Rockwell Exam Real Estate Classes WA Final Exam 1 2025/2026 || QUESTIONS WITH CORRECT DETAILED ANSWERS || 100% GUARANTEED PASS BRAND NEW VERSION

Rockwell Exam Real Estate Classes WA Final Exam 1 2025/2026 || QUESTIONS WITH CORRECT DETAILED ANSWERS || 100% GUARANTEED PASS BRAND NEW VERSION 1. Allen begins providing construction services on May 2 and records a construction lien on May 5. Bart begins providing services on May 3 and records a construction lien on May 4. On May 10, a judgment lien against the property is recorded. The property's owner also receives notice on May 10 that he is in arrears on his property tax payments. Which lien has lien priority? A. Allen's lien B. Bart's lien C. Judgment lien D. Tax lien - ANSWER D. Tax lien 2. The selling agent must NOT accept a promissory note as an earnest money deposit: A. unless the agent knows that the buyer has an excellent credit history B. unless the purchase and sale agreement discloses that the deposit is a note C. unless the seller agreed during negotiation discussion to accept a promissory note D. under any circumstances - ANSWER B. unless the purchase and sale agreement discloses that the deposit is a note 3. An agent shows his customer, who is an Asian-American, homes only in neighborhoods that are predominantly Asian-American. This is called: A. panic selling B. steering C. blockbusting D. redlining - ANSWER B. steering 4. Zoning requirements state that a lot must be at least four times the size of the building located on the lot. An architect draws up plans for a building that is 20,000 square feet. At least how many acres does the lot need to be? A. 1 B. 2 C. 3 D. 4 - ANSWER B. 2 (1 acre is 43,560 sqft) 5. A prospective tenant asks a licensee to show him only properties that do not allow children. How should the licensee respond? A. Say that only bona fide retirement communities may exclude children B. Say that the law requires that all available properties must be shown C. Say that to do so would be steering, and therefore illegal D. Show properties that are billed as "adults only" - ANSWER A. Say that only bona fide retirement communities may exclude children 6. A real estate agent sold a home for $275,000. Prior to closing, the agent's license was revoked on grounds of moral turpitude. With respect to his eligibility for the commission, which of the following statements is true? A. He is eligible for the commission because he was duly licensed when the sale was made B. He is eligible for the commission because he is technically licensed until all appeals have been exhausted C. He is not eligible for a commission because he was not licensed at the time the commission was paid D. He is not eligible for a commission because a license revocation automatically nullifies any right to commissions that are yet unpaid - ANSWER A. He is eligible for the commission because he was duly licensed when the sale was made 7. 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 A. full performance of a contract 8. A home inspection revealed that black mold is present in a home. What should the buyer's agent tell the buyer? A. That black mold is toxic, and that the buyer should not buy the house B. That mold is commonplace, and can be cleaned up with bleach C. To require the seller to remedy the problem D. To seek expert advice - ANSWER D. To seek expert advice 9. A homeowner has an unpaid hospital bill for $20,000. The hospital files suit and wins a judgment for the full amount. Is the homeowner's home (which he owns free and clear) at risk? A. No, because the debt must be at least $25,000 to force a sale B. No, because the debt must exceed the value of the homestead C. Yes, but he may be partly or fully protected by state homestead laws D. Yes, a court may always force a sale to fulfill a judgment - ANSWER C. Yes, but he may be partly or fully protected by state homestead laws 10.A mortgage often includes a clause requiring the lender's consent before another borrower may assume the mortgage. This clause is called a/an: A. power of sale clause B. subordination clause C. defeasance clause D. alienation clause (due-on-sale clause) - ANSWER .D. alienation clause (due-on-sale clause) Alienation clause prevents assumption without the lender's consent by stipulating that the loan balance is due and payable in full if the property is sold 11.Buyer bob and seller sam decided to wait until sam's listing agreement with XYZ real estate agency has expired, to avoid paying a commission. Does the firm have any legal resources? A. Yes, the listing agent can pursue criminal charges B. Yes, the listing agent can sue Bob under the listing agreement C. Yes, the lsiting agent can sue Sam under the lsiting agreement D. No, the listing agent has no further resources - ANSWER D. No, the listing agent has no further resources If a listing agreement does not include an extender clause, no resources. 12.A mortgage that uses both real and personal property to secure the borrower's debt is a: A. reverse equity mortgage B. budget mortgage C. package mortgage D. deed of trust - ANSWER C. Package mortgage uses both real and personal property as collateral 13.When a borrower maks payments on a fully amoritized loan, her debt service payments will cover: A. only principal on the loan B.only interest on the loan C.both principal and interest on the loan D. principal, interest, taxes, and insurance - ANSWER C. principal and interest on a loan A fully amortized loan is repaid through regular paymets that include both apportion of the principal and interest. Final payment will pay off the principal balance, leaving no need for a balloon payment. 14.An appraiser is trying to estimate depreciatation when valuing an older residential rental property, but is finding it difficult because no comparables have sold recently. However, the appraiser can find sufficient data on rental rates in the same market, and a capitalization rate can be supported. Which approach to value should the appraiser use? A. Cost B. Income C. Market Data D. Sales comparison - ANSWER B. Income If comparables sales aren't avaibale anf the accrued depreciation is difficult the estimate, but the data necessary to use the income approach are availablr, then it's appropriate to use the income approach. 15.The term "familial status" in the Fair Housing Act refers to the presence of: A. adult children of tenants living on the property B. children under the age of 18 living on the property C. disabled persons living on the property D. unmarried persons living on the property - ANSWER B. children under the age of 18 living on the property Discrimination based on familial status refers to discrimination against someone because a child (a person under 18 years old) is or will be living on the property. In addition to parents, this rule protects legal guardians, pregnant women, and people in the process of obtaining custody of a child. 16.A type of lease that allows the lessor to share in the increasing sales generated by a retail property is a/an: A. percentage lease B. graduated lease C. index lease D. net lease - ANSWER A. Percentage lease Percentage leases are frequently used in shopping centers and with other retail properties. They enable the landlord to share in the tenant's profits as part of the rent. 17.An apartment building has eight units; each units rents for $800 per month. The property can also be expected to earn $4,000 per year from laundry and vending machines. An appraiser estimates that the property typically operates with a 5% vacancy factor. What is the property's estimated annual effective gross income? - ANSWER D. $76,960 18.Multiply the eight units in the building by the monthly income (8 x $800 = $6, 400) Multiply that by 12 months per year, to find the annual income (12 x $6,400 = $76,800). Calculate what is 5% of that amount ($76,800 x .05 = $3,840). and subtract that amount from the annual income ($76,800 - $3,840 = $72,960). Add the $4,000 in additional revenue (which is not subject to the vacancy factor) to find the effective gross income ($72,960 + $4,000 = $76,960). 19.Meridians and base lines relate to the: A. lot and block method B. metes and bounds method C. recorded map method D. rectangular survey method - ANSWER D. rectangular survey method The rectangular survey system, also known as the government survey system, divides the land into a series of grids, identified by meridians and base lines. 20.An investor would like to invest in real estate, but without being involved in management or subjecting himself to any personal liability. He should invest in a: A. general partnership B. joint venture C. limited partnership D. Sole partnership - ANSWER C. limited partnership In a limited partnership, the limited partners are not personally liable for the partnership's debts and obligations. Limited partners are commonly passive investors who aren't directly involved in managing the business. 21.Special assessments levied against a property for local improvements, such as streetlights and sidewalks, are computed on the basis of: A. the market value of the property B. the benefit the property receives from the improvements C. a recent appraisal of the property D. the square footage of the land - ANSWER B. the benefit the property receives from the improvements As a rule, special assessments are allocated according to the benefits each property receives, instead of the market value of the property. Thus a special assessment is not an ad valorem tax. Sometimes the allocation is based on the front footage of the lot, if the assessment is levied to pay for the storm drains, curbs, and gutters. 22.A legal action brought in court to compel a party to fulfill the terms of a contract because the land is unique and money damages would not adequately compensate the party victimized by a breach is called a/an: A. partition action B. suit for specific performance C. quiet title action D. injunction - ANSWER B. suit for specific performance The legal premise that no two properties are alike is the basis for a suit for specific performance, which asks the court to order someone who has breached to actually perform the contract as agreed (deliver the deed to the buyer), rather than simply pay money damages. 23.Under which of the following circumstances would a listing be terminated? A. Real estate agent who took the listing dies B. Seller dies C. Property is rezoned after listing is signed D. Listing agent goes to work for another firm - ANSWER B. Seller Dies According to agency law, if either the principal (in this case the seller) or the agent dies, the agency is terminated. However, the "agent" in an agency relationship is the real estate firm, not the individual who took the listing, so the listing is still in effect even if the individual real estate agent dies or moves to another firm.