Rockwell Exam Study Guide with Complete Solutions.
A life estate will last until: correct answers The death of the recipient
The deed that states that there is a conveyance of interest, if any, is the: correct answers
Quitclaim deed
A judgement lien correct 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: correct answers Rejected a $90,000
offer from a financially qualified buyer
Usury laws fix which of the following? correct answers Maximum interest rates
For which of the following people Ould an adjustable rate loan not be a good idea? correct
answers A person about to retire
An appraiser needs to be state certified to perform which of the following appraisals? correct
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: correct 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: correct answers Blockbusting
Tests to distinguish a fixture from personal property include all of the following, except: correct
answers Cost of the item
All of the following are required for a valid deed, EXCEPT: correct 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: correct 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: correct answers Variance
Net listings are strongly discouraged because they are likely to be unfair to the: correct answers
Seller
, A promissory note that is secured by a mortgage is: correct 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: correct 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? correct 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: correct 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? correct answers Increase in number of
lots per acre
Which of the following is the most commonly used type of disclosure? correct answers Seller
disclosure statement
Which of the following is a rule or requirement under the Real Estate Settlement Procedures
Act? correct 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: correct 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: correct answers The benefit the property receives from
the improvements
Which of the following statements is true concerning a lead-based paint disclosure correct
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? correct answers Determine replacement cost and
the deduct for depreciation
Which of the following is the best example of non-discriminatory language, according to HUD's
guidelines for the Fair Housing Act? correct answers Female seeking female roommate
A condensed history of the ownership of a property is called a/an: correct answers Abstract of
title
A life estate will last until: correct answers The death of the recipient
The deed that states that there is a conveyance of interest, if any, is the: correct answers
Quitclaim deed
A judgement lien correct 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: correct answers Rejected a $90,000
offer from a financially qualified buyer
Usury laws fix which of the following? correct answers Maximum interest rates
For which of the following people Ould an adjustable rate loan not be a good idea? correct
answers A person about to retire
An appraiser needs to be state certified to perform which of the following appraisals? correct
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: correct 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: correct answers Blockbusting
Tests to distinguish a fixture from personal property include all of the following, except: correct
answers Cost of the item
All of the following are required for a valid deed, EXCEPT: correct 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: correct 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: correct answers Variance
Net listings are strongly discouraged because they are likely to be unfair to the: correct answers
Seller
, A promissory note that is secured by a mortgage is: correct 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: correct 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? correct 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: correct 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? correct answers Increase in number of
lots per acre
Which of the following is the most commonly used type of disclosure? correct answers Seller
disclosure statement
Which of the following is a rule or requirement under the Real Estate Settlement Procedures
Act? correct 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: correct 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: correct answers The benefit the property receives from
the improvements
Which of the following statements is true concerning a lead-based paint disclosure correct
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? correct answers Determine replacement cost and
the deduct for depreciation
Which of the following is the best example of non-discriminatory language, according to HUD's
guidelines for the Fair Housing Act? correct answers Female seeking female roommate
A condensed history of the ownership of a property is called a/an: correct answers Abstract of
title
