Rockwell Final Exam Questions with Answers (100% Correct
Answers)
a survey has been completed, and stakes have been placed marking off the property. The
survey can be used: —Answer: Construct ifences and drivesways
a tenancy in which the tenant is in possession with the permission of the landlord, but there is
no definite rental period or duration of possession, i called a/an —Answer: estate at will
when title to property is lost but the property bounaries remain the same, it is: —Answer:
alienation
a plaintiff files a lawsuit involving a property and also and also files a separate document
intended to provide notice of the lawsuit. This record notice of a pending legal acton is called
a/an: —Answer: lis pendens
an increasingly common land use pattern allows for subdivisions with smaller lot sizes and
little or no setback and sideboard requirements while keeping the same density rations. these
are know as: —Answer: planned unit developments
A and B sign a rental agreement in which A agrees to lease her property to B in exchange for
rent. This contract is: —Answer: Bilateral
a real estate agent has assisted an investor with the purchase of a number of commercial
properties. the investor will be out of the country for part of the year and asks the agent to
manage all aspects of those properties during that time, including advertising and leasing. The
real estate agent will be a/an: —Answer: general agent
at closing, a sale doesnt go through because the seller's anticipated transfer to another city gets
suddenly postponed, and the seller no longer wants to sell. Does the seller owe the listing agent
a commission in this situation. —Answer: yes, because the seller won't provide marketable
title, which is considered a default.
Legally, how much earnest money must be submitted with a valid purchase and sale
agreement. —Answer: no earnest money is required
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,the mortgagee assigns its interest and the signee records the assignment. The mortgagor now
needs to make payments to the: —Answer: assignee
a buyer is unfamiliar with the concept of discount points and asks a license to explain. the
licensee responds "discount points are used to replace funds that are being held by the Federal
Reserve, so that more funds are available to lend" Is this description correct? —Answer: No,
discount points are used to increase the yield for lenders who will sell the loans on the
secondary market
a percolation test will examine the: —Answer: soils ability to absorb and retain water
a $4,500 earnest money check bounces because of insufficient funds. The first thing the broker
should do is: —Answer: notify the principles
a seller tell a real estate agent that she has lived in the neighborhood for a long time and would
like to select —Answer: end her agency with the seller, as it would be a violation of the fera
a property manager bases the operating budget on: —Answer: anticipated expenses and
revenue
a parcel measures 198 by 330 feet. it is sold for $30,000. what was the price per acre? —Answer:
$20,000: 198 ft. x 33 ft = 65,340 sqft. 65,340 square feet / 43,560 =1.5 acres. $30,000 /1.5 acres=
$20,000 per acre
Meridians and bases lines relate to the: —Answer: rectangular survey method
which of following would characterize a tenancy in common —Answer: tenants can will a
partial interest in the party
a buyer accepts a general warranty deed from a seller, believing that the seller is the sole owner
of the property. the buyer later finds that the seller is only a co-owner. Has a covenant in the
general warranty deed been violated —Answer: yes, there is covenant providing marketable
title
K buys a piece of landlocked property from L on the candition that L provide an easement
across the property for ingress and egress. the easement isn't recorded. K later sells the
property. I the easement still valid for the new owner? —Answer: Yes, because an easement of
this type runs with the land, rather than belonging to an individual a
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, a licensee is helping her buyer purchase some buyer purchase some property. The buyer would
like to make an offer on a corner lot that may have once been used as a storage site for a heating
oil company. the licensee should advice her buyer to: —Answer: consult with an environment
expert
when can a minor enter into a binding contract: —Answer: if a guardian co-signs
late on a Friday afternoon, an agent receives an offer on a property that she has listed, for
$10,000 less than the listed price. The sellers will be aways all weekend. The agent should: —
Answer: try to get the offer to them as soon as possible on Friday
Gail gives ABC realty a listing that stipulates it is the only real estate firm authorized to list her
home. at the same time she insists on including a provision that would allow her to sell the
home herself without paying a commission to ABC. Which of the following describes the kid of
listing she has created: —Answer: exclusive agency listing
a buyer makes an offer to purchase on May 2. the offer includes a promise to deposit $5,000 in
earnest money within two business days after mutual acceptance. The offer is contingent on
results of soil feasibility report. On May 5 the seller accepts the offer. Mon May 17 the soil
feasibility report comes back and is approved by the buyer. by what dates does the earnest
money need to be deposited: —Answer: May 7
a contract for deed wouldn't be a good idea if the seller's mortgage has a/an: —Answer:
alienation clause
a buyer is getting a loan to purchase a five-acre apple farm with no residence on it. The Truth in
Lending Acting Requires: —Answer: non disclosure, because the land is agricultural
An agent is perfuming a competitive market analysis for a potential client, working with four
comparable. Which of the following comparables would require an upward adjustment in its
sales price: —Answer: comparables X: lacks a garage, which the subject property has
a prospective tenant applies to rent a unit in a 12-unit apartment building, where the owner
lives in one of the unites and handles all lease transactions on his own. The tenant us turnd
down, and believes he has been discriminated against on the basis of his race. —Answer: If
true, this would be: unlawful, because this is a 12-unit building
as a property manager, you may: —Answer: offer inducements to prospective tenants
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Answers)
a survey has been completed, and stakes have been placed marking off the property. The
survey can be used: —Answer: Construct ifences and drivesways
a tenancy in which the tenant is in possession with the permission of the landlord, but there is
no definite rental period or duration of possession, i called a/an —Answer: estate at will
when title to property is lost but the property bounaries remain the same, it is: —Answer:
alienation
a plaintiff files a lawsuit involving a property and also and also files a separate document
intended to provide notice of the lawsuit. This record notice of a pending legal acton is called
a/an: —Answer: lis pendens
an increasingly common land use pattern allows for subdivisions with smaller lot sizes and
little or no setback and sideboard requirements while keeping the same density rations. these
are know as: —Answer: planned unit developments
A and B sign a rental agreement in which A agrees to lease her property to B in exchange for
rent. This contract is: —Answer: Bilateral
a real estate agent has assisted an investor with the purchase of a number of commercial
properties. the investor will be out of the country for part of the year and asks the agent to
manage all aspects of those properties during that time, including advertising and leasing. The
real estate agent will be a/an: —Answer: general agent
at closing, a sale doesnt go through because the seller's anticipated transfer to another city gets
suddenly postponed, and the seller no longer wants to sell. Does the seller owe the listing agent
a commission in this situation. —Answer: yes, because the seller won't provide marketable
title, which is considered a default.
Legally, how much earnest money must be submitted with a valid purchase and sale
agreement. —Answer: no earnest money is required
© 2025 All rights reserved
,the mortgagee assigns its interest and the signee records the assignment. The mortgagor now
needs to make payments to the: —Answer: assignee
a buyer is unfamiliar with the concept of discount points and asks a license to explain. the
licensee responds "discount points are used to replace funds that are being held by the Federal
Reserve, so that more funds are available to lend" Is this description correct? —Answer: No,
discount points are used to increase the yield for lenders who will sell the loans on the
secondary market
a percolation test will examine the: —Answer: soils ability to absorb and retain water
a $4,500 earnest money check bounces because of insufficient funds. The first thing the broker
should do is: —Answer: notify the principles
a seller tell a real estate agent that she has lived in the neighborhood for a long time and would
like to select —Answer: end her agency with the seller, as it would be a violation of the fera
a property manager bases the operating budget on: —Answer: anticipated expenses and
revenue
a parcel measures 198 by 330 feet. it is sold for $30,000. what was the price per acre? —Answer:
$20,000: 198 ft. x 33 ft = 65,340 sqft. 65,340 square feet / 43,560 =1.5 acres. $30,000 /1.5 acres=
$20,000 per acre
Meridians and bases lines relate to the: —Answer: rectangular survey method
which of following would characterize a tenancy in common —Answer: tenants can will a
partial interest in the party
a buyer accepts a general warranty deed from a seller, believing that the seller is the sole owner
of the property. the buyer later finds that the seller is only a co-owner. Has a covenant in the
general warranty deed been violated —Answer: yes, there is covenant providing marketable
title
K buys a piece of landlocked property from L on the candition that L provide an easement
across the property for ingress and egress. the easement isn't recorded. K later sells the
property. I the easement still valid for the new owner? —Answer: Yes, because an easement of
this type runs with the land, rather than belonging to an individual a
© 2025 All rights reserved
, a licensee is helping her buyer purchase some buyer purchase some property. The buyer would
like to make an offer on a corner lot that may have once been used as a storage site for a heating
oil company. the licensee should advice her buyer to: —Answer: consult with an environment
expert
when can a minor enter into a binding contract: —Answer: if a guardian co-signs
late on a Friday afternoon, an agent receives an offer on a property that she has listed, for
$10,000 less than the listed price. The sellers will be aways all weekend. The agent should: —
Answer: try to get the offer to them as soon as possible on Friday
Gail gives ABC realty a listing that stipulates it is the only real estate firm authorized to list her
home. at the same time she insists on including a provision that would allow her to sell the
home herself without paying a commission to ABC. Which of the following describes the kid of
listing she has created: —Answer: exclusive agency listing
a buyer makes an offer to purchase on May 2. the offer includes a promise to deposit $5,000 in
earnest money within two business days after mutual acceptance. The offer is contingent on
results of soil feasibility report. On May 5 the seller accepts the offer. Mon May 17 the soil
feasibility report comes back and is approved by the buyer. by what dates does the earnest
money need to be deposited: —Answer: May 7
a contract for deed wouldn't be a good idea if the seller's mortgage has a/an: —Answer:
alienation clause
a buyer is getting a loan to purchase a five-acre apple farm with no residence on it. The Truth in
Lending Acting Requires: —Answer: non disclosure, because the land is agricultural
An agent is perfuming a competitive market analysis for a potential client, working with four
comparable. Which of the following comparables would require an upward adjustment in its
sales price: —Answer: comparables X: lacks a garage, which the subject property has
a prospective tenant applies to rent a unit in a 12-unit apartment building, where the owner
lives in one of the unites and handles all lease transactions on his own. The tenant us turnd
down, and believes he has been discriminated against on the basis of his race. —Answer: If
true, this would be: unlawful, because this is a 12-unit building
as a property manager, you may: —Answer: offer inducements to prospective tenants
© 2025 All rights reserved
