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Washington state Real Estate exam set 1 Questions with correct Answers
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Washington state Real Estate exam set 1
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Washington state Real Estate exam set 1when does the real estate agent give the seller's a copy of their listing agreement form?
- answer immediately
what are the elements needed for a valid purchase and sales agreement? - answer
consideration (not of monetary value), in writing & lawful purpose. There does not need
to be earnest money but often is
a mortgage that secures both real and personal property as collateral to secure a
borrower's debt - answer package mortgage
name of the state/local sales tax debt to the seller in the transfer of property listed on
the uniform settlement statement - answer documentary stamp tax or transfer tax
a property owner could qualify for tax deferred exchange if it was what? - answerused in
a business or trade
conditional use permit - answerallows certain beneficial uses (schools, churches, etc) to
operate in residential neighborhoods despite zoning laws
what do the terms "offer and acceptance", "mutual assent" & "meeting of the minds" all
mean? - answerthat there is an unqualified acceptance in offer, all these terms refer to
whether the parties mutually consented to the terms of a contract. (a counteroffer is
sometimes referred to as a qualified acceptance.)
who's responsibility is it (buyer or seller) when remedial action is needed? -
answerwhichever party agreed to pay for the expense in the purchase and sales
agreement
what about prepayment penalties is true? - answerneither FHA nor VA loans allow
prepayment penalties
four elements of economic characteristics of real estate - answerscarcity, demand,
transferability, and utility
which charges are prorated between the buyer and seller at closing? - answerproperty
taxes, utility bills, special assessments.
, why are recording fees not prorated between the buyer and seller at closing? -
answerinstead, each party pays the costs associated with the recording documents that
benefit that particular part
before the parties to a tax-deferred exchange can qualify for the tax benefit they must
provide notice of exchange within...? - answer45 days
what are the conditions a tenant with a disability must adhere to by law when changing
an apartment? - answerthey are allowed to make any necessary modifications at their
own expense but the landlord can require that they restore the property at the end of the
lease to it's original condition
a section of land is equivalent to what? - answerone square mile, 640 acres
a seller who wants to make public notice of their interest in property they are financing
(seller financed) should what? - answerrecord the mortgage. buyer records the deed to
give notice of his/her ownership interest
building codes provide what? - answerminimum standards for construction
what is a latent defect? - answeris a problem that would not be discovered by ordinary
inspection
what is the lead based paint cut off? - answerany house built before 1978
what type of repairs can be tax deductible for the owner of an investment property? -
answerrepairs to keep an investment property in ordinary operating condition are
deductible the year the are preformed
equal credit opportunities act? - answer-it applies to all consumer transactions, not just
residential lending, prohibits discrimination based on sex, national origin, marital status
or the receipt of public assistance
one side of a section in a government survey is how many feet? - answer5,280
what does title insurance protect? - answeroffers protection against latent or
undiscovered defects in the title
which has the greatest effect on real estate in a particular market? - answersize of the
labor force (as opposed to employment rates, local amenities & demographic change)
as a home owner what yearly home costs can they put on their federal tax return? -
answerinterest paid on the mortgage
what is an injunction? - answera court filing by homeowners who wish to enforce a deed
restriction against another land owner who plans to violate the restriction
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