Washington State Brokers Exam Cram Test #1 Questions And Answers, Graded A+/ Verified.| Latest Update 2024/25|

WASHINGTON STATE BROKERS EXAM CRAM TEST #1 QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. Which of the following best describes the difference between building codes and zoning regulations? - -Building codes affect improvements on the property; zoning regulations control the use of real property A independent contractor relationship between a real estate brokerage firm and a licensee requires that the: - -brokerage and licensee must enter into a written agreement An advertisement for a house includes only the following phrase about financing: "Assume the owners original loan with only a $1000 downpayment!" What is wrong with this advertisement? - -It doesnt also include the loans annual percentage rate and other financing terms Bobs property has a fair market value of $190000. It is in a county where properties are assessed at 50% of value, and the tax rate is $55 per $1000 of assessed value. Whats Bobs annual property tax? - - $5,225 explanation: Jesse, Kim, and Diane own a home together as joint tenants. if Jesse dies her property interest: - -will be automatically transferred to Kim and Diane a sellers agent knows that the seller intentionally failed to disclose on the property disclosure statements that the basement leaks during heavy rains. The sellers agent must: - -inform the prospective buyer that there is misrepresented information on the disclosure form Which of the following loans would be subject to the Truth in Lending Act? - -A loan to a first time buyer Art sold his house, which was not encumbered with a mortgage. Closing expenses were $5,264, and he paid a commission of 7% of the selling price. He received a check at closing for $372,316. What did the house sell for? - -$406,000 Frank gives Stella an option to buy his house. Stella, as the optionee, is obligated to: - -pay consideration for the option right A corn field with a depth of 900 feet and a frontage of 484 feet is bisected by an access road, leaving two triangular lots. If the land sells for $2,000 per acre, how much is each lot worth? - -$10,000 Martha gave Hanna the right to purchase her vacant lot for $65,000. Hannah paid Martha $1,200 for this right. Hannah is the: - -optionee Which is a list of duties owed to a principal by an agent? - -Loyalty, confidentiality, reasonable care, accounting Ajax realty lists a property for a seller at a commission rate of 8%. The MLS provides that a listing brokerage will split commissions at a 50-50 rate. Baron Realty, a cooperating brokerage, finds a buyer for the property, at a price of $300,000. How much will the seller owe Ajax realty at closing? - -$24,000 A buyer enters into a buyer agency agreement with a real