Rockwell WA Real Estate Practice
Exam Complete Questions With
Verified Answers
\.A property is listed for $275,000. The buyers offer $265,000, and insist that the gourmet six-
burner stove remain with the property. When the signed offer is presented to the sellers, the
sellers accept the price, but want to take the stove with them. They cross out the item about
the stove, sign the form, and return it to the buyers. Under these circumstances: - Answer-A.
there is now a valid contract that has been signed by all parties
B. the offer has been invalidated and the buyers will need to begin looking for a new property
C. the sellers can turn around and accept the original offer, if the buyers won't go along with
giving up the stove
***D. the original offer is terminated, and the sellers have made a counteroffer
\.A buyer is looking at a house in a neighborhood with newly installed sidewalks. When the
buyer asks about taxes, the seller assures her that the home isn't subject to any special
assessments. The buyer's agent should: - Answer-A. advise the buyer that the property may be
subject to special assessments and recommend that the buyer look into it
B. check the county records to see if the property has any special assessments pending against it
C. contact an attorney to begin an investigation of the matter
,D. say nothing and take the seller's word for it
\.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: - Answer-***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
\.A licensee would not be disciplined for: - Answer-A. accepting compensation from both parties
to a transaction without a written disclosure
B. failing to adequately supervise an employee who misrepresents a property to a prospect
C. failing to include the firm's name, as licensed, in an advertisement
***D. offering to advertise a property, for a fee, for a "For Sale by Owner" seller
\.Jesse, Kim, and Diane own a home together as joint tenants. If Jesse dies, her property
interest: - Answer-A. will be inherited by her children according to the provisions of her will
B. must be bequeathed to Kim and Diane in her will
C. will be automatically devised to her heirs
,***D. will be automatically transferred (conveyed) to Kim and Diane
\.The deed that states that there is a conveyance of interest, if any, is the: - Answer-A. grant
deed
B. bargain and sale deed
***C. quitclaim deed
D. special warranty deed
\.The selling agent must NOT accept a promissory note as an earnest money deposit: - Answer-
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
\.Net listings are strongly discouraged because they are likely to be unfair to the: - Answer-A.
broker
B. buyer
***C. seller
, D. All of the above
\.A movie theater was built ten years ago. If the neighborhood is now zoned entirely residential,
the movie theater: - Answer-A. will have to be torn down
B. must be remodeled to better conform to the neighborhood's intended use
C. will be allowed to continue if the owner obtains a conditional use permit
***D. will be allowed to continue since it was built before the new zoning law went into effect
\.John, Kevin, and Lyle own a property as tenants in common, but only Kevin and Lyle live on the
property. John would like to sell the property for redevelopment, but Kevin and Lyle refuse.
What is John's best option? - Answer-A. Charge Kevin and Lyle rent
B. Create a trust to manage the property
C. Evict Kevin and Lyle
***D. Obtain a court order to sell the property
\.A licensee locates what seems like a ready, willing, and able buyer. However, the deal falls
through at closing because the buyer can't obtain necessary financing. At the same time,
though, the seller turns out to be unable to provide marketable title. Does the seller still owe a
commission to the listing agent in this case? - Answer-A. No, because the sale didn't close
***B. No, because there was no ready, willing, and able buyer
Exam Complete Questions With
Verified Answers
\.A property is listed for $275,000. The buyers offer $265,000, and insist that the gourmet six-
burner stove remain with the property. When the signed offer is presented to the sellers, the
sellers accept the price, but want to take the stove with them. They cross out the item about
the stove, sign the form, and return it to the buyers. Under these circumstances: - Answer-A.
there is now a valid contract that has been signed by all parties
B. the offer has been invalidated and the buyers will need to begin looking for a new property
C. the sellers can turn around and accept the original offer, if the buyers won't go along with
giving up the stove
***D. the original offer is terminated, and the sellers have made a counteroffer
\.A buyer is looking at a house in a neighborhood with newly installed sidewalks. When the
buyer asks about taxes, the seller assures her that the home isn't subject to any special
assessments. The buyer's agent should: - Answer-A. advise the buyer that the property may be
subject to special assessments and recommend that the buyer look into it
B. check the county records to see if the property has any special assessments pending against it
C. contact an attorney to begin an investigation of the matter
,D. say nothing and take the seller's word for it
\.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: - Answer-***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
\.A licensee would not be disciplined for: - Answer-A. accepting compensation from both parties
to a transaction without a written disclosure
B. failing to adequately supervise an employee who misrepresents a property to a prospect
C. failing to include the firm's name, as licensed, in an advertisement
***D. offering to advertise a property, for a fee, for a "For Sale by Owner" seller
\.Jesse, Kim, and Diane own a home together as joint tenants. If Jesse dies, her property
interest: - Answer-A. will be inherited by her children according to the provisions of her will
B. must be bequeathed to Kim and Diane in her will
C. will be automatically devised to her heirs
,***D. will be automatically transferred (conveyed) to Kim and Diane
\.The deed that states that there is a conveyance of interest, if any, is the: - Answer-A. grant
deed
B. bargain and sale deed
***C. quitclaim deed
D. special warranty deed
\.The selling agent must NOT accept a promissory note as an earnest money deposit: - Answer-
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
\.Net listings are strongly discouraged because they are likely to be unfair to the: - Answer-A.
broker
B. buyer
***C. seller
, D. All of the above
\.A movie theater was built ten years ago. If the neighborhood is now zoned entirely residential,
the movie theater: - Answer-A. will have to be torn down
B. must be remodeled to better conform to the neighborhood's intended use
C. will be allowed to continue if the owner obtains a conditional use permit
***D. will be allowed to continue since it was built before the new zoning law went into effect
\.John, Kevin, and Lyle own a property as tenants in common, but only Kevin and Lyle live on the
property. John would like to sell the property for redevelopment, but Kevin and Lyle refuse.
What is John's best option? - Answer-A. Charge Kevin and Lyle rent
B. Create a trust to manage the property
C. Evict Kevin and Lyle
***D. Obtain a court order to sell the property
\.A licensee locates what seems like a ready, willing, and able buyer. However, the deal falls
through at closing because the buyer can't obtain necessary financing. At the same time,
though, the seller turns out to be unable to provide marketable title. Does the seller still owe a
commission to the listing agent in this case? - Answer-A. No, because the sale didn't close
***B. No, because there was no ready, willing, and able buyer
