Washington State Real Estate Exam

nab practice exam questi
vt vt vt


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WASHINGTON STATE REAL ESTATE EXAM


Abandonmentvt-vtanswer--
Thevtvoluntaryvtandvtpermanentvtcessationvtofvtusevtorvtenjoymentvtwithvtnovtintentionvttovtresumevtorvtreclaimvtone'svtpos
ssionvtorvtinterest.vtMayvtpertainvttovtanvteasementvtorvtavtproperty.

Abrogationvt-vtanswer--Tenantsvtcannotvtsignvtawayvttheirvtrightsvtinvtadvancevtofvtsigningvtthevtlease.

AbstractvtofvtTitlevt-vtanswer--
Avtcondensedvtversionvtofvtthevthistoryvtofvttitlevttovtavtparticularvtparcelvtofvtrealvtestatevtasvtrecordedvtinvtthevtcountyvtclerk
records;vtconsistsvtofvtavtsummaryvtofvtthevtoriginalvtgrantvtandvtallvtsubsequentvtconveyancesvtandvtencumbrancesvtaffe
ngvtthevtproperty.

Abuttingvt-vtanswer--
Thevtjoining,vtreaching,vtorvttouchingvtofvtadjoiningvtland.vtAbuttingvtparcelsvtofvtlandvthavevtavtcommonvtboundary.

AcceleratedvtDepreciationvt-vtanswer--
Avtmethodvtofvtcalculatingvtforvttaxvtpurposesvtthevtdepreciationvtofvtincomevtpropertyvtatvtavtfastervtratvtthanvtwouldvtbevtac
evedvtusingvtthevtstraight-
linevtmethod.vtNote**vtanyvtdepreciationvttakenvtinvtexcessvtofvtthatvtwhichvtwouldvtbevtclaimedvtusingvtthevtstraight-
linevtratevtisvtsubjectvttovtrecapturevtasvtordinaryvtincomevttovtthevtextentvtofvtgainvtresultingvtfromvtthevtsale.

AccelerationvtClausevt-vtanswer--
Avtprovisionvtinvtavtwrittenvtmortgage,vtnote,vtbond,vtorvtconditionalvtsalesvtcontractvtthat,vtinvtthevteventvtofvtavtdefault,vtthe
holevtamountvtofvtprincipalvtandvtinterestvtmayvtbevtdeclaredvttovtbevtduevtanvtpayablevtatvtonce.

Accretionvt-vtanswer--
Anvtincreasevtorvtadditionvttovtlandvtbyvtthevtdepositvtofvtsandvtorvtsoilvtwashedvtupvtnaturallyvtfromvtavtrivervtlakevtorvtsea.

AccruedvtDepreciationvt-vtanswer--
Thevtactualvtdepreciationvtthatvthasvtoccurredvttovtavtpropertyvtatvtanyvtgivenvtdate;vtthevtdifferencevtbetweenvtthevtcostvtof
eplacementvtnewvt(asvtofvtthevtdatevtofvtappraisal)vtandvtthevtpresentvtappraisedvtvalue.

Acknowledgmentvt-vtanswer--
Avtdeclarationvtmadevtbyvtavtpersonvttovtavtnotaryvtpublic,vtorvtothervtpublicvtofficialvtauthorizedvttovttakevtacknowledgmen
thatvtanvtinstrumentvtwasvtexecutedvtbyvtthatvtpersonvtasvtavtfreevtandvtvoluntaryvtact.

ActualvtEvictionvt-vtanswer--
Thevtresultvtofvtlegalvtactionvtoriginatedvtbyvtavtlessor,vtwherebyvtavtdefaultedvttenantvtisvtphysicallyvtoustedvtfromvtthevtren
dvtpropertyvtpursuantvttovtavtcourtvtorder.

ActualvtNoticevt-vtanswer--Expressvtinformationvtorvtfact;vtthatvtwhichvtisvtknow;vtactualvtknowledge.

Adjustable-ratevtMortgagevt-vtanswer--
Avtmortgagevtinvtwhichvtthevtinterestvtratevtchangesvtatvtpredeterminedvtintervals.vtThevtmortgagevthasvtcaps,vtorvtavtceilin
vtthatvtlimitsvtthevtamountvtitvtcanvtchangevtatvtthevtpredeterminedvtintervals.

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Administratorvt-vtanswer--
Thevtpartyvtappointedvtbyvtthevtcountyvtcourtvttovtsettlevtthevtestatevtofvtavtdeceasedvtpersonvtwhovtdiedvtwithoutvtleavingvta
will.

AdvtValoremvtTaxvt-vtanswer--
Avttaxvtleviedvtaccordingvttovtvalue;vtgenerallyvtusedvttovtrefervttovtrealvtestatevttax.vtAlsovtcalledvtthevtgeneralvttax.

Adversevtpossessionvt-vtanswer--
Thevtrightvtofvtanvtoccupantvtofvtlandvttovtacquirevttitlevtagainstvtthevtrealvtowner,vtwherevtpossessionvthasvtbeenvtactual,vtc
tinuous,vthostile,vtvisible,vtandvtdistinctvtforvtthevtstatutoryvtperiod.

Affidavitvt-vtanswer--Avtwrittenvtstatementvtsignedvtandvtswornvttovtbeforevtavtpersonvtauthorizedvttovtadministervtanvtoath

Agentvt-vtanswer--
Onevtwhovtrepresentsvtorvthasvtthevtpowervttovtactvtforvtanothervtpersonvt(calledvtthevtprincipal).vtThevtauthorizationvtmayv
vtexpressvtorvtimplied.vtAvtfiduciaryvtrelationshipvtisvtcreatedvtundervtthevtlawvtofvtagencyvtwhenvtavtpropertyvtowner,vtasvtth

principal,vtexecutesvtavtlistingvtagreementvtorvtmanagementvtcontractvtauthorizingvtavtlicensedvtrealvtestatevtbrokervttovtb
hevtowner'svtagent.

Agreementvtofvtsalevt-vtanswer--
Avtwrittenvtagreementvtwherebyvtthevtpurchaservtagreesvttovtbuyvtcertainvtrealvtestatevtandvtthevtsellervtagreesvttovtsell,vtup
nvttermsvtandvtconditionsvtsetvtforthvtinvtthevtagreement.

AirvtLotvt-vtanswer--
Avtdesignatedvtairspacevtovervtavtpiecevtofvtland.vtAirvtlots,vtlikevtsurgacevtproperty,vtmayvtbevttransferred.

AirvtRightsvt-vtanswer--
Thevtrightvttovtusevtthevtopenvtspacevtabovevtavtproperty,vtgenerallyvtallowingvtthevtsurfacevttovtbevtusedvtforvtanothervtpurp
se.

Alienationvt-vtanswer--
Thevtactvtofvttransferringvtpropertyvttovtanother.vtAlienationvtmayvtbevtvoluntary,vtsuchvtasvtbyvtgiftvtorvtsale;vtorvtinvoluntar
suchvtasvtthroughvteminentvtdomainvtorvtadversevtpossession.

AlienationvtClausevt-vtanswer--
Thevtclausevtinvtavtmortgagevtorvtdeedvtofvttrstvtthatvtstatesvtthatvtthevtbalancevtofvtthevtsecuredvtdebtvtbecomesvtimmediat
vtduevtandvtpayablevtatvtthevtmortgagee'svtoptionvtifvtthevtpropertyvtisvtsoldvtbyvtthevtmortgagor.vtInvteffect,vtthisvtclausevtpre

ntsvtthevtmortgagorvtfromvtassigningvtthevtdebtvtwithoutvtthevtmortgagee'svtapproval.

Alluvionvt-vtanswer--Newvtdepositsvtofvtsoilvtasvtthevtresultvtofvtaccretion.

Amenititesvt-vtanswer--Thevttangiblevtandvtintangiblevtfeaturesvtthatvtincreasevtthevtvaluevtorvtdesirabilityvtofvtrealvtestate.

AmericansvtwithvtDisabilitiesvtActvt(ADA)vt-vtanswer--
Avtfederalvtlawvtthatvtbecamevteffectivevtinvt1992.vtItvtisvtdesignedvttovteliminatevtthevtdiscriminationvtagainstvtindividualsvt
hvtdisabilitiesvtbyvtmandatingvtequalvtaccessvttovtjobs,vtpublicvtaccommodations,vtpublicvttransportation,vttelecommunic
onsvtandvtgovernmentvtservices.

Amortizationvt-vtanswer--Thevtliquidationvtofvtavtfinancialvtburdenvtbyvtinstallmentvtpayments.

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AmortizedvtLoanvt-vtanswer--
Avtloanvtinvtwhichvtthevtprincipal,vtasvtwellvtasvtthevtinterest,vtisvtpayablevtinvtmonthlyvtorvtothervtperiodicvtinstallmentsvtover
hevttermvtofvtthevtloan.

AntitrustvtLawsvt-vtanswer--
Thevtlawsvtdesignedvttovtpreservevtthevtfreevtenterprisevtofvtthevtopenvtmarketplacevtbyvtmakingvtillegalvtcertainvtprivatevtc
nspiraciesvtandvtcombinationsvtformedvttovtminimizevtcompetition.vtViolationsvtofvtantitrustvtlawsvtinvtthevtrealvtestatevtbus
essvtgenerallyvtinvolvevteithervtpricevtfixingvt(brokersvtconspiringvttovtsetvtfixedvtcompensationvtrates)vtorvtallocationvtofvtc
tomersvtorvtmarketsvt(brokersvtagreeingvttovtlimitvttheirvtareasvtofvttradevtorvtdealingvttovtcertainvtareasvtorvtproperties).

Appraisalvt-vtanswer--
Anvtestimatevtofvtthevtquantity,vtquality,vtorvtvaluevtofvtsomething.vtThevtprocessvtthroughvtwhichvtconclusionsvtofvtpropert
valuevtarevtobtained;vtalsovtrefersvttovtthevtreportvtsettingvtforthvtthevtprocessvtofvtestimationvtandvtconclusionvtofvtvalue.

AppraisedvtValuevt-vtanswer--Anvtestimatevtofvtavtproperty'svtpresentvtworth.

Appreciationvt-vtanswer--
Anvtincreasevtinvtthevtworthvtorvtvaluevtofvtavtpropertyvtduevttovteconomicvtorvtrelatedvtcausesvtthatvtmayvtprovevttovtbevteith
temporaryvtorvtpermanent;vtoppositevtofvtdepreciation.

Appurenantvt-vtanswer--
Belongingvtto;vtincidentvtto.vtEx:vtavtgaragevtisvtappurtenantvttovtavthouse.vtThevtcommonvtinterestvtinvtthevtcommonvtelem
tsvtofvtavtcondominiumvtisvtappurtenantvttovteachvtapartment.

Arbitrationvt-vtanswer--
Avtmeansvtofvtsettlingvtavtcontroversyvtbetweenvttwovtpartiesvtthroughvtthevtmediumvtofvtanvtimpartialvtthirdvtpartyvtwhosev
cisionvtonvtthevtcontroversyvt(itvtisvtagreed)vtwillvtbevtfinalvtandvtbinding.

Assemblagevt-vtanswer--Thevtprocessvtofvtmergingvttwovtorvtmorevtparcelsvtofvtrealvtestatevttovtcreatevtonevtparcel.

Assessmentvt-vtanswer--Thevtimpositionvtofvtavttax,vtcharge,vtorvtlevy,vtusuallyvtaccordingvttovtestablishedvtrates.

Assignmentvt-vtanswer--
Thevttransfervtinvtwritingvtofvtrightsvtorvtinterestvtinvtavtbond,vtmortgage,vtlease,vtorvtothervtinstrument.

AssumptionvtofvtMortgagevt-vtanswer--
Thevttransfervtofvttitlevttovtpropertyvttovtavtgranteevtwhereinvthevtassumesvtliabilityvtforvtpaymentvtofvtanvtexistingvtnotevtsec
edvtbyvtavtmortgagevtagaisntvtthevtproperty.vtShouldvtthevtmortgagevtbvtforeclosedvtandvtthevtpropertyvtsoldvtforvtavtlesserv
mountvtthanvtthatvtdue,vtthevtgrantee-
purchaservtwhovthasvtassumedvtandvtagreedvttovtpayvtthevtdebtvtsecuredvtbyvtthevtmortgagevtisvtpersonallyvtliablevtforvtthe
eficiency.vtBeforevtavtsellervtmayvtbevtrelievedvtofvtliabilityvtundervtthevtexistingvtmortgage,vtthevtlendervtmustvtacceptvtthev
ansfervtofvtliabilityvtforvtpaymentvtofvtthevtnote.

Attachmentvt-vtanswer--
Thevtmethodvtbyvtwhichvtavtdebtor'svtpropertyvtisvtplacedvtinvtthevtcustodyvtofvtthevtlawvtandvtheldvtasvtsecurityvtpendingvtou
omevtofvtavtcreditor'svtsuit.

Attorney-in-factvt-vtanswer--Thevtholdervtofvtavtpowervtofvtattorney.



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