ROCKWELL REAL ESTATE 2026 CORE EXAM TEST
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔A deed that is not signed by the seller is still considered valid as long as it: - ✔✔Is
signed by an authorized attorney in fact
✔✔A potential buyer gives a seller an offer that doesn't meet the seller's demands in the
listing. What has the buyer given? - ✔✔Offer to purchase
✔✔An exclusive listing agreement is an example of a/an: - ✔✔Express contract
✔✔Which of the following clauses relates to mortgage loan default and requires
immediate payment of debt? - ✔✔Acceleration Clause
✔✔B purchases a small commercial property, and he finances it with a 65% loan. The
lender charges 9.25% annual interest and three discount points. The discount points: -
✔✔Increase the lender's upfront yield
✔✔Moe has an appurtenant easement over Ray's land. Ray's land is called a/an: -
✔✔Servient estate
✔✔Which of the following would MOST LIKELY happen in a land contract? - ✔✔The
vendor retains the title to the property until the final payment is made
✔✔A seller lists a 1.1 acre vacant lot, asking $10,000. His broker decided to offer the
financing himself. The broker runs an ad saying, "A $3,000 downpayment will get you
beautiful residential acreage." Is more credit information required? - ✔✔Yes, because
the downpayment amount was given
✔✔An owner sells a property, and the buyer is going to make a 20% downpayment.
The lender requires to pay two discount points, which turn out to total $1,000. What was
the purchase price? - ✔✔$62,500
*SEE PHONE FOR EXPLANATION
✔✔A person takes control of an abandoned farmhouse and begins to modernize it. She
notifies the property's owner of her intentions to do so and hears nothing back.
Eventually she would be able to take title to this property through: - ✔✔Adverse
possession
✔✔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? - ✔✔Fully amortized
, ✔✔A homeowner with a mortgage sells his home to a purchaser who agrees to assume
the mortgage. The purchaser applies for and obtains the lender's approval, and the
seller is released from liability for the mortgage. This is an example of: - ✔✔Novation
✔✔Bartholomew leases several acres from Stan so he can grow strawberries.
However, when Bartholomew arrives at the property to plant his strawberries, he
realizes that stan is already farming the acreage. Bartholomew does not have to pay
rent to Stan because of the: - ✔✔Covenant of quiet enjoyment
✔✔The closing date is August 16th. The property's fair market value is $180,000. In this
community, property is accessed at 50% of its market value, and the taxes are applied
at 55 mills per dollar of assessed value. Using a 365-day calendar year and assuming
the buyer is responsible for the closing day, what would the buyer prorated share of the
annual property taxes be? - ✔✔$1,871.28
*SEE PHONE FOR INFO
✔✔A buyer is looking at a house in a neighborhood with newly installed sidewalks.
When the buyer asks about taxes, the seller assures her that the home isn't subject to
any special assessments. The buyer's agent should: - ✔✔Advise the buyer that the
property may be subject to special assessment and recommend that the buyer look into
it.
✔✔Which of the following pieces of information must a listing agent convey to a seller? -
✔✔A potential buyer, who has asked for the seller to take back a purchase money
mortgage, has abused her credit in the past.
✔✔The primary purpose of the Truth in Lending Act ( Regulation Z) is to require the
lender to: - ✔✔Disclose the complete cost of credit to consumer loan applicants
✔✔A property management agreement is amended to take into account some changing
circumstances. The amendment must be signed by the owner and: - ✔✔The tenant
✔✔An optionee's rights can be assigned under all of the following circumstances,
except when the: - ✔✔Option money is in the form of a promissory note
✔✔A seller lists his house and sells it "as is" to a buyer. Shortly after the sale closes,
the buyer finds a large hole in the ground next to the house. The hole, which has
caused significant damage to the foundation, was almost certainly intentionally
concealed with leaves and branches. Which of the following is true? - ✔✔Both the seller
and the licensee may be liable
✔✔A contract for the purchase and sale of real property does not contain an adequate
land description. The agreement is: - ✔✔Unenforceable
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔A deed that is not signed by the seller is still considered valid as long as it: - ✔✔Is
signed by an authorized attorney in fact
✔✔A potential buyer gives a seller an offer that doesn't meet the seller's demands in the
listing. What has the buyer given? - ✔✔Offer to purchase
✔✔An exclusive listing agreement is an example of a/an: - ✔✔Express contract
✔✔Which of the following clauses relates to mortgage loan default and requires
immediate payment of debt? - ✔✔Acceleration Clause
✔✔B purchases a small commercial property, and he finances it with a 65% loan. The
lender charges 9.25% annual interest and three discount points. The discount points: -
✔✔Increase the lender's upfront yield
✔✔Moe has an appurtenant easement over Ray's land. Ray's land is called a/an: -
✔✔Servient estate
✔✔Which of the following would MOST LIKELY happen in a land contract? - ✔✔The
vendor retains the title to the property until the final payment is made
✔✔A seller lists a 1.1 acre vacant lot, asking $10,000. His broker decided to offer the
financing himself. The broker runs an ad saying, "A $3,000 downpayment will get you
beautiful residential acreage." Is more credit information required? - ✔✔Yes, because
the downpayment amount was given
✔✔An owner sells a property, and the buyer is going to make a 20% downpayment.
The lender requires to pay two discount points, which turn out to total $1,000. What was
the purchase price? - ✔✔$62,500
*SEE PHONE FOR EXPLANATION
✔✔A person takes control of an abandoned farmhouse and begins to modernize it. She
notifies the property's owner of her intentions to do so and hears nothing back.
Eventually she would be able to take title to this property through: - ✔✔Adverse
possession
✔✔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? - ✔✔Fully amortized
, ✔✔A homeowner with a mortgage sells his home to a purchaser who agrees to assume
the mortgage. The purchaser applies for and obtains the lender's approval, and the
seller is released from liability for the mortgage. This is an example of: - ✔✔Novation
✔✔Bartholomew leases several acres from Stan so he can grow strawberries.
However, when Bartholomew arrives at the property to plant his strawberries, he
realizes that stan is already farming the acreage. Bartholomew does not have to pay
rent to Stan because of the: - ✔✔Covenant of quiet enjoyment
✔✔The closing date is August 16th. The property's fair market value is $180,000. In this
community, property is accessed at 50% of its market value, and the taxes are applied
at 55 mills per dollar of assessed value. Using a 365-day calendar year and assuming
the buyer is responsible for the closing day, what would the buyer prorated share of the
annual property taxes be? - ✔✔$1,871.28
*SEE PHONE FOR INFO
✔✔A buyer is looking at a house in a neighborhood with newly installed sidewalks.
When the buyer asks about taxes, the seller assures her that the home isn't subject to
any special assessments. The buyer's agent should: - ✔✔Advise the buyer that the
property may be subject to special assessment and recommend that the buyer look into
it.
✔✔Which of the following pieces of information must a listing agent convey to a seller? -
✔✔A potential buyer, who has asked for the seller to take back a purchase money
mortgage, has abused her credit in the past.
✔✔The primary purpose of the Truth in Lending Act ( Regulation Z) is to require the
lender to: - ✔✔Disclose the complete cost of credit to consumer loan applicants
✔✔A property management agreement is amended to take into account some changing
circumstances. The amendment must be signed by the owner and: - ✔✔The tenant
✔✔An optionee's rights can be assigned under all of the following circumstances,
except when the: - ✔✔Option money is in the form of a promissory note
✔✔A seller lists his house and sells it "as is" to a buyer. Shortly after the sale closes,
the buyer finds a large hole in the ground next to the house. The hole, which has
caused significant damage to the foundation, was almost certainly intentionally
concealed with leaves and branches. Which of the following is true? - ✔✔Both the seller
and the licensee may be liable
✔✔A contract for the purchase and sale of real property does not contain an adequate
land description. The agreement is: - ✔✔Unenforceable
