Exam (elaborations)
ROCKWELL TEST 1 QUESTIONS AND ANSWERS
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ROCKWELL TEST 1 QUESTIONS AND ANSWERS
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Name: Score:290 Multiple choice questions
Term 1 of 290
The buyer is looking at a house in a neighborhood with newly installed sidewalks. When the
buyer asked about taxes, the seller shares her that the home is in subject to any special
assessments. The buyers agent should:
Advise the buyer that the property may be subject to special assessments and
recommend that the buyer look into it
Check the county records to see if the property has any special assessments pending
against it
Contact an attorney to begin investigation of the matter
Say nothing and take the sellers word for it
Term 2 of 290
Tenancy by the Entirety
The joint ownership, recognized in some states, of property acquired by husband and
wife during marriage. Upon the death of one spouse, the survivor becomes the owner of
the property.
D. Real estate agent is held to the same standard of care as a lawyer and pairing an
offer.
When filling out a contract form, real estate agent is held to the same standard of care
that is required of a lawyer.
A. Selling agent
In most cases, the buyer will get the earnest money deposit to the selling agent(And the
deposit will be held in trust or delivered to escrow agent by the selling agent).
D. The cost of installing a deck.
The cost of installing a deck is a capital expenditures, which would be added to the
taxpayers basis. Remember that principle residences and personal use property do not
qualify for depreciation deductions.
,Term 3 of 290
Is Washington a community property state?
Yes
No
Term 4 of 290
The comparable has a two-car garage and the subject property only has a one-car garage.
The appraiser estimates that space for a second car contributes about $800 to the value of a
home. To take this into account, the appraiser will:
add $800 to the sales price of the subject property
add $800 to the sales price of the comparable property
subtract $800 from the sales price of the comparable property
subtract $800 from the sales price of the subject property
,Term 5 of 290
Property held in tenancy by the entirety
A. Cannot be transferred through the right of survivorship
Be. Can be physically divided, by either party selling his or her interest separately from the
other owner
C. Is owned by a married couple
D. Can be partitioned
C. is owned by a married couple.
C. Purchase money mortgage is one that the buyer gives to the seller in a seller-
financed transaction to secure the credit extended by the seller.
D. A survey may reveal matters that are not part of public record and therefore would
only be discovered through a personal inspection, such as encroachments. That is why a
survey is often performed as part of obtaining an extended coverage title insurance
policy.
C. It's owned by a married couple
Tenancy by the entirety property is owned by married couples, in non-community
property states.
Term 6 of 290
A home was purchased and then later resold by a third-party relocation company. which type
of deed would give the business use in order to make no assurances about defects that may
have existed before it obtain title?
Special warranty deed
General warranty deed
Reconveyance deed
Quit claim deed
, Term 7 of 290
A property manager would like to have his son perform maintenance duties on the managed
property. The manager needs to provide all of the following to the owner, EXCEPT:
disclosure of the family relationship
opportunity for the owner to decline
proof that the son is a licensed and bonded contractor
rates that will be charged
Term 8 of 290
Real estate license fees are put into the:
Director's personal account
Real Estate Commission Account
Real Estate Education Fund
Washington Association of Realtors trust account
Term 9 of 290
Harrison's license has been canceled. Which of the following does he not need to do in order
to get reinstated?
Complete 60 hours of real estate courses, including 30 clock hours of real estate law
Pay all back renewal fees, plus penalties
Pay a reinstatement penalty
Retake and pass the licensing examination
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