Rockwell Fundamental Final Exam #1 Questions with
Answers (100% Correct Answers)
Which of the following is most likely to be considered a fixture?
A. Draperies
B. Lamp
C. Plumbing
D. Washing Machine —Answer: C. Plumbing
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 —Answer: C. the death of the recipient
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
D. special warranty deed —Answer: C. quitclaim deed
A judgement lien:
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,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 —
Answer: D. when paid off, requires a satisfaction of judgement to be recorded to clear the
record
The police powers of the government include:
A. defeasance
B. foreclosure
C. lis pendens
D. building codes and zoning regulations —Answer: D. building codes and zoning regulations
The term "meeting of the minds" is associated with
A. full performance of a contract
B. offer and acceptance
C. execution
D. tender of an offer —Answer: B. offer and acceptance
Exaggeration about a property's positive characteristics would be considered:
A. fraud
B. misrepresentation
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,C. overstating
D. puffing —Answer: D. puffing
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 —Answer: A. rejected a $90,000
offer from a financially qualified buyer
A contract specifies that "time is of the essence." This means that:
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 —
Answer: D. all contractual duties must be fulfilled on or before the date set forth in the contract
Usary laws fix which of the following?
A. minimum interest rates
B. maximum interest rates
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, C. Length of time for repayment of loans
D. loan-to-value ratios —Answer: B. maximum interest rates
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
D. A person whose income is expected to go up soon —Answer: A. a person about to retire
An appraiser needs to be state-certified to perform which of the following appraisals?
A. appraisal of a residence valued at $200,000
B. appraisal of a residence valued at $500,000
C. appraisal related to a loan that will be issued by a federally insured lender
D. appraisal related to an FHA loan —Answer: D. 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:
a. credit to the buyer
b. credit to the seller
c. debit (charge) to the buyer
d. debit (charge) to the seller —Answer: A. Credit to the buyer
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Answers (100% Correct Answers)
Which of the following is most likely to be considered a fixture?
A. Draperies
B. Lamp
C. Plumbing
D. Washing Machine —Answer: C. Plumbing
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 —Answer: C. the death of the recipient
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
D. special warranty deed —Answer: C. quitclaim deed
A judgement lien:
© 2025 All rights reserved
,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 —
Answer: D. when paid off, requires a satisfaction of judgement to be recorded to clear the
record
The police powers of the government include:
A. defeasance
B. foreclosure
C. lis pendens
D. building codes and zoning regulations —Answer: D. building codes and zoning regulations
The term "meeting of the minds" is associated with
A. full performance of a contract
B. offer and acceptance
C. execution
D. tender of an offer —Answer: B. offer and acceptance
Exaggeration about a property's positive characteristics would be considered:
A. fraud
B. misrepresentation
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,C. overstating
D. puffing —Answer: D. puffing
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 —Answer: A. rejected a $90,000
offer from a financially qualified buyer
A contract specifies that "time is of the essence." This means that:
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 —
Answer: D. all contractual duties must be fulfilled on or before the date set forth in the contract
Usary laws fix which of the following?
A. minimum interest rates
B. maximum interest rates
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, C. Length of time for repayment of loans
D. loan-to-value ratios —Answer: B. maximum interest rates
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
D. A person whose income is expected to go up soon —Answer: A. a person about to retire
An appraiser needs to be state-certified to perform which of the following appraisals?
A. appraisal of a residence valued at $200,000
B. appraisal of a residence valued at $500,000
C. appraisal related to a loan that will be issued by a federally insured lender
D. appraisal related to an FHA loan —Answer: D. 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:
a. credit to the buyer
b. credit to the seller
c. debit (charge) to the buyer
d. debit (charge) to the seller —Answer: A. Credit to the buyer
© 2025 All rights reserved
