Washington state Real Estate exam set 1| Questions with 100% Correct Answers | Verified

when does the real estate agent give the seller's a copy of their listing agreement form? - immediately what are the elements needed for a valid purchase and sales agreement? - 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 - package mortgage name of the state/local sales tax debt to the seller in the transfer of property listed on the uniform settlement statement - documentary stamp tax or transfer tax a property owner could qualify for tax deferred exchange if it was what? - used in a business or trade conditional use permit - allows 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? - that 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? - whichever party agreed to pay for the expense in the purchase and sales agreement what about prepayment penalties is true? - neither FHA nor VA loans allow prepayment penalties four elements of economic characteristics of real estate - scarcity, demand, transferability, and utility