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ROCKWELL EXAM REAL ESTATE CLASSES WA FINAL EXAM 2024/2025 ACTUAL EXAM 180 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (100%CORRECT ANSWERS)$16.99
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ROCKWELL EXAM REAL ESTATE CLASSES WA
FINAL EXAM 2024/2025 ACTUAL EXAM 180
QUESTIONS AND CORRECT DETAILED ANSWERS
WITH RATIONALES (100%CORRECT ANSWERS)
Terms in this set (180)
A $4,500 earnest money C. notify the principals
check bounces because
of insufficient funds. The Both principals (the buyer and the seller) are parties
first thing the broker to the escrow instructions. The broker should notify
should do is: both of them so they can decide how they want to
proceed.
A. notify escrow to charge
this amount, plus the
bounced check fee, to the
buyer
B. notify the borrower
C. notify the principals
D. write a personal check
for $4,500 to cover the
shortage
,Addenda to a purchase B. kept in the brokerage's transaction file
and sale agreement must
be: A transaction file should include all modifications or
addenda to any agreement. The transaction file should
A. kept in the broker's be kept where the firm is licensed to have an office,
home office not in a broker's home office. The addenda will be
B. kept in the brokerage's signed by the buyer and seller, not the broker.
transaction file
C. kept in the firm's trust
account
D. signed by the broker
Adjusted basis is initial D. plus capital expenditures, less depreciation
basis:
A taxpayer's adjusted basis in a property is the initial
A. less capital basis, plus capital expenditures, less allowable
expenditures, plus depreciation
depreciation
B. less repair expenses,
plus capital expenditures
C. plus capital
expenditures, plus repair
expenses
D. plus capital
expenditures, less
depreciation
,An advertisement for a A. it doesn't include the loan's annual percentage rate
house includes only the and other financial terms
following phrase about
financing: "Assume the Under the truth in lending act. if an advertisement
owner's original loan with contains a triggering term, such as the amount of a
only a $1,000 downpayment, then it must disclose all of the other
downpayment" What is information concerning the loan. This includes the
wrong with this loan's annual percentage rate.
advertisement?
A. it doesn't include the
loan's annual percentage
rate and other financial
terms
B. it doesn't also include
the loan's original balance
C. it doesn't give the
brokerage firm's name as
advertised
D. Nothing. so long as it is
the real estate's licensee's
own property
, An affiliated licensee owns B. Commissions can be paid to licensees only via their
a wholly owned S firm
corporation, A Reality. He
instructs an escrow agent A licensee may be paid a commission only by the real
to issue a commission estate firm he is affiliated with. Affiliated licensees are
check directly to A Reality. not designated brokers, they work for a firm. "A Realty"
How has he violated the cannot be a brokerage because no designated broker
real estate license law? has a controlling interest in the entity. An affiliated
licensee cannot receive compensation directly from a
A. A third party can't give client or customer, or from another licensee, another
instructions to an escrow real estate firm, or another business entity
agent
B. Commissions can be
paid to licensees only via
their firm
C. The licensee didn't first
inform the principals
D. The licensee may
charge for escrow
services only if he is also a
licensed escrow agent
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