ROCKWELL REAL ESTATE 2026 TEST PAPER QUESTIONS
AND ANSWERS GUARANTEE A+
✔✔A conventional loan can be:
A. an ARM
B. a 15-year loan
C. a 30-year loan
D. All of the above - ✔✔D. all of the above
A conventional loan is one that is not insured or guaranteed by a government agency. A
conventional loan does not have a set term and it may have an adjustable rate.
✔✔Which document should be prepared if the buyer plans to take possession before
the closing date?
A. Rental agreement
B. Sale of buyer's home contingency
C. Bump notice
D. Backup offer - ✔✔A. Rental agreement
If the parties plan to transfer possession of the property either before or after the closing
date, they should sign a rental agreement that includes the rental terms and the amount
of rent.
✔✔Which party to a purchase and sale agreement usually benefits from a contingency?
A. buyer
B. seller
C. designated broker
D. second buyer - ✔✔A. buyer
A contingency in a purchase and sale agreement usually benefits the buyer, by
protecting the buyer from having to complete the purchase if something doesn't work
out.
✔✔Unless specified in writing, all deposits to a brokerage of $10,000 or less will be
held:
A. in the brokerage firm's pooled trust account or by the closing agent
B. in the brokerage firm's operations account
C. in the designated broker's personal account
D. in a trust account set up specifically for the individual client - ✔✔A. in the brokerage
firm's pooled trust account or by the closing agent
,Trust fund deposits of $10,000 or less must be held in the brokerage's pooled trust
account, with interest on the account paid to the state. Earnest money deposits may
also be passed directly to the escrow agent.
✔✔Which party is usually responsible for the costs of modifications or repairs made a
as a result of unsatisfactory inspection results?
A. Buyer
B. Seller
C. Listing agent
D. None of the above - ✔✔B. Seller
Typically, if a buyer deems an inspection report unsatisfactory, he will give the seller an
opportunity to make repairs. If the seller chooses to make the repairs, the work is
usually paid for by the seller.
✔✔Disclosure of and consent to a dual agency:
A. are not required in a transaction where both agents work for the same brokerage
B. must occur only after the parties sign the purchase and sale agreement
C. must be in writing
D. allow the agent to promote the interest of one party over that of another party - ✔✔C.
must be in writing
Dual agency is legal in Washington only if it disclosed and consented to in writing.
✔✔In a VA transaction, who pays the points?
A. The buyer
B. The seller
C. As negotiated between the buyer and seller
D. The government - ✔✔C. As negotiated between the buyer and seller
Discounted points paid in a VA loan transaction may be paid by the buyer, the seller, or
a third party, depending on what the parties negotiate.
✔✔Which of the following is the duration of a listing agreement in the state of
Washington?
A. 30 days
B. 90 days
C. 180 days
D. Whatever the broker and seller agree upon - ✔✔D. Whatever the broker and seller
agree upon
, There is no standard listing period according to law or convention. The real estate firm
and seller should agree upon a period that takes into account real estate market activity
and the listing price of the property.
✔✔Which of the following is a material fact that an agent would be required to disclose?
A. The roof leaks during rainy weather
B. The house was once the site of a suicide
C. The house was once rented by gang members
D. The house was once the headquarters for a doomsday cult - ✔✔A. The roof leaks
during rainy weather
A leaky roof is a material fact that an agent would be required to disclose. But it would
not be a material fact that the home had been rented by gang members, the site of a
suicide, or used as headquarters by a cult.
✔✔Which of the following statements in an advertisement is most clearly
discriminatory?
A. "Close-knit Asian neighborhood"
B. "Desirable and prestigious location"
C. "Neighborhood with traditional values"
D. "Safe neighborhood with hard-working people" - ✔✔A. "Close-knit Asian
neighborhood"
An ad should never specifically reference a neighborhood's racial composition; this may
suggest a discriminatory preference.
✔✔All of the following should be included in every purchase and sale agreement,
except:
A. identification of the parties
B. purchase price and method of payment
C. agent's commission
D. dates when the title and possession will pass to buyer - ✔✔C. agent's commission
A purchase and sale agreement should always include the parties' names, the purchase
price and method of payment, and the date that possession will transfer. The agent's
commission rate is typically included in the listing agreement.
✔✔To determine an appropriate listing price for a property, an agent will perform a/an
_______, which is related to but less rigorous than a/an _________.
A. CMA/appraisal
B. Appraisal/CMA
AND ANSWERS GUARANTEE A+
✔✔A conventional loan can be:
A. an ARM
B. a 15-year loan
C. a 30-year loan
D. All of the above - ✔✔D. all of the above
A conventional loan is one that is not insured or guaranteed by a government agency. A
conventional loan does not have a set term and it may have an adjustable rate.
✔✔Which document should be prepared if the buyer plans to take possession before
the closing date?
A. Rental agreement
B. Sale of buyer's home contingency
C. Bump notice
D. Backup offer - ✔✔A. Rental agreement
If the parties plan to transfer possession of the property either before or after the closing
date, they should sign a rental agreement that includes the rental terms and the amount
of rent.
✔✔Which party to a purchase and sale agreement usually benefits from a contingency?
A. buyer
B. seller
C. designated broker
D. second buyer - ✔✔A. buyer
A contingency in a purchase and sale agreement usually benefits the buyer, by
protecting the buyer from having to complete the purchase if something doesn't work
out.
✔✔Unless specified in writing, all deposits to a brokerage of $10,000 or less will be
held:
A. in the brokerage firm's pooled trust account or by the closing agent
B. in the brokerage firm's operations account
C. in the designated broker's personal account
D. in a trust account set up specifically for the individual client - ✔✔A. in the brokerage
firm's pooled trust account or by the closing agent
,Trust fund deposits of $10,000 or less must be held in the brokerage's pooled trust
account, with interest on the account paid to the state. Earnest money deposits may
also be passed directly to the escrow agent.
✔✔Which party is usually responsible for the costs of modifications or repairs made a
as a result of unsatisfactory inspection results?
A. Buyer
B. Seller
C. Listing agent
D. None of the above - ✔✔B. Seller
Typically, if a buyer deems an inspection report unsatisfactory, he will give the seller an
opportunity to make repairs. If the seller chooses to make the repairs, the work is
usually paid for by the seller.
✔✔Disclosure of and consent to a dual agency:
A. are not required in a transaction where both agents work for the same brokerage
B. must occur only after the parties sign the purchase and sale agreement
C. must be in writing
D. allow the agent to promote the interest of one party over that of another party - ✔✔C.
must be in writing
Dual agency is legal in Washington only if it disclosed and consented to in writing.
✔✔In a VA transaction, who pays the points?
A. The buyer
B. The seller
C. As negotiated between the buyer and seller
D. The government - ✔✔C. As negotiated between the buyer and seller
Discounted points paid in a VA loan transaction may be paid by the buyer, the seller, or
a third party, depending on what the parties negotiate.
✔✔Which of the following is the duration of a listing agreement in the state of
Washington?
A. 30 days
B. 90 days
C. 180 days
D. Whatever the broker and seller agree upon - ✔✔D. Whatever the broker and seller
agree upon
, There is no standard listing period according to law or convention. The real estate firm
and seller should agree upon a period that takes into account real estate market activity
and the listing price of the property.
✔✔Which of the following is a material fact that an agent would be required to disclose?
A. The roof leaks during rainy weather
B. The house was once the site of a suicide
C. The house was once rented by gang members
D. The house was once the headquarters for a doomsday cult - ✔✔A. The roof leaks
during rainy weather
A leaky roof is a material fact that an agent would be required to disclose. But it would
not be a material fact that the home had been rented by gang members, the site of a
suicide, or used as headquarters by a cult.
✔✔Which of the following statements in an advertisement is most clearly
discriminatory?
A. "Close-knit Asian neighborhood"
B. "Desirable and prestigious location"
C. "Neighborhood with traditional values"
D. "Safe neighborhood with hard-working people" - ✔✔A. "Close-knit Asian
neighborhood"
An ad should never specifically reference a neighborhood's racial composition; this may
suggest a discriminatory preference.
✔✔All of the following should be included in every purchase and sale agreement,
except:
A. identification of the parties
B. purchase price and method of payment
C. agent's commission
D. dates when the title and possession will pass to buyer - ✔✔C. agent's commission
A purchase and sale agreement should always include the parties' names, the purchase
price and method of payment, and the date that possession will transfer. The agent's
commission rate is typically included in the listing agreement.
✔✔To determine an appropriate listing price for a property, an agent will perform a/an
_______, which is related to but less rigorous than a/an _________.
A. CMA/appraisal
B. Appraisal/CMA
