ROCKWELL EXAM REAL ESTATE CLASSES WA FINAL EXAM 2023-
2024 ACTUAL EXAM 180 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (100%CORRECT AND VERIFIED
ANSWERS) |AGRADE
A homeowner bought his home for $150,000. Ten years later, he refinanced his
mortgage and borrowed $100,000. Which of the following is true for this type of
property?
A. Interest on the difference between the original loan amount and the refinanced
amount is not deductible
B. Interest on only half of the difference between the original amount and
refinanced amount is deductible
C. Interest on loans such as this one for the purchase or refinance of a principal
residence is deductible
D. Interest deductibility will depend on the borrower’s tax bracket – ANSWER- C.
Interest on loans such as this one for the purchase or refinance of a principal
residence is deductible
Rationale: For a principal residence, interest on a purchase or refinance loan is
fully deductible. Interest on a home equity loan of up to $100,000 is also
deductible, regardless of the size of the purchase loan, and regardless of the
taxpayer’s income.
Under Title VIII of the Civil RIghts act of 1968, certain transactions are exempt.
Which one of the situations below would be exempted and not a violation of the
act?]
A. A church-owned apartment complex where the language in the lease restrict
tenancy to memers of a specific national orgin
B. Members of a certain ethnic group are denied lodging in facilities operated by a
private club for commercial purposes
C. An unlisted home that is for sale by owner, where the only advertising is a sign
in front of the property that simply reads ” For Sale” and the owner owns only one
other home
D. An Absentee owner who rents units in a four-plex without the help of a real
estate agent – ANSWER- C. An unlisted hoe that is for sale by woenr, where the
only advertising is a sign in front of the property that simply reads “For Sale” and
the owner owns only one other home<\/p>\n\n\n\n
Rationale: The Federal Fair Housing Act ( Title VIII of the Civil Rights Act of
1968) does not apply to the sale or rental of a single-family home by its owner,
provided that the owner doesn’t own more than three such homes, no real estate
agent is used, and no discriminatory advertising is used.
As a property manager, you may:
A. advertise that units are available, even when their not
B. use diferent application forms for minority applicants
C. require credit checks for some applicants, but not others
D. offer inducements to prospective tenants – ANSWER- D. offer inducements to
prospective tenants
Rationale: Property managers may offer inducements to attract tenants; waiving
the first month’s rent. A property manager should perform credit checks on all
prospective tenants.
Price fixing is prohibited by the:
A. state usuary act
B. federal Regulation Z
C. Sherman Antitrust Act and state antitrust laws
D. federal Real Estate Settlement Procedures Act – ANSWER- C. Sherman
Antitrust Act and state antitrust laws
Rationale: The Sherman Antitrust Act and state antitrust laws prohibits price
fixing, group boycotts, market allocation, and tie-in arrangements.
A metes and bounds description reads as follows: “started at the intersection of
Route 120 and Wells Lane. Proceed due south 1,815 feet, then due east 1,200 feet.
Proceed due north 1,815 feet, then return west to point of beginning.” How many
acres is this property?
A. 5
B. 20
C. 50
D. 100 – ANSWER- C. 50
Rationale: Sketch as described. Area = Length x Width. Multiple 1,815 x 1,200 =
2,178,000 sq. ft. convert to acreage by dividing by 43,560, which equals 50.
(43,560 equals square feet in one acre.)<\/p>\n\n\n\n
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 – ANSWER- A. construct fences and driveways
Rationale: survery is used to determine where exactly a property’s boundary lines
fall.
Erin entered into a lease that begins February 1, and is to end on January 31 three
years later. This leasehold is a\/an:
A. estate for years
B. tenancy at sufferance
C. periodic tenancy
D. estate from year to year – ANSWER- A. estate for years
Rationale: An estate for years begins on a certain date an ends ona certain date.
Which of the following is true about survey’s?
A. they determine placement of improvements on a property
B. They identify setback lines from property boundaries
C. The protect against easements by prescription
D. They reveal encroachments not of public record – ANSWER- D. They reveal
encroachments not of public record
Rationale: A survey may reveal matters that are not part of the public record that
would only be discovered through a personal inspection, such as encroachments.
Why they are performed as part of obtaining extended coverage title insurance
policy.
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 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. Judgement Lien
D. Tax Lien – ANSWER- D. Tax Lien<\/p>\n\n\n\n
Rationale: Property tax liens take priority over other liens, including construction
liens. Allen’s lien still takes priority over Bart’s. As a construction lien takes
priority based on the date of the start of construction, but the tax lien takes priority
over both.
Which of the following is true about building designated a historical landmark?
A. All lead paint must be removed immediately
B. It ay not be willfully destroyed without a permit
C. It may only be sold to family members
D. It must comply with all local ordinances – ANSWER- B. It may not be willfully
destroyed without a permit,
Rationale: Historical preservation ordinances may protect exsiting buildings of
historical value, and cannot be destroyed or modified without approval from an
appropriate local authority.
W, age 17, enters into an installment contract to purchase a five-year-old-car fro S,
an adult. From a legal point of view, the contract is:
A. void
B. voidable by W only
C. voidable by S only
D. voidable by either S or W – ANSWER- B. voidable by W only
Rationale: The contract is voidabole by minor, but not by other party.
A real estate agent shows a listing to two different buyers. One buyer decided in
the early morning to make an offer on the property for less than the listed price.
The agent writes up an offer and plans to meet with the seller later in the day. The
other buyer the contacts the agent and says she would like to make a full price
offer. What should the agent do?
A. Meet with the seller a but present the first offer, and then present the second
offer only if the first offer is rejected
B. Present both offers to the seller at the same time
C. Tell the second buyer that her offer is invalid because there is already an offer
on the property
D. Tell the second buyer that he can only present the first offer to the seller, then
he’ll present her offer if the first one is rejected – ANSWER- B. Present both offers
to the seller at the same time
<\/p>\n","protected":false},"excerpt":{"rendered":"
ROCKWELL EXAM REAL ESTATE CLASSES WA FINAL EXAM 2023-2024 ACTUAL EXAM 180 QUESTIONS AND CORRECT DETAILEDANSWERS WITH RATIONALES (100%CORRECT AND VERIFIEDANSWERS) |AGRADEA homeowner bought his home for $150,000. Ten years later, he refinanced hismortgage and borrowed $100,000. Which of the following is true for this type ofproperty?A. Interest on the difference between the original loan […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-112263","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/112263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=112263"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/112263\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=112263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=112263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=112263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}