Page 1 of 234
Rockwell TEST FINAL ALL 500 QUESTIONS
AND VERIFIED SOLUTIONS LATEST UPDATE
THIS YEAR
A former mansion has been divided into three apartments. The best approach to finding the
property's value is:
A.cost
B.income
C.reconciliation
D.sales comparison
B.income
The income approach is appropriate for properties that are oriented toward generating income
for the property's owner. That would be true even if the property originally was intended as a
single-family residence.
1
, Page 2 of 234
A licensee locates what seems like a ready, willing, and able buyer. However, the deal falls
through at closing because the buyer can't obtain necessary financing. At the same time,
though, the seller turns out to be unable to provide marketable title. Does the seller still owe
a commission to the listing agent in this case?
A.No, because the sale didn't close
B.No, because there was no ready, willing, and able buyer
C.Yes, because the licensee saw the transaction through to the closing date
D.Yes, because the seller has an absolute duty to provide marketable title at closing
B.No, because there was no ready, willing, and able buyer
A seller becomes obligated to pay a commission as soon as a ready, willing, and able buyer is
found. A buyer who lacks the financial ability to complete the purchase isn't "able," however.
While in some cases a failure to close excuses the seller's duty to pay a commission, that makes
answer A only sometimes true. B is true without qualification and therefore the better answer.
The deed that states that there is a conveyance of interest, if any, is the:
A.grant deed
B.bargain and sale deed
C.quitclaim deed
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, Page 3 of 234
D.special warranty deed
C.quitclaim deed
When signing a quitclaim deed, the grantor is saying, "I hereby quitclaim, remise, and release
whatever interest I have in the property, if any."
The police powers of the government include:
A.defeasance
B.foreclosure
C.lis pendens
D.building codes and zoning regulations
D.building codes and zoning regulations
The government's police power is its authority to adopt laws that are necessary for the
protection of the public's health, safety, morals, and general welfare. Land use laws such as
building codes and zoning regulations are based on the police power.
A primary advantage of owning a property in severalty is:
A.flexibility
B.inheritability
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, Page 4 of 234
C.joint occupancy
D.shared risk
A.flexibility
Property owned by only one person ("in severalty") gives that owner more flexibility to use or
dispose of the property than she would have if she shared ownership. By definition, ownership
in severalty doesn't involve joint occupancy or shared risk. And properties held in fee simple are
generally inheritable whether there's only one owner or more than one.
A couple with children would like to buy a house that was built in 1950. The home was
recently remodeled, with completely new paint and plumbing. In this situation, what does
the agent always have to do?
A.Ensure that the paint used during the remodel is lead-free
B.Make sure the buyers receive a pamphlet on lead-based paint
C.Provide them with a copy of a recent lead inspection report
D.Nothing; the house was remodeled so lead-based paint rules don't apply
B.Make sure the buyers receive a pamphlet on lead-based paint
A seller of a house built before 1978 must always give buyers a copy of a pamphlet on lead-
based paint prepared by the Environmental Protection Agency. If (but only if) the property has
4
Rockwell TEST FINAL ALL 500 QUESTIONS
AND VERIFIED SOLUTIONS LATEST UPDATE
THIS YEAR
A former mansion has been divided into three apartments. The best approach to finding the
property's value is:
A.cost
B.income
C.reconciliation
D.sales comparison
B.income
The income approach is appropriate for properties that are oriented toward generating income
for the property's owner. That would be true even if the property originally was intended as a
single-family residence.
1
, Page 2 of 234
A licensee locates what seems like a ready, willing, and able buyer. However, the deal falls
through at closing because the buyer can't obtain necessary financing. At the same time,
though, the seller turns out to be unable to provide marketable title. Does the seller still owe
a commission to the listing agent in this case?
A.No, because the sale didn't close
B.No, because there was no ready, willing, and able buyer
C.Yes, because the licensee saw the transaction through to the closing date
D.Yes, because the seller has an absolute duty to provide marketable title at closing
B.No, because there was no ready, willing, and able buyer
A seller becomes obligated to pay a commission as soon as a ready, willing, and able buyer is
found. A buyer who lacks the financial ability to complete the purchase isn't "able," however.
While in some cases a failure to close excuses the seller's duty to pay a commission, that makes
answer A only sometimes true. B is true without qualification and therefore the better answer.
The deed that states that there is a conveyance of interest, if any, is the:
A.grant deed
B.bargain and sale deed
C.quitclaim deed
2
, Page 3 of 234
D.special warranty deed
C.quitclaim deed
When signing a quitclaim deed, the grantor is saying, "I hereby quitclaim, remise, and release
whatever interest I have in the property, if any."
The police powers of the government include:
A.defeasance
B.foreclosure
C.lis pendens
D.building codes and zoning regulations
D.building codes and zoning regulations
The government's police power is its authority to adopt laws that are necessary for the
protection of the public's health, safety, morals, and general welfare. Land use laws such as
building codes and zoning regulations are based on the police power.
A primary advantage of owning a property in severalty is:
A.flexibility
B.inheritability
3
, Page 4 of 234
C.joint occupancy
D.shared risk
A.flexibility
Property owned by only one person ("in severalty") gives that owner more flexibility to use or
dispose of the property than she would have if she shared ownership. By definition, ownership
in severalty doesn't involve joint occupancy or shared risk. And properties held in fee simple are
generally inheritable whether there's only one owner or more than one.
A couple with children would like to buy a house that was built in 1950. The home was
recently remodeled, with completely new paint and plumbing. In this situation, what does
the agent always have to do?
A.Ensure that the paint used during the remodel is lead-free
B.Make sure the buyers receive a pamphlet on lead-based paint
C.Provide them with a copy of a recent lead inspection report
D.Nothing; the house was remodeled so lead-based paint rules don't apply
B.Make sure the buyers receive a pamphlet on lead-based paint
A seller of a house built before 1978 must always give buyers a copy of a pamphlet on lead-
based paint prepared by the Environmental Protection Agency. If (but only if) the property has
4
