Washington Fundamentals - 60 Hour
Exam Prep Graded A+ 2024
"This property has the best view in the entire county." This statement is an example of -
ANSWER-puffing.
A $175,000 house was built next to a $75,000 house. Which of the following principles
of value would apply? - ANSWER-Progression and Regression.
A 20-unit apartment building rented for $750 per unit, per month. The annual gross
income multiplier was 9. What is the value of the property? - ANSWER-$1,620,000
A building has a potential gross rental income of $145,000 with vending receipts of
$5,000 and a vacancy rate of 5%. The annual expenses of the building are $15,000 in
taxes, insurance $4,000, maintenance $10,000, utilities $6,000, repairs $3,500, legal
fees $1,500, management fees @ 4% of effective gross income. What is the Effective
Gross Income of the property? - ANSWER-$142,750
A buyer told broker Lena that she wants to move to a Cuban neighborhood. Then the
buyer asked if Lena could show her the best home in a Cuban area. How should Lena
respond to this request? - ANSWER-Lena should explain to the buyer that she ethically
and legally cannot recommend housing based on national origin
A client has an option of having his or her money deposited in a separate interest-
bearing account rather than the housing trust fund account if the deposit is more than
what amount? - ANSWER-$10,000
A CMA is performed when: - ANSWER-Pricing property.
A developer put two lots together and sold them as one large lot. The increase in value
is referred to as - ANSWER-Plottage
A development company owned property that the city wanted so it could extend the
runways at the municipal airport. If the company refuses to negotiate with the city, then
the city may acquire the property by: - ANSWER-Eminent domain
A house is constructed in a neighborhood that is substantially larger than the existing
houses. Based on the value principle of ___________________, the larger house's
value will therefore be adversely affected. - ANSWER-conformity
A licensee has how many days from the date of being served with charges in which to
request a hearing? - ANSWER-20
, A new home sold for $350,000. The tax rate is $.825 per hundred or fraction thereof.
How much will the annual taxes be on this property? - ANSWER-$2,887.50
A permitted deviation from the standards of a building ordinance is called: - ANSWER-
Variance
A property management agreement amendment form must be signed by whom? -
ANSWER-Property owner and designated broker
A property owner in a recently zoned area was permitted to continue to use his property
in a manner that did not comply with the zoning requirements. This use is described as
which of the following? - ANSWER-Nonconforming use
A property's land-to-improvements value ratio is 20% - 80%. The property was
purchased 10 years ago, and depreciation has averaged $1,200 per year on the 3,000
SF house. If the improvements were built @ $120 / SF what is the current value of the
property using the cost approach? - ANSWER-$438,000
A seller decided to back out of a sales contract for no good reason. What recourse does
the buyer have? - ANSWER-To sue for specific performance
A special assessment tax is a tax levied against specific properties that will benefit from
a public improvement. It is only levied upon the properties that will receive a benefit
form the improvement, such as adding street lighting to a particular street. Which
houses would be assessed for the special assessment tax in this case? - ANSWER-
only the houses in that street
A tenant who stays beyond his lease without consent of the landlord is known as -
ANSWER-a tenant at sufferance
A tire company has a manufacturing plant located in an area that has just been re-
zoned for residential usage. The company is allowed to continue operating the plant
under the new zoning classification. However, if the plant is destroyed by fire, the tire
company: - ANSWER-May not construct another plant in the neighborhood without first
applying for a zoning variance.
A witness ordered by the licensee will have fees paid by whom? - ANSWER-The
licensee
Alex's home has been on the market for eight months. What is the most likely reason
Alex's home has not been sold yet? - ANSWER-The property is overpriced.
An acre contains how many square feet? - ANSWER-43,560 square feet.
An apartment building contains twenty units. Each unit rents for $900 per month. The
vacancy rate is 5%. Annual expenses are $17,500 for maintenance, $7,200 insurance,
Exam Prep Graded A+ 2024
"This property has the best view in the entire county." This statement is an example of -
ANSWER-puffing.
A $175,000 house was built next to a $75,000 house. Which of the following principles
of value would apply? - ANSWER-Progression and Regression.
A 20-unit apartment building rented for $750 per unit, per month. The annual gross
income multiplier was 9. What is the value of the property? - ANSWER-$1,620,000
A building has a potential gross rental income of $145,000 with vending receipts of
$5,000 and a vacancy rate of 5%. The annual expenses of the building are $15,000 in
taxes, insurance $4,000, maintenance $10,000, utilities $6,000, repairs $3,500, legal
fees $1,500, management fees @ 4% of effective gross income. What is the Effective
Gross Income of the property? - ANSWER-$142,750
A buyer told broker Lena that she wants to move to a Cuban neighborhood. Then the
buyer asked if Lena could show her the best home in a Cuban area. How should Lena
respond to this request? - ANSWER-Lena should explain to the buyer that she ethically
and legally cannot recommend housing based on national origin
A client has an option of having his or her money deposited in a separate interest-
bearing account rather than the housing trust fund account if the deposit is more than
what amount? - ANSWER-$10,000
A CMA is performed when: - ANSWER-Pricing property.
A developer put two lots together and sold them as one large lot. The increase in value
is referred to as - ANSWER-Plottage
A development company owned property that the city wanted so it could extend the
runways at the municipal airport. If the company refuses to negotiate with the city, then
the city may acquire the property by: - ANSWER-Eminent domain
A house is constructed in a neighborhood that is substantially larger than the existing
houses. Based on the value principle of ___________________, the larger house's
value will therefore be adversely affected. - ANSWER-conformity
A licensee has how many days from the date of being served with charges in which to
request a hearing? - ANSWER-20
, A new home sold for $350,000. The tax rate is $.825 per hundred or fraction thereof.
How much will the annual taxes be on this property? - ANSWER-$2,887.50
A permitted deviation from the standards of a building ordinance is called: - ANSWER-
Variance
A property management agreement amendment form must be signed by whom? -
ANSWER-Property owner and designated broker
A property owner in a recently zoned area was permitted to continue to use his property
in a manner that did not comply with the zoning requirements. This use is described as
which of the following? - ANSWER-Nonconforming use
A property's land-to-improvements value ratio is 20% - 80%. The property was
purchased 10 years ago, and depreciation has averaged $1,200 per year on the 3,000
SF house. If the improvements were built @ $120 / SF what is the current value of the
property using the cost approach? - ANSWER-$438,000
A seller decided to back out of a sales contract for no good reason. What recourse does
the buyer have? - ANSWER-To sue for specific performance
A special assessment tax is a tax levied against specific properties that will benefit from
a public improvement. It is only levied upon the properties that will receive a benefit
form the improvement, such as adding street lighting to a particular street. Which
houses would be assessed for the special assessment tax in this case? - ANSWER-
only the houses in that street
A tenant who stays beyond his lease without consent of the landlord is known as -
ANSWER-a tenant at sufferance
A tire company has a manufacturing plant located in an area that has just been re-
zoned for residential usage. The company is allowed to continue operating the plant
under the new zoning classification. However, if the plant is destroyed by fire, the tire
company: - ANSWER-May not construct another plant in the neighborhood without first
applying for a zoning variance.
A witness ordered by the licensee will have fees paid by whom? - ANSWER-The
licensee
Alex's home has been on the market for eight months. What is the most likely reason
Alex's home has not been sold yet? - ANSWER-The property is overpriced.
An acre contains how many square feet? - ANSWER-43,560 square feet.
An apartment building contains twenty units. Each unit rents for $900 per month. The
vacancy rate is 5%. Annual expenses are $17,500 for maintenance, $7,200 insurance,
