WA Real Estate Fundamentals Questions – Rockwell Already Passed

WA Real Estate Fundamentals Questions – Rockwell Already Passed Which of the following is most likely to be considered a fixture? Plumbing A life estate will last until: The Death of the recipient A deed that states there is a conveyance of interest, if any, is the: Quitclaim deed A judgement lien: When paid off, requires a satisfaction of judgement to be recorded to clear the record The police powers of the government include: Building codes and zoning regulations The term "meeting of the minds" is associated with: Offer and acceptance Exaggeration about a property's positive characteristics would be considered: Puffing The seller listed the property for $95k. Assuming that their listing agreement is typical, the broker would not be entitled to a commission if the seller: Rejected a $90k offer from a financially qualified buyer A contract specifies that "time is of the essence." That means that: All contractual duties must be fulfilled on or before the date set forth in the contract. Usury laws fix which of the following: Maximum interest rates: state usury laws set max interest rates for certain types of loans For which of the following people would an adjustable rate loan not be a good idea? A person about to retire (fixed income) An appraiser needs to be state certified to perform which of the following appraisals: Appraisal related to an FHA loan On a settlement statement, an earnest money deposit that will be held by the brokerage firm until closing is a: Credit to the buyer A licensee hears that a religious group will be opening a commune in a neighborhood. He begins contacting neighbors and telling them about this, encouraging them to list their properties with him before property values decline. This is: Blockbusting An investor is interested in purchasing a multi-family dwelling. He would most likely want to look for a: Property where the rents are similar to comparable properties in the same area (key inquiry for investor market analysis is comps) Zoning requirements state that a lot must be at least four times the size of the building located on the lot. An architect draws up a plan for a building that is 20k sq. ft. At least how many acres does the lot need to be? 2! 20k x 4 = 80k sq ft. - devide by 43,560 (sq ft per acre) to find size. Tests to distinguish a fixture from personal property include all of the following except: Cost of the item (method of attachment, intent of annexor and adaptability are tests) A primary advantage of owning a property in severalty is: Flexibility All of the following are requirements for a valid deed except: Acknowledgement A homeowner has been sharing with a friendly neighbor the use of a driveway that crosses both of their properties. However, the owner is about to move out and the remaining neighbor would like to make sure that she can continue to use the driveway even if the new owner is not amenable to that. The homeowner should request an: Easement A local ordinance states that no sign can extend more than two feet above the roofline. The Morgans want to put a sign on their roof, but