Page 1 of 183
ROCKWELL WA REAL ESTATE PRACTICE EXAM WITH 500
QUESTIONS AND CORRECT DETAILED SOLUTIONS JUST
RELEASED THIS YEAR
Question: A real estate agent lists Harold's home, which he owns as a life estate. Harold's
children hold the remainder interest. Which of the following is true?
a. someone who buys Harold's life estate receives only the interest held by Harold
b. Harold's children need to sign the listing agreement
c. The buyer will automatically receive a fee simple absolute interest
d. Since a life estate cannot be sold, the listing is invalid - CORRECT ANSWER✔✔a. someone
who buys Harold's life estate receives only the interest held by Harold
Question: The entity that determines the maximum number of people who may legally live in a
rental unit is the:
a. Department of Housing and Urban Development
b. state government
c. local health department and zoning authority
d. property owner - CORRECT ANSWER✔✔c. local health department and zoning authority
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Question: A borrower defaults on a mortgage. What does the acceleration clause in the
mortgage allow the lender to do?
a. Compel the borrower to sell the property and repay the debt
b. Demand immediate payment of the entire loan balance
c. Prevent the borrower from selling the property
d. Report the borrower to a collection agency - CORRECT ANSWER✔✔b. Demand immediate
payment of the entire loan balance
Question: after the sale of a property in a 1031 exchange, the seller must close on the new
property within:
a. 10 days
b. 30 days
c. 45 days
d. 180 days - CORRECT ANSWER✔✔d. 180 days
Question: Which law prohibits discrimination in real estate transactions based on race, with no
exceptions?
a. Civil Rights Act of 1866
b. Civil Rights Act of 1964
c. Civil Rights Act of 1968
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d. Fair Housing Act - CORRECT ANSWER✔✔a. Civil Rights Act of 1866
Question: Five people buy an investment property. They take title so that they each have equal
ownership shares, and so that if one of them dies, his share will pass to his heirs. How did they
take title?
A. Community property
b. Joint tenancy
c. Tenancy in common
d. Term Tenancy - CORRECT ANSWER✔✔c. Tenancy in common
Question: What would cause a judgment lien to be imposed on a landowner's property?
a. Foreclosure
b. Lawsuit
c. Unpaid construction project
d. Unpaid property taxes - CORRECT ANSWER✔✔b. Lawsuit
Question: Cluster zoning, which allows smaller lot sizes and reduced frontages, is suitable if a
development:
a. includes both commercial and residential uses
b. still has a density ratio consistent with the general plan
c. abuts a wetland or other sensitive site
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d. abuts state-or city-owned land - CORRECT ANSWER✔✔b. still has a density ratio consistent
with the general plan
Question: A broker would need to have a securities license to participate in:
a. a sale of both real and personal property
b. a sale of a commercial building that is showing a profit
c. a transaction involving an investment contract
d. listing a property owned by a corporation - CORRECT ANSWER✔✔c. a transaction involving an
investment contract
Question: Buyer Perry would like to assume Seller
Joan's loan with ABC Mortgage Company,
in a way that would mean no further liability
for Joan. To accomplish this, Perry and
Joan should use a:
a. acknowledgement of the agreement from ABC Mortgage.
b. purchase contract signed by the buyer and seller
c. release of liability signed by the ABC Mortgage
d. release of liability signed by Joan - CORRECT ANSWER✔✔c. release of liability signed by the
ABC Mortgage
4
SUCCESS!
ROCKWELL WA REAL ESTATE PRACTICE EXAM WITH 500
QUESTIONS AND CORRECT DETAILED SOLUTIONS JUST
RELEASED THIS YEAR
Question: A real estate agent lists Harold's home, which he owns as a life estate. Harold's
children hold the remainder interest. Which of the following is true?
a. someone who buys Harold's life estate receives only the interest held by Harold
b. Harold's children need to sign the listing agreement
c. The buyer will automatically receive a fee simple absolute interest
d. Since a life estate cannot be sold, the listing is invalid - CORRECT ANSWER✔✔a. someone
who buys Harold's life estate receives only the interest held by Harold
Question: The entity that determines the maximum number of people who may legally live in a
rental unit is the:
a. Department of Housing and Urban Development
b. state government
c. local health department and zoning authority
d. property owner - CORRECT ANSWER✔✔c. local health department and zoning authority
1
SUCCESS!
,Page 2 of 183
Question: A borrower defaults on a mortgage. What does the acceleration clause in the
mortgage allow the lender to do?
a. Compel the borrower to sell the property and repay the debt
b. Demand immediate payment of the entire loan balance
c. Prevent the borrower from selling the property
d. Report the borrower to a collection agency - CORRECT ANSWER✔✔b. Demand immediate
payment of the entire loan balance
Question: after the sale of a property in a 1031 exchange, the seller must close on the new
property within:
a. 10 days
b. 30 days
c. 45 days
d. 180 days - CORRECT ANSWER✔✔d. 180 days
Question: Which law prohibits discrimination in real estate transactions based on race, with no
exceptions?
a. Civil Rights Act of 1866
b. Civil Rights Act of 1964
c. Civil Rights Act of 1968
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d. Fair Housing Act - CORRECT ANSWER✔✔a. Civil Rights Act of 1866
Question: Five people buy an investment property. They take title so that they each have equal
ownership shares, and so that if one of them dies, his share will pass to his heirs. How did they
take title?
A. Community property
b. Joint tenancy
c. Tenancy in common
d. Term Tenancy - CORRECT ANSWER✔✔c. Tenancy in common
Question: What would cause a judgment lien to be imposed on a landowner's property?
a. Foreclosure
b. Lawsuit
c. Unpaid construction project
d. Unpaid property taxes - CORRECT ANSWER✔✔b. Lawsuit
Question: Cluster zoning, which allows smaller lot sizes and reduced frontages, is suitable if a
development:
a. includes both commercial and residential uses
b. still has a density ratio consistent with the general plan
c. abuts a wetland or other sensitive site
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d. abuts state-or city-owned land - CORRECT ANSWER✔✔b. still has a density ratio consistent
with the general plan
Question: A broker would need to have a securities license to participate in:
a. a sale of both real and personal property
b. a sale of a commercial building that is showing a profit
c. a transaction involving an investment contract
d. listing a property owned by a corporation - CORRECT ANSWER✔✔c. a transaction involving an
investment contract
Question: Buyer Perry would like to assume Seller
Joan's loan with ABC Mortgage Company,
in a way that would mean no further liability
for Joan. To accomplish this, Perry and
Joan should use a:
a. acknowledgement of the agreement from ABC Mortgage.
b. purchase contract signed by the buyer and seller
c. release of liability signed by the ABC Mortgage
d. release of liability signed by Joan - CORRECT ANSWER✔✔c. release of liability signed by the
ABC Mortgage
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