Rockwell Real Estate BUNDLED exams 2023 with 100% correct answers

Which of the following people might bring a suit for specific performance? - correct answer A buyer in a real estate transaction in which the seller backed out one day before closing Once a lender issues a veteran a VA-guaranteed loan, the veteran: - correct answer immediately becomes liable ...

Adjusted basis is initial basis... - correct answer plus capital expenditures, less depreciation A loans interest is best defined as... - correct answer a charge paid by a borrower in exchange for use of the lenders money. Deborah sells her property to Juan, but Juan fails to record the de...

Which of the following loans would be subject to the Truth In Lending Act? - correct answer A loan to a first-time home buyer Art sold his house, which was not encumbered with a mortgage. Closing expenses were $5,264, and he paid a commission of 7% of the selling price. He received a check at c...

3 methods of legal description - correct answer Metes and Bounds - Local. Describes the property location in the location itself Government Survey method - Used to identify the location of the property in reference to the united states survey map. Meridian and Baselines, Range and township line...

Freehold Estate - correct answer Is an interest in real property that has an indeterminable (not fixed or certain) referred to as a owner Fee Simple Estate - correct answer Is the greatest estate that can exist in land, the highest and most complete form of ownership. It is potentially infini...

At what point in a transaction must you disclose your agency status in writing? - correct answer -Before a party signs an offer You must disclose your agency status to each party in a transaction as soon as practicable. However, the initial disclosure may be oral - the law doesn't require writ...

A buyer purchases a rental home that is fully furnished. The document used to transfer title to the furniture is: a. quitclaim deed b. bill of sale c. special warranty deed d. general warranty deed - correct answer b. bill of sale Deeds transfer title to real estate, a bill of sale is gene...

At what point in a transaction must you disclose your agency status in writing? A. at closing B. when first meeting any potential party to the transaction C. when a party signs an offer D. Before a party signs an offer - correct answer D. Before a party signs an offer You must disclose yo...

Which of the following loans may involve a balloon payment? a. Fully amortized b. Partially amortized c. Interest-only d. Both B and C - correct answer d. Both B and C Explanation: Only with a fully amortized loan will all of the principal balance be paid off at the end of the loan ...

Once a contract for deed is signed by the parties, the buyer immediately receives: A. a life estate B. legal title C. equitable title D. the right to lease the property - correct answer C. equitable title A buyer receives equitable title to the property once the land contract has been sig...

Jesse, Kim, and Diane own a home together as joint tenants. If Jesse dies, her property interest: - correct answer will be automatically transferred (conveyed) to Kim and Diane Frank gives Stella an option to buy his house. Stella, as the optionee, is obligated to: - correct answer pay consid...