ROCKWELL FUNDAMENTAL FINAL EXAM VERSIONS 400 QUESTIONS AND CORRECT DETAILED SOLUTIONS JUST RELEASED THIS YEAR

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ROCKWELL FUNDAMENTAL FINAL EXAM
VERSIONS 400 QUESTIONS AND CORRECT
DETAILED SOLUTIONS JUST RELEASED THIS YEAR

ROCKWELL FUNDAMENTAL EXAM A

Question: Exaggeration about a property's positive characteristics would be considered:

A. fraud

B. misrepresentation

C. overstating

D. puffing - CORRECT ANSWER✔✔D. puffing




Question: 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 - CORRECT ANSWER✔✔A. rejected
a $90,000 offer from a financially qualified buyer




Question: A contract specifies that "time is of the essence." This means that:


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A. the seller must fulfill her contractual duties by the date set forth in the contract, but the
buyer does not have to

B. the buyer must fulfill her contractual duties by the date set forth in the contract, but the
seller does not have to

C. the agent must fulfill his contractual duties by the date set forth in the contract, but the
buyer and seller do not have to

D. all contractual duties must be fulfilled on or before the date set forth in the contract -
CORRECT ANSWER✔✔D. all contractual duties must be fulfilled on or before the date set forth
in the contract




Question: Usary 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 - CORRECT ANSWER✔✔B. maximum interest rates




Question: For which of the following people would an adjustable-rate loan not be a good idea?

A. a person about to retire

B. A person planning to refinance after several years

C. A person who will live in the house only a short time




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D. A person whose income is expected to go up soon - CORRECT ANSWER✔✔A. a person about
to retire




Question: Which of the following is most likely to be considered a fixture?

A. Draperies

B. Lamp

C. Plumbing

D. Washing Machine - CORRECT ANSWER✔✔C. Plumbing




Question: A life estate will last until:

A. economic conditions render it unfeasible

B. the death of the grantor

C. the death of the recipient

D. the recipient moves out - CORRECT ANSWER✔✔C. the death of the recipient




Question: 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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D. special warranty deed - CORRECT ANSWER✔✔C. quitclaim deed




Question: A judgement 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 judgement to be recorded to clear the record -
CORRECT ANSWER✔✔D. when paid off, requires a satisfaction of judgement to be recorded to
clear the record




Question: The police powers of the government include:

A. defeasance

B. foreclosure

C. lis pendens

D. building codes and zoning regulations - CORRECT ANSWER✔✔D. building codes and zoning
regulations




Question: The term "meeting of the minds" is associated with

A. full performance of a contract

B. offer and acceptance


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