WA Fundamentals Final Exam Questions With Correct Answers 100% Verified.

WA Fundamentals Final Exam Questions With Correct Answers 100% Verified. Which of the following is most likely to be considered a fixture? A. Draperies B. lamp C. Plumbing D. Washing Machine - answerC. Plumbing A life estate will last until: A. Economic conditions render it unfeasible B. The death of the grantor C. the death of the recipient D. the recipient moves out - answerC. the death of the recipient The deed that states that there is A. Grant Deed B. Bargain and sale deed C. Quitclaim deed D. Special Warranty deed - answerC Quitclaim deed A Judgement Lien: A. Applies only to personal property B. Applies only to real property C. takes first lien position D. When paid off, requires satisfaction of judgment to be recorded to clear the record - answerD When paid off, requires satisfaction of judgment to be recorded to clear the record The Police Powers of the government include: A. Defeasance B. Foreclosure C. Lis Pendens D. Building Codes and zoning regulations - answerD. Building Codes and Zoning regulations The Term "Meeting of the Minds" is associated with: A. Full performance of a contract B. Offer and acceptance C. Execution D tender of an offer - answerA. Full performance of a contract Exaggeration about a property's positive characteristics would be considered: A. Fraud B. Misrepresentation C. Overstating D. Puffing - answerD Puffing The seller listed the property for $95,000. Assuming that their listing agreement is typical, the broker would NOT be entitled to a commission if the seller: A. Rejected a $90,000 offer from a financially qualified buyer B. Accepted a $90,000 offer from a financially qualified buyer C. Accepted a $95,000 offer, but his title turned out to be unmarketable D. Rejected a $95,000 offer from a financially qualified buyer - answerA. Rejected a $90,000 offer from a financially qualified buyer A Contract specifies that "time is of the essence." This means that: A. the seller must fulfill her contractual duties by the date set forth in the contract, but the buyer does not have to B. the buyer must fulfill her contractual duties by the date set forth in the contract, but the seller does not have to C. the agent must fulfill his contractual duties by the date set forth in the contract, but the buyer and seller do not have too D all contractual duties must be fulfilled on or before the date set forth in the contract - answerD all contractual duties must be fulfilled on or before the date set forth in the contract Usury laws fix which of the following items? A. minimum interest rates B. Maximum interest rates C. Length of time for repayment of loans D. Loan to value Ratios - answerB maximum interest rates For which of the following people would an adjustable-rate loan not be a good idea? A. A person about to retire B. A person planning to refinance after several years C.A person who will live in the house only a short time D. A person whose income is expected to go up soon - answerA person about to retire An appraiser needs to be state-certified to perform which of the following appraisals? A. Appraisal of a residence valued at $200,000 B. Appraisal of a residence valued at $500,000 C. Appraisal related to a loan that will be issued by a federally insured lender D. Appraisal related to an FHA loan - answerD. Appraisal related to an FHA loan On a settlement statement, an earnest money deposit that will be held by the brokerage firm until closing is a: A. Credit to the buyer B. Credit to the seller C. Debit (Charge) to the buyer D. Debit (charge) to the seller - answerA Credit to the buyer 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 value declines. This is: A. Blockbusting B. Redlining C. Steering D. Legal - answerA. Blockbusting An investor is interested in purchasing a multi-family dwelling. He would most likely want to look for a: A. Property that will offer a low rate of return B. Property where the rents are similar to comparable properties in the same area c. property with a high vacancy rated. D rent-control property - answerB. Property where the rents are similar to comparable properties in the same area 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 plans for a building that is 20,000 square feet. At least how many acres does the lot need to be? A. 1 B. 2 C. 3 D. 4 - answerB. 2 Test to distinguish a fixture from personal property include all of the following, EXCEPT: A. Method of attachment B. Cost of the item C. intent of the annexor D. adaptability - answerB cost of the item A primary advantage of owning a property in severalty is: A. Flexibility B. inheritability