Which of the following is NOT one of the purposes of establishing the Washington
State Center for Real Estate Research?
A) make suggestions for pricing of homes in a given area
B) complete studies of economic conditions in various sections of the state
C) make suggestions on the formation of needed state statutes (RCWs)
D) provide information to the public when requests come in
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A) make suggestions for pricing of homes in a given area
Feedback:
Correct: The Center for Real Estate Research (CRER) provides information
for the real estate profession as well as the general public. However, they
allow the market to determine the pricing of real estate in given areas. The
Center also works with the legislature in devising need laws/state statutes
in regulating the real estate profession.
,The Lead-Based Paint Hazardous Reduction Act is a:
A) Municipal act
B) State act
C) FTC regulation
D) Federal act
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D) Federal act
Feedback:
Correct: The lead paint notice is a FEDERAL requirement.
Which of the following is not part of a contractual agreement?
A) offer and acceptance
B) consideration given by all parties
C) legality of the contract
D) all parties must be competent
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D) all parties must be competent
Feedback:
Correct: An incompetent can have a legal representative and make a
contract valid.
A discount on an adjustable rate mortgage loan is a(n):
A) marketing tool to get the borrower in the door
B) a charge back when paid off
,C) penalty at the time of signing
D) amount paid by the seller that goes to the lender
Give this one a try later!
A) marketing tool to get the borrower in the door
Feedback:
Correct: Most adjustable rate loans have a discounted interest rate in the
beginning to get borrowers in the door.
An agent for the buyer asks what the seller's lowest price is. What should the listing
broker answer?
A) I am not sure
B) I cannot divulge my client's statements
C) probably 10% lower
D) my buyer is really hurting for cash just bring any offer
Give this one a try later!
B) I cannot divulge my client's statements
Feedback:
Correct: You cannot divulge your client's discussions because you are a
fiduciary of your selling client.
What is the best way to get your client's home out to licensees in other offices?
A) Use of the MLS
B) printing flyers and putting them on their cars
C) posting a flyer on their bulletin board
D) calling them on the phone
Give this one a try later!
, A) Use of the MLS
Feedback:
Correct: The MLS is the best marketing tool with competing licensees.
For a residence, the most common method of appraising its value is:
A) income approach
B) substitution
C) best use
D) method of construction
Give this one a try later!
B) substitution
Feedback:
Correct: Most appraisals of residences are comparing the property to
similar property that sold. This is substitution.
Hans is appealing a DOL ruling that requires a $5,000 fine payment. Which of the
following is correct regarding the state's cost of handling the appeal?
A) the state must pay its costs
B) Hans must pay the entire cost
C) the party who loses the appeal must pay the cost
D) Hans and the state negotiate the cost payments
Give this one a try later!
State Center for Real Estate Research?
A) make suggestions for pricing of homes in a given area
B) complete studies of economic conditions in various sections of the state
C) make suggestions on the formation of needed state statutes (RCWs)
D) provide information to the public when requests come in
Give this one a try later!
A) make suggestions for pricing of homes in a given area
Feedback:
Correct: The Center for Real Estate Research (CRER) provides information
for the real estate profession as well as the general public. However, they
allow the market to determine the pricing of real estate in given areas. The
Center also works with the legislature in devising need laws/state statutes
in regulating the real estate profession.
,The Lead-Based Paint Hazardous Reduction Act is a:
A) Municipal act
B) State act
C) FTC regulation
D) Federal act
Give this one a try later!
D) Federal act
Feedback:
Correct: The lead paint notice is a FEDERAL requirement.
Which of the following is not part of a contractual agreement?
A) offer and acceptance
B) consideration given by all parties
C) legality of the contract
D) all parties must be competent
Give this one a try later!
D) all parties must be competent
Feedback:
Correct: An incompetent can have a legal representative and make a
contract valid.
A discount on an adjustable rate mortgage loan is a(n):
A) marketing tool to get the borrower in the door
B) a charge back when paid off
,C) penalty at the time of signing
D) amount paid by the seller that goes to the lender
Give this one a try later!
A) marketing tool to get the borrower in the door
Feedback:
Correct: Most adjustable rate loans have a discounted interest rate in the
beginning to get borrowers in the door.
An agent for the buyer asks what the seller's lowest price is. What should the listing
broker answer?
A) I am not sure
B) I cannot divulge my client's statements
C) probably 10% lower
D) my buyer is really hurting for cash just bring any offer
Give this one a try later!
B) I cannot divulge my client's statements
Feedback:
Correct: You cannot divulge your client's discussions because you are a
fiduciary of your selling client.
What is the best way to get your client's home out to licensees in other offices?
A) Use of the MLS
B) printing flyers and putting them on their cars
C) posting a flyer on their bulletin board
D) calling them on the phone
Give this one a try later!
, A) Use of the MLS
Feedback:
Correct: The MLS is the best marketing tool with competing licensees.
For a residence, the most common method of appraising its value is:
A) income approach
B) substitution
C) best use
D) method of construction
Give this one a try later!
B) substitution
Feedback:
Correct: Most appraisals of residences are comparing the property to
similar property that sold. This is substitution.
Hans is appealing a DOL ruling that requires a $5,000 fine payment. Which of the
following is correct regarding the state's cost of handling the appeal?
A) the state must pay its costs
B) Hans must pay the entire cost
C) the party who loses the appeal must pay the cost
D) Hans and the state negotiate the cost payments
Give this one a try later!
