WASHINGTON STATE MANAGING BROKER
ACTUAL EXAM PAPER 2026 QUESTIONS
WITH ANSWERS GRADED A+
◍ A universal agent.
Answer: An agent given power of attorney to act on behalf of a principal for
an unlimited range of legal matters is called:
◍ A purchase offer.
Answer: When Jenny and Max sign the document that includes the price and
terms of the property of which they are ready to buy, they create:
◍ Zoning regulations.
Answer: Building heights, setbacks, and density are usually established by:
◍ Federal Truth In Lending.
Answer: If a borrower is given a loan where the personal residence is used
as security, other than the first trust deed used to purchase the property, and
rescinds within three days, this loan type would be covered under which
law?
◍ Reduces the principal on a loan before the due date.
Answer: A pre-payment:
◍ Sell or assign interest in the property without penalty, but will still be
secondarily liable for some terms of the contract unless the seller's approval
was obtained.
Answer: If a purchase contract for a property has no acceleration clause and
no provisions in the contract prohibiting a resale or an assignment, the
borrower could potentially:
◍ Economic obsolescence.
, Answer: Change of locational demand is an example of:
◍ The lock-in period.
Answer: The time during which the lender has guaranteed a certain rate is
called:
◍ Low Down Payment and Easy Terms.
Answer: Financing costs usually rise on loans with
◍ Voidable.
Answer: If there is a contract that is enforceable at the option of one party
but not at the option of the other, this type of contract is:
◍ Performance.
Answer: In order to form a valid contract, which is not necessary:
◍ Natural Hazard Areas.
Answer: Earthquake zones, flood hazard areas, and fire hazard areas are all
examples of:
◍ A first mortgage.
Answer: A mortgage on a property that is considered to be the priority
mortgage among any loans recorded against a property is best defined as:
◍ The Homeowner's Protection Act.
Answer: Private Mortgage Insurance is required to be cancelled when the
mortgage balance reaches 78% of the property value and the borrower is
current on the loan under:Incorrect
◍ Hazard insurance.
Answer: If a property is partially destroyed from fire, the type of insurance
that would likely cover the damages is called:
◍ Disbursements from a Washington sales transaction trust account can't be
made prior to closing without what?.
Answer: Disbursements are not generally made from trust accounts prior to
settlement. However, with the written permission of both the buyer and the
seller, brokers can disburse funds before closing.
,◍ What Washington document typically authorizes the listing brokerage firm
to share the commission with the cooperating (selling) brokerage firm?.
Answer: The listing agreement typically provides details of compensation to
be paid to the cooperating (selling) brokerage firm.
◍ A recorder.
Answer: A public official that keeps public records of real property
transactions in their county is called:
◍ Deed in lieu of foreclosure.
Answer: Yin Lee is an owner of several properties as well as a relatively
high profile individual. In order for Yin Lee to attempt to avoid a possible
foreclosure from becoming a matter of public record by being recorded, Yin
Lee would want to give the lender a:
◍ Contingency.
Answer: A satisfactory home inspection performed by a qualified home
inspector is typically a:
◍ A Historic building.
Answer: Of the properties listed, which is considered the most "unique" and
would use the cost approach method of appraisal?-A condominium -A piece
of land -A Historic building -A farm
◍ Grantor.
Answer: If Fred, a property owner, conveys an interest in his property to
Greg, his nephew, in this transaction Fred is considered to be the:Incorrect
◍ 1978.
Answer: The Federal Government requires that any potential purchaser be
given a pamphlet about possible lead paint contamination if the structure
was built before which year?
◍ Homeowner's association.
Answer: A group that manages the common areas of a condominium project
or planned unit development and owns title to the common areas in a
, planned unit development is called:
◍ The standard five tests used by courts for a fixture.
Answer: Method of attachment, adaptability of the attached item,
relationship of the parties, intent of the person attaching the item, and
agreement between parties are:
◍ The Government.
Answer: Ginnie Mae is owned by:
◍ Unsecured Court Order.
Answer: Which lien has the lowest priority for collection?
◍ Joists.
Answer: The beams that run horizontal and parallel to each other that
support the floor and ceiling loads are called:
◍ Title searches.
Answer: A title plant is a duplicate set of title records maintained at title
insurance companies for use in:
◍ A record of an individual's repayment of debt.
Answer: The best description of an individual's credit history is:
◍ Leasehold estate.
Answer: This is a way of holding title to a property when the mortgagor
does not actually own the property but rather has a recorded long-term lease
on it.
◍ Provide equal access to rentals.
Answer: A person with a child under the age of 18 is protected by the
federal ban on discrimination based on familial status in order to:
◍ An appurtenant easement.
Answer: Able has the right to cross through Peter's property to get to his
property. What is this right called?
◍ Collateral.
Answer: Detrich has just obtained a secured loan from his local bank. What
ACTUAL EXAM PAPER 2026 QUESTIONS
WITH ANSWERS GRADED A+
◍ A universal agent.
Answer: An agent given power of attorney to act on behalf of a principal for
an unlimited range of legal matters is called:
◍ A purchase offer.
Answer: When Jenny and Max sign the document that includes the price and
terms of the property of which they are ready to buy, they create:
◍ Zoning regulations.
Answer: Building heights, setbacks, and density are usually established by:
◍ Federal Truth In Lending.
Answer: If a borrower is given a loan where the personal residence is used
as security, other than the first trust deed used to purchase the property, and
rescinds within three days, this loan type would be covered under which
law?
◍ Reduces the principal on a loan before the due date.
Answer: A pre-payment:
◍ Sell or assign interest in the property without penalty, but will still be
secondarily liable for some terms of the contract unless the seller's approval
was obtained.
Answer: If a purchase contract for a property has no acceleration clause and
no provisions in the contract prohibiting a resale or an assignment, the
borrower could potentially:
◍ Economic obsolescence.
, Answer: Change of locational demand is an example of:
◍ The lock-in period.
Answer: The time during which the lender has guaranteed a certain rate is
called:
◍ Low Down Payment and Easy Terms.
Answer: Financing costs usually rise on loans with
◍ Voidable.
Answer: If there is a contract that is enforceable at the option of one party
but not at the option of the other, this type of contract is:
◍ Performance.
Answer: In order to form a valid contract, which is not necessary:
◍ Natural Hazard Areas.
Answer: Earthquake zones, flood hazard areas, and fire hazard areas are all
examples of:
◍ A first mortgage.
Answer: A mortgage on a property that is considered to be the priority
mortgage among any loans recorded against a property is best defined as:
◍ The Homeowner's Protection Act.
Answer: Private Mortgage Insurance is required to be cancelled when the
mortgage balance reaches 78% of the property value and the borrower is
current on the loan under:Incorrect
◍ Hazard insurance.
Answer: If a property is partially destroyed from fire, the type of insurance
that would likely cover the damages is called:
◍ Disbursements from a Washington sales transaction trust account can't be
made prior to closing without what?.
Answer: Disbursements are not generally made from trust accounts prior to
settlement. However, with the written permission of both the buyer and the
seller, brokers can disburse funds before closing.
,◍ What Washington document typically authorizes the listing brokerage firm
to share the commission with the cooperating (selling) brokerage firm?.
Answer: The listing agreement typically provides details of compensation to
be paid to the cooperating (selling) brokerage firm.
◍ A recorder.
Answer: A public official that keeps public records of real property
transactions in their county is called:
◍ Deed in lieu of foreclosure.
Answer: Yin Lee is an owner of several properties as well as a relatively
high profile individual. In order for Yin Lee to attempt to avoid a possible
foreclosure from becoming a matter of public record by being recorded, Yin
Lee would want to give the lender a:
◍ Contingency.
Answer: A satisfactory home inspection performed by a qualified home
inspector is typically a:
◍ A Historic building.
Answer: Of the properties listed, which is considered the most "unique" and
would use the cost approach method of appraisal?-A condominium -A piece
of land -A Historic building -A farm
◍ Grantor.
Answer: If Fred, a property owner, conveys an interest in his property to
Greg, his nephew, in this transaction Fred is considered to be the:Incorrect
◍ 1978.
Answer: The Federal Government requires that any potential purchaser be
given a pamphlet about possible lead paint contamination if the structure
was built before which year?
◍ Homeowner's association.
Answer: A group that manages the common areas of a condominium project
or planned unit development and owns title to the common areas in a
, planned unit development is called:
◍ The standard five tests used by courts for a fixture.
Answer: Method of attachment, adaptability of the attached item,
relationship of the parties, intent of the person attaching the item, and
agreement between parties are:
◍ The Government.
Answer: Ginnie Mae is owned by:
◍ Unsecured Court Order.
Answer: Which lien has the lowest priority for collection?
◍ Joists.
Answer: The beams that run horizontal and parallel to each other that
support the floor and ceiling loads are called:
◍ Title searches.
Answer: A title plant is a duplicate set of title records maintained at title
insurance companies for use in:
◍ A record of an individual's repayment of debt.
Answer: The best description of an individual's credit history is:
◍ Leasehold estate.
Answer: This is a way of holding title to a property when the mortgagor
does not actually own the property but rather has a recorded long-term lease
on it.
◍ Provide equal access to rentals.
Answer: A person with a child under the age of 18 is protected by the
federal ban on discrimination based on familial status in order to:
◍ An appurtenant easement.
Answer: Able has the right to cross through Peter's property to get to his
property. What is this right called?
◍ Collateral.
Answer: Detrich has just obtained a secured loan from his local bank. What
