyer is responsible for the
closing day, what would the buyer's prorated share of the annual property taxes be?
$3,743.01
$3,078.72
$1,856.25
$1,871.28
Term 5 of 74
TempWorks leased space from Consolidated Properties for an eight-year term. The lease did
not include a provision regarding assignment of the lease. Two years later, SuperTemps bought
out TempWorks. TempWorks can:
managing broker, with a designated broker endorsement
try to find a subtenant, but may not assign the space to anyone
assign its leasehold estate to SuperTemps
the land is his to sell, having passed through adverse possession
Term 6 of 74
If Licensee D works out of a home office, for how long is she required to maintain records of
closed transactions?
Affiliated licensees are not required to maintain records of closed transactions (HOME
OFFICE)
Firms required for 3 years
Building codes affect improvements on the property; zoning regulations control the use
of real property
requiring licensee to pay for costs of formal hearing
The borrower is entitled to a good faith estimate of the settlement costs within three
days of submitting an application
,Term 7 of 74
A right held by one or more persons to use and possess property to the exclusion of others is
a/an:
estate for years
freehold estate
fee simple estate
fee simple defeasible
Term 8 of 74
Bartholomew leases several acres from Stan so he can grow strawberries. However, when
Bartholomew arrives at the property to plant his strawberries, he realizes that Stan is already
farming the acreage. Bartholomew does not have to pay rent to Stan because of the:
yes, because the seller won't provide marketable title, which is considered a default
covenant of seizin
covenant of further assurance
covenant of quiet enjoyment
Term 9 of 74
Martha gave Hannah the right to purchase her vacant lot for $65,000. Hannah paid Martha
$1,200 for this right. Hannah is the:
optionee
mortgagee
optionor
assignee
, Term 10 of 74
Alex owns 35 acres of vacant land that he would like to deed to a local wildlife conservancy.
However, a title search reveals that timber rights and an easement to use the property were
sold to Giant Lumber Company in 1963. Since this lumber company went out of business in
1987, Alex should:
cancel the transaction, because the lumber company went bankrupt
claim a prescriptive easement, since the requisite number of years has passed
seek advice from an attorney, since the easement may still be valid
yes, because the downpayment amount was given
Term 11 of 74
Which of the following would MOST LIKELY happen in a land contract?
The agency is terminated
The buyer receives the title immediately upon signing the contract
The vendor retains the title to the property until the final payment is made
The title is held by a third-party escrow agent during the contract
Term 12 of 74
A potential buyer gives a seller an offer that doesn't meet the seller's demands in the listing.
What has the buyer given?
Offer to purchase
Exclusive agency listing
Offer to buy
Fee simple estate
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