Washington state Real Estate exam set 2 Correct Questions & Answers(Rated A+)
life estate pur autre vie - ANSWERSa person who gets a life estate BUT the measuring life is someone else other than the life tenant. "for another life" covenant of seisin - ANSWERSprotects the buyer in the case of other claims to the property. It promises that the grantor actually owns the property interest being granted to the grantee encumbrance - ANSWERSis a claim/liability that affects the value/use of the property. a nonpossessory right that is held by someone other than the property owner property management lease agreement, who can write it? - ANSWERSAn attorney must be engaged to draft each contract, the agent can fill out preprinted forms but not draft a new contract language extender or broker protection clause - ANSWERSprevents a seller from delaying acceptance of a buyer's offer until the listing expires in order to avoid paying a commission. primary mortgage market lenders - ANSWERScommercial banks, savings and loans, mortgage companies, anyone making loans directly to consumers secondary mortgage market lenders - ANSWERSFederal home loan mortgage corp (Freddie mac), fed-housing admin, fed-national mortgage ass (Fannie Mae), ect truth in lending act - ANSWERSapplies to consumers (ex: first time home buyers) doesn't cover loans to businesses, commercial or agriculture reason the Real estate agent would be present at closing - ANSWERSto receive payment and verify the brokerage commission
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