WA Real Estate Fundamentals Questions - Rockwel
1.Which of the following is most likely to be considered a fixture?: Plumbing
2.A life estate will last until:: The Death of the recipient
3.A deed that states there is a conveyance of interest, if any, is the::
Quitclaim deed
4.A judgement lien:: When paid off, requires a satisfaction of
judgement to be recorded to clear the record
5.The police powers of the government include:: Building codes and
zoning regulations
6.The term "meeting of the minds" is associated with:: Offer and
acceptance
7.Exaggeration about a property's positive characteristics would be
consid- ered:: Puffing
8.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:: Re- jected a $90k offer from a financially qualified buyer
9.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.
10.Usury laws fix which of the following:: Maximum interest rates: state
usury laws set max interest rates for certain types of loans
11.For which of the following people would an adjustable rate loan not be
a good idea?: A person about to retire (fixed income)
12.An appraiser needs to be state certified to perform which of the
following appraisals:: Appraisal related to an FHA loan
13.On a settlement statement, an earnest money deposit that will be held
by the brokerage firm until closing is a:: Credit to the buyer
14.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
15.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)
16.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.
17.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)
18.A primary advantage of owning a property in severalty is:: Flexibility
, 19.All of the following are requirements for a valid deed except::
Acknowledge- ment
20.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
21.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 the
sign is six feet high. To install their sign legally, the Morgans must apply for
a:: Variance
22.A property is listed for $275,000. The buyers offer $265,000, and insist
that the gourmet six-burner stove remain with the property. When the
signed offer is presented to the sellers, the sellers accept the price, but
want to take the stove with them. They cross out the item about the stove,
sign the form, and return it to the buyers. Under these circumstances:: The
original offer is terminated, and the sellers have made a counteroffer
23.A seller's agent, upon meeting with a prospective buyer, becomes con-
1.Which of the following is most likely to be considered a fixture?: Plumbing
2.A life estate will last until:: The Death of the recipient
3.A deed that states there is a conveyance of interest, if any, is the::
Quitclaim deed
4.A judgement lien:: When paid off, requires a satisfaction of
judgement to be recorded to clear the record
5.The police powers of the government include:: Building codes and
zoning regulations
6.The term "meeting of the minds" is associated with:: Offer and
acceptance
7.Exaggeration about a property's positive characteristics would be
consid- ered:: Puffing
8.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:: Re- jected a $90k offer from a financially qualified buyer
9.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.
10.Usury laws fix which of the following:: Maximum interest rates: state
usury laws set max interest rates for certain types of loans
11.For which of the following people would an adjustable rate loan not be
a good idea?: A person about to retire (fixed income)
12.An appraiser needs to be state certified to perform which of the
following appraisals:: Appraisal related to an FHA loan
13.On a settlement statement, an earnest money deposit that will be held
by the brokerage firm until closing is a:: Credit to the buyer
14.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
15.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)
16.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.
17.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)
18.A primary advantage of owning a property in severalty is:: Flexibility
, 19.All of the following are requirements for a valid deed except::
Acknowledge- ment
20.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
21.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 the
sign is six feet high. To install their sign legally, the Morgans must apply for
a:: Variance
22.A property is listed for $275,000. The buyers offer $265,000, and insist
that the gourmet six-burner stove remain with the property. When the
signed offer is presented to the sellers, the sellers accept the price, but
want to take the stove with them. They cross out the item about the stove,
sign the form, and return it to the buyers. Under these circumstances:: The
original offer is terminated, and the sellers have made a counteroffer
23.A seller's agent, upon meeting with a prospective buyer, becomes con-
