Washington state Real Estate exam set 1 Questions & Answers(2023 Update)

when does the real estate agent give the seller's a copy of their listing agreement form? - ANSWERSimmediately what are the elements needed for a valid purchase and sales agreement? - ANSWERSconsideration (not of monetary value), in writing & lawful purpose. There does not need to be earnest money but often is a mortgage that secures both real and personal property as collateral to secure a borrower's debt - ANSWERSpackage mortgage name of the state/local sales tax debt to the seller in the transfer of property listed on the uniform settlement statement - ANSWERSdocumentary stamp tax or transfer tax a property owner could qualify for tax deferred exchange if it was what? - ANSWERSused in a business or trade conditional use permit - ANSWERSallows certain beneficial uses (schools, churches, etc) to operate in residential neighborhoods despite zoning laws what do the terms "offer and acceptance", "mutual assent" & "meeting of the minds" all mean? - ANSWERSthat there is an unqualified acceptance in offer, all these terms refer to whether the parties mutually consented to the terms of a contract. (a counteroffer is sometimes referred to as a qualified acceptance.) who's responsibility is it (buyer or seller) when remedial action is needed? - ANSWERSwhichever party agreed to pay for the expense in the purchase and sales agreement what about prepayment penalties is true? - ANSWERSneither FHA nor VA loans allow prepayment penalties four elements of economic characteristics of real estate - ANSWERSscarcity, demand, transferability, and utility which charges are prorated between the buyer and seller at closing? - ANSWERSproperty taxes, utility bills, special assessments. why are recording fees not prorated between the buyer and seller at closing? - ANSWERSinstead, each party pays the costs associated with the recording documents that benefit that particular part Washington state Real Estate exam set 1 Questions & Answers(2023 Update)