Washington state Real Estate exam set 1
Questions and Answers
when does the real estate agent give the seller's a copy of
their listing agreement form? - Correct Answer ✅
immediately
what are the elements needed for a valid purchase and sales
agreement? - Correct Answer ✅ 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 - Correct Answer ✅
package mortgage
name of the state/local sales tax debt to the seller in the
transfer of property listed on the uniform settlement
statement - Correct Answer ✅ documentary stamp tax or
transfer tax
a property owner could qualify for tax deferred exchange if it
was what? - Correct Answer ✅ used in a business or trade
,Washington state Real Estate exam set 1
Questions and Answers
conditional use permit - Correct Answer ✅ 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? - Correct Answer ✅ 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? - Correct Answer ✅ whichever party
agreed to pay for the expense in the purchase and sales
agreement
what about prepayment penalties is true? - Correct Answer
✅ neither FHA nor VA loans allow prepayment penalties
four elements of economic characteristics of real estate -
Correct Answer ✅ scarcity, demand, transferability, and
utility
, Washington state Real Estate exam set 1
Questions and Answers
which charges are prorated between the buyer and seller at
closing? - Correct Answer ✅ property taxes, utility bills,
special assessments.
why are recording fees not prorated between the buyer and
seller at closing? - Correct Answer ✅ instead, each party
pays the costs associated with the recording documents that
benefit that particular part
before the parties to a tax-deferred exchange can qualify for
the tax benefit they must provide notice of exchange
within...? - Correct Answer ✅ 45 days
what are the conditions a tenant with a disability must adhere
to by law when changing an apartment? - Correct Answer
✅ they are allowed to make any necessary modifications at
their own expense but the landlord can require that they
restore the property at the end of the lease to it's original
condition
Questions and Answers
when does the real estate agent give the seller's a copy of
their listing agreement form? - Correct Answer ✅
immediately
what are the elements needed for a valid purchase and sales
agreement? - Correct Answer ✅ 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 - Correct Answer ✅
package mortgage
name of the state/local sales tax debt to the seller in the
transfer of property listed on the uniform settlement
statement - Correct Answer ✅ documentary stamp tax or
transfer tax
a property owner could qualify for tax deferred exchange if it
was what? - Correct Answer ✅ used in a business or trade
,Washington state Real Estate exam set 1
Questions and Answers
conditional use permit - Correct Answer ✅ 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? - Correct Answer ✅ 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? - Correct Answer ✅ whichever party
agreed to pay for the expense in the purchase and sales
agreement
what about prepayment penalties is true? - Correct Answer
✅ neither FHA nor VA loans allow prepayment penalties
four elements of economic characteristics of real estate -
Correct Answer ✅ scarcity, demand, transferability, and
utility
, Washington state Real Estate exam set 1
Questions and Answers
which charges are prorated between the buyer and seller at
closing? - Correct Answer ✅ property taxes, utility bills,
special assessments.
why are recording fees not prorated between the buyer and
seller at closing? - Correct Answer ✅ instead, each party
pays the costs associated with the recording documents that
benefit that particular part
before the parties to a tax-deferred exchange can qualify for
the tax benefit they must provide notice of exchange
within...? - Correct Answer ✅ 45 days
what are the conditions a tenant with a disability must adhere
to by law when changing an apartment? - Correct Answer
✅ they are allowed to make any necessary modifications at
their own expense but the landlord can require that they
restore the property at the end of the lease to it's original
condition
