ROCKWELL EXAM QUESTIONS & ANSWERS
A life estate will last until: - Answers - The death of the recipient
The deed that states that there is a conveyance of interest, if any, is the: - Answers -
Quitclaim deed
A judgement lien - Answers - when paid off, requires a satisfaction of judgement to be
recorded to clear the record
The seller listed the property for $95,000. Assuming that their listing agreement is
typical the broker would NOT be entitled to a commission f the seller: - Answers -
Rejected a $90,000 offer from a financially qualified buyer
Usury laws fix which of the following? - Answers - Maximum interest rates
For which of the following people Ould an adjustable rate loan not be a good idea? -
Answers - A person about to retire
An appraiser needs to be state certified to perform which of the following appraisals? -
Answers - Appraisal related to an FHA loan
On a settlement statement, an earnest money deposit that will be held by the brokerage
firm until closing is a: - Answers - Credit to the buyer
A licensee hears that a religious group will be opening a commune in a neighborhood.
He begins contracting neighbors and telling them about this, encouraging them to list
their properties with him before property values decline. This would be: - Answers -
Blockbusting
Tests to distinguish a fixture from personal property include all of the following, except: -
Answers - Cost of the item
All of the following are required for a valid deed, EXCEPT: - Answers -
Acknowledgement
A homeowner has been sharing with a friendly neighbor the use of a driveway that
crosses both of their properties. However, the neighbor is about to move out, and the
remaining homeowner would like to make sure that she can continue to use the
driveway even if the new neighbor is not amenable to that. The homeowner should
request a/an: - Answers - Easement
A local ordinance states that no sign can extend more than two feet above the roofline.
The Morgans want to put a sign on their roof, but the sign is six feet high. To install their
sign legally, the Morgans must apply for a: - Answers - Variance
, Net listings are strongly discouraged because they are likely to be unfair to the: -
Answers - Seller
A promissory note that is secured by a mortgage is: - Answers - Primary evidence of
the debt
A property manager will be paid 3% of a property's annual gross rental income. The rent
paid is $24,000 base rent; $12,000 percentage rent; $8,000 maintenance, taxes and
insurance (triple net). The commission amount that the manager will receive is: -
Answers - $1,080
A borrower is purchasing a $300,000 home. She will be using a loan with an LTV of
80%. She will also be paying 3 discount points. What is the total amount of cash that
she will need to bring to closing? - Answers - $67,200
A seller finds that he cannot provide marketable title because of a cloud on the title. To
clear the title, he should file a/an: - Answers - Quiet title action
Which of the following actions by a developer would require a zoning variance or a
rezone, because it would result in a roe intensive use of the land? - Answers -
Increase in number of lots per acre
Which of the following is the most commonly used type of disclosure? - Answers -
Seller disclosure statement
Which of the following is a rule or requirement under the Real Estate Settlement
Procedures Act? - Answers - A seller is prohibited from choosing a title insurance
company for the buyer
The manager of a six-story, 18 unit apartment building carefully screens tenant
applications to make sure that tenants who use wheelchairs are assigned to the first
floor. This: - Answers - is allowed if there's now elevator to the upper floors
Special assessments levied against a property for local improvements, such as
streetlights and sidewalks, are computed on the basis of: - Answers - The benefit the
property receives from the improvements
Which of the following statements is true concerning a lead-based paint disclosure -
Answers - It must include an option for the buyer to waive further inspection
When using the replacement cost approach to estimate the value of a home that is
three years old, the appraiser should do which of the following? - Answers - Determine
replacement cost and the deduct for depreciation
A life estate will last until: - Answers - The death of the recipient
The deed that states that there is a conveyance of interest, if any, is the: - Answers -
Quitclaim deed
A judgement lien - Answers - when paid off, requires a satisfaction of judgement to be
recorded to clear the record
The seller listed the property for $95,000. Assuming that their listing agreement is
typical the broker would NOT be entitled to a commission f the seller: - Answers -
Rejected a $90,000 offer from a financially qualified buyer
Usury laws fix which of the following? - Answers - Maximum interest rates
For which of the following people Ould an adjustable rate loan not be a good idea? -
Answers - A person about to retire
An appraiser needs to be state certified to perform which of the following appraisals? -
Answers - Appraisal related to an FHA loan
On a settlement statement, an earnest money deposit that will be held by the brokerage
firm until closing is a: - Answers - Credit to the buyer
A licensee hears that a religious group will be opening a commune in a neighborhood.
He begins contracting neighbors and telling them about this, encouraging them to list
their properties with him before property values decline. This would be: - Answers -
Blockbusting
Tests to distinguish a fixture from personal property include all of the following, except: -
Answers - Cost of the item
All of the following are required for a valid deed, EXCEPT: - Answers -
Acknowledgement
A homeowner has been sharing with a friendly neighbor the use of a driveway that
crosses both of their properties. However, the neighbor is about to move out, and the
remaining homeowner would like to make sure that she can continue to use the
driveway even if the new neighbor is not amenable to that. The homeowner should
request a/an: - Answers - Easement
A local ordinance states that no sign can extend more than two feet above the roofline.
The Morgans want to put a sign on their roof, but the sign is six feet high. To install their
sign legally, the Morgans must apply for a: - Answers - Variance
, Net listings are strongly discouraged because they are likely to be unfair to the: -
Answers - Seller
A promissory note that is secured by a mortgage is: - Answers - Primary evidence of
the debt
A property manager will be paid 3% of a property's annual gross rental income. The rent
paid is $24,000 base rent; $12,000 percentage rent; $8,000 maintenance, taxes and
insurance (triple net). The commission amount that the manager will receive is: -
Answers - $1,080
A borrower is purchasing a $300,000 home. She will be using a loan with an LTV of
80%. She will also be paying 3 discount points. What is the total amount of cash that
she will need to bring to closing? - Answers - $67,200
A seller finds that he cannot provide marketable title because of a cloud on the title. To
clear the title, he should file a/an: - Answers - Quiet title action
Which of the following actions by a developer would require a zoning variance or a
rezone, because it would result in a roe intensive use of the land? - Answers -
Increase in number of lots per acre
Which of the following is the most commonly used type of disclosure? - Answers -
Seller disclosure statement
Which of the following is a rule or requirement under the Real Estate Settlement
Procedures Act? - Answers - A seller is prohibited from choosing a title insurance
company for the buyer
The manager of a six-story, 18 unit apartment building carefully screens tenant
applications to make sure that tenants who use wheelchairs are assigned to the first
floor. This: - Answers - is allowed if there's now elevator to the upper floors
Special assessments levied against a property for local improvements, such as
streetlights and sidewalks, are computed on the basis of: - Answers - The benefit the
property receives from the improvements
Which of the following statements is true concerning a lead-based paint disclosure -
Answers - It must include an option for the buyer to waive further inspection
When using the replacement cost approach to estimate the value of a home that is
three years old, the appraiser should do which of the following? - Answers - Determine
replacement cost and the deduct for depreciation
