Washington State Real Estate Exam Set 1: Questions And Answers, Graded A+/| Latest Update 2024/25|

WASHINGTON STATE REAL ESTATE EXAM SET 1: QUESTIONS AND ANSWERS, GRADED A+/ when does the real estate agent give the seller's a copy of their listing agreement form? - - immediately what are the elements needed for a valid purchase and sales agreement? - -consideration (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 - - package mortgage name of the state/local sales tax debt to the seller in the transfer of property listed on the uniform settlement statement - -documentary stamp tax or transfer tax a property owner could qualify for tax deferred exchange if it was what? - -used in a business or trade conditional use permit - -allows 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? - - that 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? - -whichever party agreed to pay for the expense in the purchase and sales agreement what about prepayment penalties is true? - -neither FHA nor VA loans allow prepayment penalties four elements of economic characteristics of real estate - -scarcity, demand, transferability, and utility which charges are prorated between the buyer and seller at closing? - -property taxes, utility bills, special assessments. why are recording fees not prorated between the buyer and seller at closing? - -instead, each party pays the costs associated with the recording documents that benefit that particular part before the parties to a tax-deferred exchange can qualify for the tax benefit they must provide notice of exchange within...? - -45 days what are the conditions a tenant with a disability must adhere to by law when changing an apartment? - -they are allowed to make any necessary modifications at their own expense but the landlord can require that they restore the property at the end of the lease to it's original condition a section of land is equivalent to what? - -one square mile, 640 acres