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WA STATE 3 REAL ESTATE EXAM PREP ROCKWELL INSTITUTE SAMPLE EXAMS 3 QUESTIONS AND ANSWERS
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WA STATE 3 REAL ESTATE EXAM PREP ROCKWELL INSTITUTE SAMPLE EXAMS 3 QUESTIONS AND ANSWERS
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Name: Score:139 Multiple choice questions
Term 1 of 139
An owner-occupied property qualifies for its state's homestead exemption from property
taxes. Shortly after closing, the new
assessed value of the property is issued, and the property tax amount increases significantly.
The selling agent is obligated to:
contact the closing agent and ask for details on the assessment
contest the increased assessed value with local authorities
do nothing
tell the buyer that the tax amount has increased
Term 2 of 139
A corporation takes title to real property through a/an:
estate in severalty
joint tenancy
tenancy at will
A corporation may not take title
Term 3 of 139
If a buyer wants to protect herself against unrecorded encumbrances, she should:
assume the seller's standard policy of title insurance
order a survey
request a title insurance policy that has the fewest exceptions
have her attorney prepare an abstract of title
,Term 4 of 139
A licensee is helping her buyer purchase some property. The buyer would like to make an offer
on a corner lot that may have once been used as a storage site for a heating oil company. The
licensee should advise her buyer to:
consult with an environmental expert
request a spot zone
seek tentative approval from the Environmental Protection Agency
use a condemnation clause in the offer
Term 5 of 139
Which of the following instances is an example of an agency relationship terminated by
operation of law?
A broker renounces the agency
A client revokes the agency
Broker and client mutually agree to end the agency
The subject property, a single-family residence, burns down
Term 6 of 139
When can an earnest money deposit be held by someone other than the firm that the check is
made out to?
When borrower and lender agree in writing
When both parties agree in writing
When deposit funds will be used right away for repairs
When the deposit amount is below a certain de minimis amount
,Term 7 of 139
A parcel measures 198 feet by 330 feet. It sold for $30,000. What was the price per acre?
$294
$20,000
$45,000
$2,500,000
Term 8 of 139
Late on a Friday afternoon, an agent receives an offer on a property that she has listed, for
$10,000 less than the listed
price. The sellers will be away all weekend. The agent should:
discard the offer since it is not for the desired amount
try to get the offer to them as soon as possible on Friday
wait in the hope that a full-price offer comes in
have an unlicensed assistant present the offer
Term 9 of 139
A tenancy in which the tenant is in possession with the permission of the landlord, but there is
no definite rental period or duration of possession, is called a/an:
estate in remainder
estate for years
periodic estate
estate at will
, Term 10 of 139
A veteran's guaranty benefits may be restored by a:
simple loan assumption
substitution of eligibility/entitlement by another veteran assuming the loan
wraparound mortgage
refinance to a lower rate
Term 11 of 139
Brian purchases two parcels of land, one measuring one square mile and the other containing
five acres. If he paid $2,000 an acre, what was his total purchase price?
$1,208,000
$1,209,000
$1,280,000
$1,290,000
Term 12 of 139
A property investor sells his 100-acre rural parcel of land with the restriction that the buyer
may not divide the land into parcels smaller than one acre each. This restriction is:
invalid; this restriction violates the rule against perpetuities
invalid; one cannot put private restrictions on rural land
valid; restrictions are always valid on agricultural land
valid; this restriction doesn't violate public policy
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