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ROCKWELL EXAM REAL ESTATE CLASSES WA FINAL EXAM 1 WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 – 2025 ALREADY GRADED A+ $14.99
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ROCKWELL EXAM REAL ESTATE CLASSES WA FINAL EXAM 1 WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 – 2025 ALREADY GRADED A+
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ROCKWELL EXAM REAL ESTATE CLASSES WA FINAL EXAM 1 WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 – 2025 ALREADY GRADED A+
ROCKWELL EXAM REAL ESTATE CLASSES
WA FINAL EXAM 1 WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST 2024 – 2025
ALREADY GRADED A+
A loan is set up so that the borrower's payments are the same size each month.
Each payment is partly interest and partly principal, and the loan's balance at the
end of the loan term will be zero. Which type of loan is this?
A. Fully amortized
B. Partially amortized
C. Reverse annually
D. Straight note - ANSWERS-A. Fully amortized
The regular payments on a fully amortized loan include both principal and interest
and will pay off the entire amount owed by the end of the loan term, so no
balloon payment will be necessary.
,When determining the value of a vacant lot, an appraiser will typically use the:
A. cost approach
B. income approach
C. Sales comparison approach
D. summation approach - ANSWERS-C. sales comparison approach
An appraiser will estimate the value of vacant land using the sales comparison
approach, referring to the sales prices of similar lots that were recently sold.
Which of the following actions by a real estate agent would be illegal?
A. Asking a disabled client if there are special features he might need in a house
B. Showing only houses located in mostly Latino neighborhoods to a Latino family
C. Telling a client, during prequalification, that her bad credit score makes an
affordable loan unlikely
D. Truthfully answering questions form a buyer about the demographics of a
neighborhood. - ANSWERS-B. Showing only houses located in mostly Latino
neighborhoods to a Latino family
If a real estate agent channels prospective buyers toward particular
neighborhoods because of their national origin, that is steering, a violation of the
federal Fair Housing Act.
,Which of the following I a requirement of a valid lease?
A. Lease expiration
B. Pet exclusion policy
C. Service agreement
D. Witness - ANSWERS-A. Lease expiration
A Lis Pendens is a recorded notice stating that there is a lawsuit pending that may
affect title to the defendant's real estate and that could bind the purchaser of the
property.
A movie theater was built ten years ago. If the neighborhood is now zoned
entirely residential, the movie theater:
A. will have to be torn down
B. must be remodeled to better conform to the neighborhood's intended use
C. will be allowed to continue if the owner obtains a conditional use permit
D. will be allowed to continue since it was built before the new zoning law went
into effect - ANSWERS-D. Will be allowed to continue since it was built before the
new zoning law went into effect
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 - ANSWERS-b. bill of sale
Deeds transfer title to real estate, a bill of sale is generally needed to transfer title
to personal property.
Ben receives a life estate in a property, with his nephew Will designated as the
remainderman. When Ben dies, what kind of interest does Will receive?
A. Fee Simple Estate
B. Life Estate
C. Remainder Interest
D. Reversionary Interest - ANSWERS-A. Fee Simple Estate
The interest that passes to a designated person upon the death of a life tenant (or
other measuring life) is a fee simple estate. Will has a remainder interest only up
until the moment Ben dies. Once Ben is dead, Will's interest immediately
becomes a fee simple interest.
A buyer accepts a general warranty deed from a seller, believing that the seller is
the sole owner of the property. The buyer later finds out that the seller is only a
co-owner. Has a covenant in the general warranty deed been violated?
A. No, the only covenant in a general warranty deed promises that the previous
owner didn't encumber the property
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