Rockwell Real Estate Exam 1 Questions with Correct Answers Verified by
Experts| Latest Update
A judgment lien:
A. applies only to personal property
B. applies only to real property
C. takes first lien position
D. when paid off, requires a satisfaction of judgment to be recorded to clear the record D.
when paid off, requires a satisfaction of judgment to be recorded to clear the record
An unlicensed assistant will be compensated when a transaction closes. Is this permissible?
A. No, because an unlicensed assistant's compensation may not be contingent on sales being
completed
B. No, unless the unlicensed assistant is an independent contractor who has signed a
contingent compensation agreement
C. Yes, if the assistant's work was specifically relevant to the sale closing
D. Yes, unlicensed assistants are usually compensated by commission A. No, because an
unlicensed assistant's compensation may not be contingent on sales being completed
Closing is set for August 1. The seller has already paid the property taxes for the year, totaling
$6,000. How much of that amount is the buyer's responsibility?
A. $2,000
B. $2,500
C. $3,000
D. $3,500 B. $2,500
Pamela would like to get a Washington broker's license. Which requirement must she meet?
,A. Four-year college degree
B. Be a Washington resident
C. Be at least 21 years of age
D. Complete a course in Fundamentals D. Complete a course in Fundamentals
A property is listed for $275,000. The buyers offer $265,000, and insist that the gourmet six-
burner stove remain with the property. When the signed offer is presented to the sellers, the
sellers accept the price, but want to take the stove with them. They cross out the item about
the stove, sign the form, and return it to the buyers. Under these circumstances:
A. there is now a valid contract that has been signed by all parties
B. the offer has been invalidated and the buyers will need to begin looking for a new property
C. the sellers can turn around and accept the original offer, if the buyers won't go along with
giving up the stove
D. the original offer is terminated, and the sellers have made a counteroffer D. the original
offer is terminated, and the sellers have made a counteroffer
Chin, a home seller, is talking to his real estate agent. He mentions that he rents the backup
generator; it doesn't belong to him. The generator would be considered:
A. a fixture
B. a natural attachment
C. a trade fixture
D. personal property D. personal property
Personal property of the company that owns it. Belongs to rental company
Price fixing (including setting commission rates in a community) is prohibited by the:
,A. state Usury Act
B. federal Regulation Z
C. Sherman Antitrust Act and state antitrust laws
D. federal Real Estate Settlement Procedures Act C. Sherman Antitrust Act and state
antitrust laws
Real estate transaction records should be kept for a minimum of:
A. one year
B. two years
C. three years
D. four years C. three years
Usury laws fix which of the following?
A. Minimum interest rates
B. Maximum interest rates
C. Length of time for repayment of loans
D. Loan-to-value ratios B. Maximum interest rates
State usury laws set maximum interest rates for certain types of loans
When part of the land is removed, but the boundaries of a property generally stay the same, it
is known as:
A. accretion
B. adverse possession
, C. avulsion
D. partition C. avulsion
Avulsion is the sudden change in a property due to natural forces
Which of the following is most likely to be considered a fixture?
A. Draperies
B. Lamp
C. Plumbing
D. Washing machine C. Plumbing
An Internet website operated by a licensee displays the properties he has listed. The site must
give the:
A. physical location of the properties
B. brokerage's licensed name
C. brokerage's email address
D. physical location of the real estate firm's office B. brokerage's licensed name
The seller listed the property for $95,000. Assuming that their listing agreement is typical, the
broker would NOT be entitled to a commission if the seller:
A. rejected a $90,000 offer from a financially qualified buyer
B. accepted a $90,000 offer from a financially qualified buyer
C. accepted a $95,000 offer, but his title turned out to be unmarketable
D. rejected a $95,000 offer from a financially qualified buyer A. rejected a $90,000 offer
from a financially qualified buyer
Experts| Latest Update
A judgment lien:
A. applies only to personal property
B. applies only to real property
C. takes first lien position
D. when paid off, requires a satisfaction of judgment to be recorded to clear the record D.
when paid off, requires a satisfaction of judgment to be recorded to clear the record
An unlicensed assistant will be compensated when a transaction closes. Is this permissible?
A. No, because an unlicensed assistant's compensation may not be contingent on sales being
completed
B. No, unless the unlicensed assistant is an independent contractor who has signed a
contingent compensation agreement
C. Yes, if the assistant's work was specifically relevant to the sale closing
D. Yes, unlicensed assistants are usually compensated by commission A. No, because an
unlicensed assistant's compensation may not be contingent on sales being completed
Closing is set for August 1. The seller has already paid the property taxes for the year, totaling
$6,000. How much of that amount is the buyer's responsibility?
A. $2,000
B. $2,500
C. $3,000
D. $3,500 B. $2,500
Pamela would like to get a Washington broker's license. Which requirement must she meet?
,A. Four-year college degree
B. Be a Washington resident
C. Be at least 21 years of age
D. Complete a course in Fundamentals D. Complete a course in Fundamentals
A property is listed for $275,000. The buyers offer $265,000, and insist that the gourmet six-
burner stove remain with the property. When the signed offer is presented to the sellers, the
sellers accept the price, but want to take the stove with them. They cross out the item about
the stove, sign the form, and return it to the buyers. Under these circumstances:
A. there is now a valid contract that has been signed by all parties
B. the offer has been invalidated and the buyers will need to begin looking for a new property
C. the sellers can turn around and accept the original offer, if the buyers won't go along with
giving up the stove
D. the original offer is terminated, and the sellers have made a counteroffer D. the original
offer is terminated, and the sellers have made a counteroffer
Chin, a home seller, is talking to his real estate agent. He mentions that he rents the backup
generator; it doesn't belong to him. The generator would be considered:
A. a fixture
B. a natural attachment
C. a trade fixture
D. personal property D. personal property
Personal property of the company that owns it. Belongs to rental company
Price fixing (including setting commission rates in a community) is prohibited by the:
,A. state Usury Act
B. federal Regulation Z
C. Sherman Antitrust Act and state antitrust laws
D. federal Real Estate Settlement Procedures Act C. Sherman Antitrust Act and state
antitrust laws
Real estate transaction records should be kept for a minimum of:
A. one year
B. two years
C. three years
D. four years C. three years
Usury laws fix which of the following?
A. Minimum interest rates
B. Maximum interest rates
C. Length of time for repayment of loans
D. Loan-to-value ratios B. Maximum interest rates
State usury laws set maximum interest rates for certain types of loans
When part of the land is removed, but the boundaries of a property generally stay the same, it
is known as:
A. accretion
B. adverse possession
, C. avulsion
D. partition C. avulsion
Avulsion is the sudden change in a property due to natural forces
Which of the following is most likely to be considered a fixture?
A. Draperies
B. Lamp
C. Plumbing
D. Washing machine C. Plumbing
An Internet website operated by a licensee displays the properties he has listed. The site must
give the:
A. physical location of the properties
B. brokerage's licensed name
C. brokerage's email address
D. physical location of the real estate firm's office B. brokerage's licensed name
The seller listed the property for $95,000. Assuming that their listing agreement is typical, the
broker would NOT be entitled to a commission if the seller:
A. rejected a $90,000 offer from a financially qualified buyer
B. accepted a $90,000 offer from a financially qualified buyer
C. accepted a $95,000 offer, but his title turned out to be unmarketable
D. rejected a $95,000 offer from a financially qualified buyer A. rejected a $90,000 offer
from a financially qualified buyer
