1|Page
Rockwell Test Questions and Answers
100% Pass
Adjusted basis is initial basis... - ✔✔plus capital expenditures, less depreciation
A loans interest is best defined as... - ✔✔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 deed. Which of the
following statementd is true about unrecorded deeds? - ✔✔The deed is still valid
between Deborah and Juan.
A property's market value is described as the... - ✔✔ad valorem value
The result of an unrelease lien is a... - ✔✔cloud on the title.
Interest on a loan for a home purchase is which type of interest? - ✔✔Simple
Of the following, which would have the greatest effect on the supply of real estate in a
particular market? - ✔✔Size of labor force.
A developer lists 20 different properties in a subdivision, with 4 different licensees.
Each licensee gets her own model unit to work from. Which of the following is true? -
✔✔each model must display the Fair Housing logo.
Katelyn Whitman© 2025, All Rights Reserved.
, 2|Page
A new subdivision requires payment of homeowners association dues. If unpaid, what
type of lien do they create? - ✔✔Specific lien that encumbers the property.
A property has lost value because its maintenance and upkeep have been neglected.
This would be an example of... - ✔✔physical deterioration
Darren and Martin are agents for a large brokerage firm. They decide that Darren will
specialize in listing and selling houses on the north side of the river and Martin will
specialize in listing and selling houses on the south side of the river. Such a practice is...
- ✔✔legal, because the prohibition against Market allocation does not apply to agents
working for the same firm.
A seller asks an appraiser to help determine a realistic listing price for her single family,
owner-occupied house. Which approach to value would the appraiser rely on when
making this decision? - ✔✔Market data approach
Which of the following actions would most likely create the largest increase in the value
of a property? - ✔✔Installing a second bathroom in a house with 4 bedrooms and only
one bath.
Terry is buying a house offered for sale by owner (FSBO) with the help of a real estate
agent. The purchase and sale agreement is contingent on Terry receiving a loan from an
Institutional lender. Does RESPA apply to this transaction? - ✔✔Yes, because Terry is
purchasing a single family home
RESPA - ✔✔Real Estate Settlement Procedures Act
Katelyn Whitman© 2025, All Rights Reserved.
Rockwell Test Questions and Answers
100% Pass
Adjusted basis is initial basis... - ✔✔plus capital expenditures, less depreciation
A loans interest is best defined as... - ✔✔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 deed. Which of the
following statementd is true about unrecorded deeds? - ✔✔The deed is still valid
between Deborah and Juan.
A property's market value is described as the... - ✔✔ad valorem value
The result of an unrelease lien is a... - ✔✔cloud on the title.
Interest on a loan for a home purchase is which type of interest? - ✔✔Simple
Of the following, which would have the greatest effect on the supply of real estate in a
particular market? - ✔✔Size of labor force.
A developer lists 20 different properties in a subdivision, with 4 different licensees.
Each licensee gets her own model unit to work from. Which of the following is true? -
✔✔each model must display the Fair Housing logo.
Katelyn Whitman© 2025, All Rights Reserved.
, 2|Page
A new subdivision requires payment of homeowners association dues. If unpaid, what
type of lien do they create? - ✔✔Specific lien that encumbers the property.
A property has lost value because its maintenance and upkeep have been neglected.
This would be an example of... - ✔✔physical deterioration
Darren and Martin are agents for a large brokerage firm. They decide that Darren will
specialize in listing and selling houses on the north side of the river and Martin will
specialize in listing and selling houses on the south side of the river. Such a practice is...
- ✔✔legal, because the prohibition against Market allocation does not apply to agents
working for the same firm.
A seller asks an appraiser to help determine a realistic listing price for her single family,
owner-occupied house. Which approach to value would the appraiser rely on when
making this decision? - ✔✔Market data approach
Which of the following actions would most likely create the largest increase in the value
of a property? - ✔✔Installing a second bathroom in a house with 4 bedrooms and only
one bath.
Terry is buying a house offered for sale by owner (FSBO) with the help of a real estate
agent. The purchase and sale agreement is contingent on Terry receiving a loan from an
Institutional lender. Does RESPA apply to this transaction? - ✔✔Yes, because Terry is
purchasing a single family home
RESPA - ✔✔Real Estate Settlement Procedures Act
Katelyn Whitman© 2025, All Rights Reserved.
