WA Real Estate Practice Test Complete Questions And Answers 2023

Buyers who are looking at a variety of properties should only be shown homes that they are qualified to purchase, based on preapproval or qualification A seller partially finances the buyers purchase of her property. What should the seller do if she wants to give public notice of her interest in the property? Record the mortgage A real estate agent made a listing presentation to a property owner. the owner was impressed with the agent and signed a listing agreement. the owner told the agent that he was married, but his wife was in the hospital and could not sign the listing agreement. he asked the agent to proceed with the listing anyway, because they were in hurry to sell the house. in those circumstances, the agent should: refuse to take the listing, but tell the owner as soon as his wife signs the listing they can proceed with trying to find a buyer. the best description of steering is showing buyers of a particular race only properties in neighborhoods with many residents of that race. a property manager usually oversees maintenance projects the capitalized value of a property is $280,000, the capitalization rate is 10%, and the operating expenses are 76% of the annual gross income. what is the gross income? $280,000 * 10% = 28,000 >> (100%-76%=24%) >> $28,000 / 24% =$116,667 A buyer would like protection against any unknown encumbrances on the property she plans to buy. The greatest protection would come from title insurance a real estate agent is working with buyers who are interested in a house in a new rural subdivision. She tells the buyers that the developer will pave the streets. However, she didn't verify this statement; she assumed this was the case based on the developers previous subdivisions. if the buyers rely on this statement and decide to buy the house, and the streets never get paved, who is potentially liable? the agent, for engaging in misrepresentation through an unverified statement Marian needs to rent out her basement to make ends meet, she doesn't place any ads for a tenant or ask for any help from a real estate agent-- she merely asks some of her friends if they know of any potential tenants. she carefully screens all prospects and decides to rent only to a religious, non-smoking, white female. on which basis is it illegal for her to discriminate? Race a buyer and seller agree upon an option to purchase, with a 60 day option period. when should the parties agree upon the purchase notice? before signing the option agreement a property listed for $275,000. the buyers offer $265,000 and insist that the gourmet six burner stove remain with the property. when the signed offer is presented to the sellers the sellers accept the price, but want to take the stove with gross out the item about the stove, sign the form, and return it to the buyers. under these circumstances: the original offer is terminated, and the sellers have made a counteroffer A property is listed for $400,000. the sellers owe $200,000 to the bank on the mortgage, and have to pay a 6% commission. they will also owe $4k in other closing costs. if the property sells for full price, what will their net proceeds be? $400,000 * .06 = $24,000 >> $400,000 - $200,000 - $24,000 - $4,000 = $172,000 A firms managing broker requires agents to recommend a particular lender to buyers. However, the managing broker has a financial interest in this lender. What should an agent do about this? recommend this lender after disclosing the brokers interest, and recommend other lenders as well buyer bob and seller sam decide to wait until Sams listing agreement with XYZ real estate agency has expired, to avoid paying commission. does the firm (and, by extension, the listing agent) have any legal recourse? no, the listing agent has no further recourse. a legal action brought in court to compel a party to fulfill the terms of a contract because the land is unique and money damages would not adequately compensate the part victimized by a breach is called a/an: suit for specific performance A property sells for $100,000. the commission is 6%