Washington State Real Estate Exam Set 2 Questions & Answers, 100% Accurate.| Latest Update 2024/25|

WASHINGTON STATE REAL ESTATE EXAM SET 2 QUESTIONS & ANSWERS, 100% ACCURATE. life estate pur autre vie - -a person who gets a life estate BUT the measuring life is someone else other than the life tenant. "for another life" covenant of seisin - -protects 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 - -is 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? - -An 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 - -prevents 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 - -commercial banks, savings and loans, mortgage companies, anyone making loans directly to consumers secondary mortgage market lenders - -Federal home loan mortgage corp (Freddie mac), fed-housing admin, fed-national mortgage ass (Fannie Mae), ect truth in lending act - -applies 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 - -to receive payment and verify the brokerage commission tax shelter - -an investment that generates income, while offering offsetting credits/deductions in order to minimize the taxes on the incom