WA Real Estate Exam Questions with Correct
Answers 2026 UPDATE
lis pendens - CORRECT ANSWER -recorded notice stating that there is a lawsuit pending that ,ay
affect title
open listing - CORRECT ANSWER -seller pays commission only if agent is person responsible for
bringing about agreement for sale
excise tax - CORRECT ANSWER -imposed on sale of property, paid for by seller
Listing Agreement - CORRECT ANSWER -agreement between seller and brokerage firm
exclusive right to sell - CORRECT ANSWER -listing agent will earn commission if property sells
during listing period
Private Mortgage Insurance (PMI) - CORRECT ANSWER -protects lender in event of default from
borrower
debits - CORRECT ANSWER -cost that party owes at closing
comparable qualifications - CORRECT ANSWER -same location, age, quality, and sold within the
last 6 months
offeree - CORRECT ANSWER -Party that receives offer
duty of accounting - CORRECT ANSWER -avoid commingling, account for funds/valuables held in
trust, report to clients on status of trust funds
, Non-agent - CORRECT ANSWER -Represents no one in a real estate transaction, owes no duties
other than general duties a licensee owes any party
Conventional Loan - CORRECT ANSWER -a loan that is neither federally insured nor guaranteed
by gov agency. no set term and may have adjustable rate
counter offer - CORRECT ANSWER -acts as a rejection of original offer and creates a new offer
competitive market analysis(CMA) - CORRECT ANSWER -based off appraisal but not as rigorous
Buy Down - CORRECT ANSWER -seller pays points to lender in exchange for lower interest rate
Offeror - CORRECT ANSWER -party who makes an offer.
1 square mile - CORRECT ANSWER -640 acres
income= - CORRECT ANSWER -valve x rate of return
net equity= - CORRECT ANSWER -appraised value - liens and selling cost
gross income multiplier= - CORRECT ANSWER -sales price / gross income
1 acre - CORRECT ANSWER -43,560 square feet
assessed value= - CORRECT ANSWER -market value x assessment ratio
Answers 2026 UPDATE
lis pendens - CORRECT ANSWER -recorded notice stating that there is a lawsuit pending that ,ay
affect title
open listing - CORRECT ANSWER -seller pays commission only if agent is person responsible for
bringing about agreement for sale
excise tax - CORRECT ANSWER -imposed on sale of property, paid for by seller
Listing Agreement - CORRECT ANSWER -agreement between seller and brokerage firm
exclusive right to sell - CORRECT ANSWER -listing agent will earn commission if property sells
during listing period
Private Mortgage Insurance (PMI) - CORRECT ANSWER -protects lender in event of default from
borrower
debits - CORRECT ANSWER -cost that party owes at closing
comparable qualifications - CORRECT ANSWER -same location, age, quality, and sold within the
last 6 months
offeree - CORRECT ANSWER -Party that receives offer
duty of accounting - CORRECT ANSWER -avoid commingling, account for funds/valuables held in
trust, report to clients on status of trust funds
, Non-agent - CORRECT ANSWER -Represents no one in a real estate transaction, owes no duties
other than general duties a licensee owes any party
Conventional Loan - CORRECT ANSWER -a loan that is neither federally insured nor guaranteed
by gov agency. no set term and may have adjustable rate
counter offer - CORRECT ANSWER -acts as a rejection of original offer and creates a new offer
competitive market analysis(CMA) - CORRECT ANSWER -based off appraisal but not as rigorous
Buy Down - CORRECT ANSWER -seller pays points to lender in exchange for lower interest rate
Offeror - CORRECT ANSWER -party who makes an offer.
1 square mile - CORRECT ANSWER -640 acres
income= - CORRECT ANSWER -valve x rate of return
net equity= - CORRECT ANSWER -appraised value - liens and selling cost
gross income multiplier= - CORRECT ANSWER -sales price / gross income
1 acre - CORRECT ANSWER -43,560 square feet
assessed value= - CORRECT ANSWER -market value x assessment ratio
