Final Exam - Washington Real Estate Practices: 30-hour Broker Prelicensing v3.0-Questions and Answers

Final Exam - Washington Real Estate Practices: 30-hour Broker Prelicensing v3.0-Questions and Answers How many square yards of carpeting will be required to cover a great room floor that measures 22 feet by 26 feet and an adjoining hallway floor measuring 4 feet by 12 feet? - Ans ️️ -22 feet x 26 feet = 572 square feet 4 feet x 12 feet = 48 square feet 572 square feet + 48 square feet = 620 square feet 620 square feet / 9 = 68.89 square yards Most lenders require borrowers - Ans ️️ -The answer is who are divorced to provide a copy of the divorce decree. Most lenders require borrowers who work for a salary to provide W-2s for the past two years and at least one month's pay stubs. Self-employed individuals will be asked to provide the tax returns for the prior two years. Owners of rental properties will be asked to provide copies of the rental agreements and tax returns for the prior two years. Other documents that may be required include statements for checking, savings, and stock and mutual funds accounts. If divorced, borrowers will be asked for a copy of the divorce decree. Non-U.S. citizens must provide a copy of the front and back of their green cards, and nonresident aliens must present a copy of the H-1 or L-1 visa. How many months will it take for $12,000 to yield $650 at 8% interest? - Ans ️️ -$12,000 x .08 = $960 $650/$960 = .68 .68 x 12 = 8.16 (8 months when rounded) Holding an open house targeted to just brokers is - Ans ️️ -a great way to introduce the property to a group who has contact with many prospective buyers. A home inspection will cover all of the following major categories EXCEPT - Ans ️️ - appliances and personal property that are not included in the sale of the home. Which of the following loans is subject to the requirements of the Truth in Lending Act (TILA) as implemented by Regulation Z? - Ans ️️ -The answer is a $195,000 loan to purchase an existing single-family home. Regulation Z covers consumer credit that is for personal, family, or household purposes and does not cover loans for the construction of a home, reverse mortgages, or home equity lines of credit. The fair housing laws permit a religious organization to - Ans ️️ -The answer is give preference to members of the religion, as long as that property is not used for commercial purposes. The law permits a religious organization to restrict the sale, rental, and occupancy of any dwellings it operates only to persons of that religion or to give preference to members of the religion, as long as membership in the organization is not restricted on the basis of race, color, or national origin and as long as that property is not used for commercial purposes. All contingencies are regarded the same negative way by the other party. This statement is - Ans ️️ -The answer is false, as some contingencies, such as a financing contingency in an offer from an approved buyer, have very little impact on the strength of an offer. Not all contingencies are created the same. In fact, some contingencies, like a home inspection contingency, are so commonplace that it is odd if they are not in the offer. Which of the following is NOT something that a structural pest inspector looks for during an inspection? - Ans ️️ -Presence of toxic