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ROCKWELL EXAM REAL ESTATE CLASSES WA FINAL EXAM 1 TEST 2 QUESTIONS AND ANSWERS
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ROCKWELL EXAM REAL ESTATE CLASSES WA FINAL EXAM 1 TEST 2 QUESTIONS AND ANSWERS
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Name: Score:180 Multiple choice questions
Term 1 of 180
Which of the following clauses relates to a mortgage loan default and requires immediate
payment of the debt?
Subordinate clause
Acceleration clause
Wilt clause
Safety clause
Term 2 of 180
To be valid, a listing agreement may be signed by:
an attorney in fact
the buyer
the designated broker only, with the owner's authorization via telephone
the licensee only
Term 3 of 180
A right held by one or more persons to us and possess property to the exclusion of others is
a/an:
warranty
easement
fee simple estate
right of equity
,Term 4 of 180
A small house is situated n a larger lot in a mixed-use neighborhood. The city decides that the
area will, in the future, be zoned commercial. What will most likely happen to the property's
value?
It will increase, because of the fears of new businesses built nearby
It will increase in anticipation of the changing uses
No effect, since the house is a nonconforming use
No effect, until the change actually occurs
Term 5 of 180
A seller lists a 1.1 acre vacant residential lot asking $10,000. His broker decides to offer the
financing himself. The broker runs an ad saying, "A $3,000 downpayment will get you beautiful
residential acreage." Is more credit information needed?
No, because Regulation Z doesn't apply to vacant land
No, because the value was under $25,000
Yes, because a real estate broker is offering financing
Yes, because the downpayment amount was given
Term 6 of 180
A landlord occasionally uses his master key to enter rental houses that he owns while residents
are away. He avoids giving notice because hes looking for undisclosed pets, any damage or
physical problems, and the like. This would be:
allowed because of his duty to supervise tenants' use of the property
not allowed under the Fair Housing Act
not allowed under the implied covenant of quiet enjoyment
not allowed under the tenants' freehold estate rights
,Term 7 of 180
Jean offered to buy some vacant land for $500,000. There were no contingencies in his offer,
and it was accepted by the seller. Jerry was planning on building a shopping center on the
property, but didn't mention this to the seller or his real estate agent. A few days before
closing, Jerry learned that his financing for the shopping center has fallen through. The
contract is:
void
voidable
unenforceable
valid
Term 8 of 180
Which of the following is a primary market lender?
Federal Housing Administration
Mortgage banking company
Mortgage broker
Veterans Administration
Term 9 of 180
A deed that is not signed by the seller is still considered valid as long as it:
is executed by a competent relative of the seller
is delivered to the buyer
contains is covenant of seisin
is signed by an authorized attorney in fact
, Term 10 of 180
A subdivision has deed restrictions that create a community nature trail from the rear ten feet
of every owner's property. One owner decided that he wanted to use that part of his yard to
have a storage shed instead. If the owners want to keep him from doing that, they should:
file an unlawful detainer action
file for an injunction in the appropriate court
not do anything, because they do not have the authority to stop the owner
request a cease and desist order from state real estate licensing authorities
Term 11 of 180
Erin entered into a lease that begins February 1, and is to end on January 31 three years later.
This leasehold is a/an:
estate for years
tenancy at sufferance
periodic tenancy
estate from year to year
Term 12 of 180
Which of the following I a requirement of a valid lease?
Lease expiration
Pet exclusion policy
Service agreement
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