Rockwell Exam Real Estate Classes WA Final Exam 1 | Complete Test Review | Study Guide Questions & Expertly Verified Answers | 2026 | 2027 (Rated A+)

Rockwell Exam Real Estate Classes WA Final Exam 1 | Complete Test Review | Study Guide Questions & Expertly Verified Answers | 2026 | 2027 (Rated A+) Quiz_________________? A. A building contractor A building contractor is often involved in selling homes he has built and owns himself. As long as he is acting in this capacity, he does not have to have a real estate license. Note that while an unlicensed person may act as a greeter at an open house, she can't host or conduct tours or even answer questions except to reiterate basic facts about the property from a form prepared by an agent. - ANSWERS Which one of the following people does NOT need a real estate license? A. A building contractor B. A person who sells business opportunities involving real estate C. A person who lists or offers to list real estate D. A person who hosts open houses Quiz_________________? A. A loan to a first-time home buyer The truth in lending act applies to consumer loans. It doesn't cover loans for business, commercial, or agricultural purposes, or loans to corporations or other organizations. - ANSWERS Which of the following loans would be subject to the Truth in Lending Act? A. A loan to a first-time home buyer B. A loan to a homeowners association C. A loan to a residential subdivision developer D. A loan to buy a 20-unit apartment complex Quiz_________________? A. appellant A licensee appealing the outcome of a disciplinary hearing must post a $1,000 appeal bond to cover court costs. In case the superior court judge decides against the licensee. Even if the licensee wins the appeal, the licensee will still be responsible for the cost of a transcript of the hearing. - ANSWERS The cost of an appeal from a final decision made by the director of the department of licensing in an adjudicative proceeding is paid by the: A. appellant B. appellant's real estate brokerage C. Real Estate Commission D. state Attorney General Quiz_________________? A. as long as before Sally agreed to the sale, Al informed her of the upcoming zoning change and what it would mean for the property's value When Al decided to buy the property for himself, his duty to disclose conflicts of interest and material facts to his principal required him to let Sally know all of the circumstances. If he failed to do so, it was self-dealing and a breach of fiduciary duties. - ANSWERS Sally lists her property for sale with Broker Al. Al learns that the property is about to be rezoned to a higher use. He tells Sally he would like to purchase the property himself. She agrees, and the sale closes. Six months later, Al resells the property for a significant profit. This is legal: A. as long as before Sally agreed to the sale, Al informed her of the upcoming zoning change and what it would mean for the property's value. B. as long as he disclosed to Sally the profit made off of the resale, after his sale closed C. only if Al shares his profits with Sally D. under no circumstance Quiz_________________? A. award damages to individuals defrauded by real estate licensees The Director cannot award damages to victims of real estate fraud. Many states have what is called a "recovery fund" from which victims of real estate fraud can recover at least part of their losses. Washington doesn't have such a remedy for the consumer, however. - ANSWERS In a disciplinary action, the Director of Licensing can do any of the following, EXCEPT: A. award damages to individuals defrauded by the real estate licensees B. revoke a license C. deny a license D. refer criminal violations to the prospective attorney in the county where the offense was committed Quiz_________________? A. be a managing broker A managing broker's license authorizes a licensee to manage other licensees. This applies even in the "team" context, not jut to the management of branch offices. - ANSWERS A licensee hires another licensee, who works for the same firm, to be an assistant for negotiating and selling properties. The supervising licensee, in this relationship, must: A. be a managing broker B. be a member of the team C. have a controlling interest in the firm D. take a 30 clock-hour course on supervision Quiz_________________? A. brokerage and licensee must enter into a written agreement The Internal Revenue Service will consider a real estate licensee an independent contractor only if the brokerage firm and the licensee have a written contract saying that the licensee will not be treated as an employee for federal tax purposes. In addition, substantially all of the licensee's compensation must be based commission rather than hours worked. - ANSWERS An independent contractor relationship between a real estate brokerage firm and a license requires that the: A. brokerage and licensee must enter into a written agreement B. brokerage must consider the licensee an employee for tax purposes C. brokerage must set the licensee's daily work schedule D. licensee must be paid primarily based on number of hours worked rather than commission Quiz_________________? A. Building Permit A property owner must obtain a building permit from the city or county before making significant altercations to an existing building. - ANSWERS A homeowner in a recently built subdivision plans to build an extra bedroom extending from the back of the house. Nobody in the subdivision has added on to their houses in a similar manner yet. What would the homeowner need to obtain before he could begin work on this project? A. Building permit B. Certificate of occupancy C. Conforming use permit D. Variance Quiz_________________? A. College Diploma A college diploma is not a requirement for a broker's license - ANSWERS Which of the following is not requirement for a broker's license in the state of Washington? A. College diploma B. Age 18 or older C. Pass a state license examination D. Complete 90 hours of pre-license education Quiz_________________? A. construct fences and driveways survery is used to determine where exactly a property's boundary lines fall. - ANSWERS A survey has been completed, and stakes have been placed marking off the property. The survey can be used to: A. construct fences and driveways B. measure soil stability C. determine freehold interests D. verify known liens