Rockwell Real Estate Exam WA 2
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Terms in this set (83)
At what point in a transaction must D. Before a party signs an offer
you disclose your agency status in
writing? You must disclose your agency status to each
party in a transaction as soon as practicable.
A. at closing However, the initial disclosure may be oral - the
B. when first meeting any potential law doesn't require written confirmation of the
party to the transaction agency disclosure until each party is about to
C. when a party signs an offer sign an offer.
D. Before a party signs an offer
A counteroffer: A. acts as a rejection of the initial offer
A. acts as a rejection of the initial A counteroffer is a rejection of the previous
offer offer. Either a buyer or a seller may make a
B. is used to rescind a previously counteroffer, in response to either the initial or
existing contract previous counteroffer.
C. is used only to make an offer
contingent on a particular event
D. is used when a buyer wants to
make an offer where the seller has
already accepted an offer
Which of the following practices C. Referring a buyer to a Spanish-speaking
would not be an illegal colleague after the buyer expressed a
discriminatory action? preference to work with a Spanish-speaking
agent
A. Always assigning minority
buyers to work with minority It is unlawful to treat certain types of buyers
agents differently from others based on discriminatory
B. Referring all Spanish-speaking reasons. However, there is nothing illegal
buyers to Spanish speaking about honoring a buyer's request to work with
colleagues an agent of a particular ethnicity or national
C. Referring a buyer to a Spanish- origin.
speaking colleague after the
buyer expressed a preference to
work with a Spanish-speaking
agent
D. Failing to transmit an offer from
an Asian buyer to the seller of a
property in an all-white
neighborhood
,If a contingency is not fulfilled D. Either A or B
despite a good faith effort to fulfill
it, what may the person who The party who benefits from a contingency
benefits from the contingency may, if the contingency is not fulfilled,
do? terminate the agreement or waive the
contingency and complete the purchase
A. Terminate the agreement and anyway
have the earnest money deposit
returned
B. Waive the contingency and
continue with the agreement
C. Sue the other party for a
breach of contract
D. Either A or B
Under which type of listing will C. Exclusive right to sell
the seller owe a commission to the
listing agent regardless of who is Under an exclusive right to sell listing, the
the procuring cause of the sale? listing agent will earn a commission if the
property sells during the listing period, even if
A. Open listing another agent or the seller finds the buyer
B. Exclusive agency
C. Exclusive right to sell
D. Net listing
Under which type of listing will an A. Open listing
agent receive a commission only if
he is the procuring cause of the Under an open listing, the seller pays a
sale? commission only if the agent is the person
responsible for bringing about the agreement
A. Open listing between buyer and seller. No commission is
B. Exclusive agency owed if another agent or seller is responsible
C. Exclusive right to sell for the sale.
D. Net listing
All of the following should be A. the due date of the next installment of the
taken into account in choosing a property taxes
closing date, except:
In choosing a closing date, it's important to
A. the due date of the next consider how long it will take for the seller to
installment of the property taxes make any necessary repairs, for the buyer to
B. how long the seller needs to sell her current home, and for any liens to clear.
make any necessary repairs The property tax due date is irrelevant, since
C. whether the buyer needs to sell this expense is prorated between the parties at
her current home closing
D. the time needed to clear way
any liens
, Excise tax is usually paid by the: B. seller
A. buyer the excise tax is tax imposed on the sale of the
B. seller property
C. lender
D. borrower
A conventional loan can be: D. all of the above
A. an ARM A conventional loan is one that is not insured
B. a 15-year loan or guaranteed by a government agency. A
C. a 30-year loan conventional loan does not have a set term
D. All of the above and it may have an adjustable rate.
Which document should be A. Rental agreement
prepared if the buyer plans to
take possession before the If the parties plan to transfer possession of the
closing date? property either before or after the closing
date, they should sign a rental agreement that
A. Rental agreement includes the rental terms and the amount of
B. Sale of buyer's home rent.
contingency
C. Bump notice
D. Backup offer
Which party to a purchase and A. buyer
sale agreement usually benefits
from a contingency? A contingency in a purchase and sale
agreement usually benefits the buyer, by
A. buyer protecting the buyer from having to complete
B. seller the purchase if something doesn't work out.
C. designated broker
D. second buyer
Unless specified in writing, all A. in the brokerage firm's pooled trust account
deposits to a brokerage of or by the closing agent
$10,000 or less will be held:
Trust fund deposits of $10,000 or less must be
A. in the brokerage firm's pooled held in the brokerage's pooled trust account,
trust account or by the closing with interest on the account paid to the state.
agent Earnest money deposits may also be passed
B. in the brokerage firm's directly to the escrow agent.
operations account
C. in the designated broker's
personal account
D. in a trust account set up
specifically for the individual
client
Save
Terms in this set (83)
At what point in a transaction must D. Before a party signs an offer
you disclose your agency status in
writing? You must disclose your agency status to each
party in a transaction as soon as practicable.
A. at closing However, the initial disclosure may be oral - the
B. when first meeting any potential law doesn't require written confirmation of the
party to the transaction agency disclosure until each party is about to
C. when a party signs an offer sign an offer.
D. Before a party signs an offer
A counteroffer: A. acts as a rejection of the initial offer
A. acts as a rejection of the initial A counteroffer is a rejection of the previous
offer offer. Either a buyer or a seller may make a
B. is used to rescind a previously counteroffer, in response to either the initial or
existing contract previous counteroffer.
C. is used only to make an offer
contingent on a particular event
D. is used when a buyer wants to
make an offer where the seller has
already accepted an offer
Which of the following practices C. Referring a buyer to a Spanish-speaking
would not be an illegal colleague after the buyer expressed a
discriminatory action? preference to work with a Spanish-speaking
agent
A. Always assigning minority
buyers to work with minority It is unlawful to treat certain types of buyers
agents differently from others based on discriminatory
B. Referring all Spanish-speaking reasons. However, there is nothing illegal
buyers to Spanish speaking about honoring a buyer's request to work with
colleagues an agent of a particular ethnicity or national
C. Referring a buyer to a Spanish- origin.
speaking colleague after the
buyer expressed a preference to
work with a Spanish-speaking
agent
D. Failing to transmit an offer from
an Asian buyer to the seller of a
property in an all-white
neighborhood
,If a contingency is not fulfilled D. Either A or B
despite a good faith effort to fulfill
it, what may the person who The party who benefits from a contingency
benefits from the contingency may, if the contingency is not fulfilled,
do? terminate the agreement or waive the
contingency and complete the purchase
A. Terminate the agreement and anyway
have the earnest money deposit
returned
B. Waive the contingency and
continue with the agreement
C. Sue the other party for a
breach of contract
D. Either A or B
Under which type of listing will C. Exclusive right to sell
the seller owe a commission to the
listing agent regardless of who is Under an exclusive right to sell listing, the
the procuring cause of the sale? listing agent will earn a commission if the
property sells during the listing period, even if
A. Open listing another agent or the seller finds the buyer
B. Exclusive agency
C. Exclusive right to sell
D. Net listing
Under which type of listing will an A. Open listing
agent receive a commission only if
he is the procuring cause of the Under an open listing, the seller pays a
sale? commission only if the agent is the person
responsible for bringing about the agreement
A. Open listing between buyer and seller. No commission is
B. Exclusive agency owed if another agent or seller is responsible
C. Exclusive right to sell for the sale.
D. Net listing
All of the following should be A. the due date of the next installment of the
taken into account in choosing a property taxes
closing date, except:
In choosing a closing date, it's important to
A. the due date of the next consider how long it will take for the seller to
installment of the property taxes make any necessary repairs, for the buyer to
B. how long the seller needs to sell her current home, and for any liens to clear.
make any necessary repairs The property tax due date is irrelevant, since
C. whether the buyer needs to sell this expense is prorated between the parties at
her current home closing
D. the time needed to clear way
any liens
, Excise tax is usually paid by the: B. seller
A. buyer the excise tax is tax imposed on the sale of the
B. seller property
C. lender
D. borrower
A conventional loan can be: D. all of the above
A. an ARM A conventional loan is one that is not insured
B. a 15-year loan or guaranteed by a government agency. A
C. a 30-year loan conventional loan does not have a set term
D. All of the above and it may have an adjustable rate.
Which document should be A. Rental agreement
prepared if the buyer plans to
take possession before the If the parties plan to transfer possession of the
closing date? property either before or after the closing
date, they should sign a rental agreement that
A. Rental agreement includes the rental terms and the amount of
B. Sale of buyer's home rent.
contingency
C. Bump notice
D. Backup offer
Which party to a purchase and A. buyer
sale agreement usually benefits
from a contingency? A contingency in a purchase and sale
agreement usually benefits the buyer, by
A. buyer protecting the buyer from having to complete
B. seller the purchase if something doesn't work out.
C. designated broker
D. second buyer
Unless specified in writing, all A. in the brokerage firm's pooled trust account
deposits to a brokerage of or by the closing agent
$10,000 or less will be held:
Trust fund deposits of $10,000 or less must be
A. in the brokerage firm's pooled held in the brokerage's pooled trust account,
trust account or by the closing with interest on the account paid to the state.
agent Earnest money deposits may also be passed
B. in the brokerage firm's directly to the escrow agent.
operations account
C. in the designated broker's
personal account
D. in a trust account set up
specifically for the individual
client
