WA Fundamentals Final Exam Questions and Answers Already Passed

WA Fundamentals Final Exam Questions and Answers Already Passed A $4,500 earnest money check bounces because of insufficient funds. The first thing the broker should do is: A. notify escrow to charge this amount, plus the bounced check fee, to the buyer B. Notify the borrower C. Notify the principals D. Write a personal check for $4,500 to cover the shortage C. Notify the principals A and B sign a rental agreement in which A agrees to lease her property to B in exchange for rent. This contract is: A. bilateral B. Implied C. unilateral D. Voidable A. bilateral A borrower is purchasing a $300,000 home. She will be using a loan with an LTV of 80%. She will also be total amount of cash that she will need to bring to closing? A. $7,200 B. $13,200 C. $67,200 D. $69,000 C $67,200 A broker will be working for a firm as an independent contractor. The firm must provide the broker with: A. Advertising materials B. an independent contractor agreement C. business cards D. insurance coverage B. an independent contractor agreement A brokerage office must have a sign: A. that measures at least two feet by three feet B. positioned over every entrance and exit C. that states how many branch offices this brokerage has D. that states the firm's name as it appears on its license D. the sates the firm's name as it appears on its license A buyer accepts a warranty deed from a seller, believing that the seller is the sole owner of the property. The buyer later finds out that the seller is only a co-owner. has a covenant in the warranty deed been violated? A. No, the only covenant is a general warranty deed promises that the previous owner didn't encumber the property B. No, the principle of caveat emptor controls matters concerning a deed C. Yes, there is a covenant providing equitable title D. Yes, there is a covenant providing marketable title D. Yes there is a covenant providing marketable title A buyer and seller sign a contract for deed. Two weeks later, the buyer is declared mentally incompetent. The buyer guardian contacts the seller and says he can continue to make the buyer's payments as agreed. Which of the following is true? A. The buyer can disaffirm the contract within a reasonable period of time B. They buyer can finish out the contract as the buyer's guardian has proposed C. The seller can agree to receive payments from the guardian and if the payment becomes unreliable, the seller can then cancel the contract D. The contract is automatically voided