Washington State Managing Broker Washington
Exam _ RealState
Estate
Managing
Licensing
Broker
StudyWashington
Exam
Guide.pdf
_ RealState
Estate
Managing
Licensing
Broker
StudyExam
Guide.pdf
_ Real Estate Licensing Study Guide.pdf
Washington State Managing Broker
Exam | Real Estate Licensing Study
Guide
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Washington State Managing Broker Washington
Exam _ RealState
Estate
Managing
Licensing
Broker
StudyWashington
Exam
Guide_ RealState
Estate
Managing
Licensing
Broker
StudyExam
Guide.pdf
_ Real Estate Licensing Study Guide.pdf
,Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
At what point has listing agent earned a When a ready, willing, and able buyer is found. If the seller backs out
commission? after accepting the offer, even if the buyer agrees to a rescission, the
commission is still due.
At closing, a sale doesn't go through because the Yes, because the seller won't provide marketable title, which is
seller's anticipated transfer to another city gets considered a default.
suddenly postponed, and the seller no longer
wants to sell. Does the seller owe the listing agent
a commission? Yes or no, and why.
A mortgagee is the... lender.
The mortgagor is the... borrower.
An assignee is a... person something was transferred to (for example, a secondary lender
that buys a mortgage).
The mortgagee assigns its interest and the Assignee
assignee records the assignment. The mortgagor
now needs to make payments to the:
Washington State Managing Broker Exam Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
,Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
Describe Tenancy in Common (mention 4 items). 1. No right of survivorship,
2. No requirement of equal interests, but if percentage of ownership is
not equal, it needs to be stated on the deed.
3. Individual interest can be willed to someone else.
4. Unity of possession — even when percentage of ownership varies,
they equally possess and occupy the entire property.
When a corporation buys a property with another entity, this is the way it
would take title. It cannot be a joint tenancy since there is no right of
survivorship since a corporation is perpetual.
Truth in Lending Act's disclosure requirements do loans made for business, commercial, or agricultural purposes.
not apply to loans made for... (3 entities).
An encroachment is considered... ...considered a trespass if it violates a neighboring owner's right to
possession, and can be the basis for an ejectment action.
Ad valorem taxes are... taxes based on the value of the property. General real estate taxes are
ad valorem taxes.
Sonia buys a parcel of land and pays taxes on it for ad valorem taxes.
five years. After she builds a home on it, the taxes
she'll pay are:
Washington State Managing Broker Exam Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
, Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
The PSA has been signed and Seller has contact the buyer's agent and inform him. Seller will have to amend the
completed the Seller Disclosure Statement. A disclosure statement, but seller's agent is not allowed to do that.
windstorm damages the property. The seller's
agent is obligated to...
Once a contract for deed is signed by the parties, Equitable title. The seller retains legal title. The seller transfers legal title
they buyer immediately receives... once the buyer finishes paying off the contract/purchase price.
A take-out commitment A clause that allows individual lots to be released from the blanket lien
when they are sold to purchasers.
A developer wants a construction loan to build 20 a permanent lender who will provide financing once construction is
homes. The lender requires a take-out commitment. complete.
This means that the developer:
A licensee who is taking a listing on a property curable depreciation (i.e., deferred maintenance). It's likely that the cost
finds a number of problems that need to be fixed, of correcting the problems could be recovered in the sales price when
such as several leaking faucets and faulty electrical the property is sold.
outlets. This would be an example of...
A net lease... requires the tenant to pay some or all of a property's operating
expenses, such as property taxes, insurance, and maintenance. A net
lease requires a tenant to pay utilities, but so do many gross leases (for
instance, most apartment rentals require tenants to pay their electric bill;
a gross lease, however, will never require a tenant to pay property taxes.
Washington State Managing Broker Exam Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
Exam _ RealState
Estate
Managing
Licensing
Broker
StudyWashington
Exam
Guide.pdf
_ RealState
Estate
Managing
Licensing
Broker
StudyExam
Guide.pdf
_ Real Estate Licensing Study Guide.pdf
Washington State Managing Broker
Exam | Real Estate Licensing Study
Guide
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Washington State Managing Broker Washington
Exam _ RealState
Estate
Managing
Licensing
Broker
StudyWashington
Exam
Guide_ RealState
Estate
Managing
Licensing
Broker
StudyExam
Guide.pdf
_ Real Estate Licensing Study Guide.pdf
,Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
At what point has listing agent earned a When a ready, willing, and able buyer is found. If the seller backs out
commission? after accepting the offer, even if the buyer agrees to a rescission, the
commission is still due.
At closing, a sale doesn't go through because the Yes, because the seller won't provide marketable title, which is
seller's anticipated transfer to another city gets considered a default.
suddenly postponed, and the seller no longer
wants to sell. Does the seller owe the listing agent
a commission? Yes or no, and why.
A mortgagee is the... lender.
The mortgagor is the... borrower.
An assignee is a... person something was transferred to (for example, a secondary lender
that buys a mortgage).
The mortgagee assigns its interest and the Assignee
assignee records the assignment. The mortgagor
now needs to make payments to the:
Washington State Managing Broker Exam Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
,Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
Describe Tenancy in Common (mention 4 items). 1. No right of survivorship,
2. No requirement of equal interests, but if percentage of ownership is
not equal, it needs to be stated on the deed.
3. Individual interest can be willed to someone else.
4. Unity of possession — even when percentage of ownership varies,
they equally possess and occupy the entire property.
When a corporation buys a property with another entity, this is the way it
would take title. It cannot be a joint tenancy since there is no right of
survivorship since a corporation is perpetual.
Truth in Lending Act's disclosure requirements do loans made for business, commercial, or agricultural purposes.
not apply to loans made for... (3 entities).
An encroachment is considered... ...considered a trespass if it violates a neighboring owner's right to
possession, and can be the basis for an ejectment action.
Ad valorem taxes are... taxes based on the value of the property. General real estate taxes are
ad valorem taxes.
Sonia buys a parcel of land and pays taxes on it for ad valorem taxes.
five years. After she builds a home on it, the taxes
she'll pay are:
Washington State Managing Broker Exam Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
, Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
The PSA has been signed and Seller has contact the buyer's agent and inform him. Seller will have to amend the
completed the Seller Disclosure Statement. A disclosure statement, but seller's agent is not allowed to do that.
windstorm damages the property. The seller's
agent is obligated to...
Once a contract for deed is signed by the parties, Equitable title. The seller retains legal title. The seller transfers legal title
they buyer immediately receives... once the buyer finishes paying off the contract/purchase price.
A take-out commitment A clause that allows individual lots to be released from the blanket lien
when they are sold to purchasers.
A developer wants a construction loan to build 20 a permanent lender who will provide financing once construction is
homes. The lender requires a take-out commitment. complete.
This means that the developer:
A licensee who is taking a listing on a property curable depreciation (i.e., deferred maintenance). It's likely that the cost
finds a number of problems that need to be fixed, of correcting the problems could be recovered in the sales price when
such as several leaking faucets and faulty electrical the property is sold.
outlets. This would be an example of...
A net lease... requires the tenant to pay some or all of a property's operating
expenses, such as property taxes, insurance, and maintenance. A net
lease requires a tenant to pay utilities, but so do many gross leases (for
instance, most apartment rentals require tenants to pay their electric bill;
a gross lease, however, will never require a tenant to pay property taxes.
Washington State Managing Broker Exam Washington State Managing Broker Exam.pdf Washington State Managing Broker Exam.pdf
