WASHINGTON STATE REAL ESTATE EVALUATION EXAMS
2025/2026 QUESTIONS AND ANSWERS GUARANTEE A+
✔✔Qualified Fee Estate - ✔✔A fee simple estate that carries a qualification, so that
ownership may revert to the grantor if the specified event occurs or a condition is not
met. Also called a defensible fee.
✔✔Life Estate - ✔✔A freehold estate in land that is limited in duration to the life of the
owner or to the life or lives of some other designated person or persons.
✔✔waste - ✔✔Permanent damage to real property caused by the party in possession,
harming the interests of other estate holders
✔✔Estate for years - ✔✔A leasehold estate with a fixed term. Also called a term
tenancy
✔✔Periodic Tenancy - ✔✔A leasehold estate that is renewed at the end of each period
unless one party gives notice of termination
✔✔Estate at will - ✔✔A lease that can be terminated by either party at will, without
notice
✔✔Ownership in Severalty - ✔✔Sole ownership that only one person or legal entity
holds the title to that property. (as opposed to co-ownership)
✔✔Tenancy in Common - ✔✔Co-ownership of property in which each party owns an
undivided interest that passes to his or her heirs at death.
✔✔Joint Tenancy - ✔✔A form of co-ownership that includes the right of survivorship.
✔✔Right of Survivorship - ✔✔the rights of surviving partners in a joint tenancy to divide
the interests of a deceased partner
✔✔Community Property - ✔✔property obtained during the course of the marriage
✔✔Corporation - ✔✔In artificial person, a legal entity separate from its shareholders
✔✔Limited Liability Company - ✔✔type of business enterprise that protects members
against losing all of their personal wealth; members are taxed as if they were in a
partnership
✔✔Real Estate Investment Trust (REIT) - ✔✔Trust ownership of real estate by a group
of individuals who purchase certificates of ownership in the trust, which in turn invests
, the money in real property and distributes the profits back to the investors free of
corporate income tax.
✔✔Condiminium - ✔✔A property that has been developed so that individual unit owners
have a separate title to their own units, but share ownership of the common elements as
tenants in common
✔✔cooperative - ✔✔A property that is owned by a corporation and tenanted by
shareholders in the corporation who have proprietary leases for their units
✔✔Timeshare - ✔✔And interest in a condominium unit that entitles the holder to occupy
the unit during a specified time slot every year
✔✔Alienation - ✔✔The transfer of title, ownership, or an interest in property from one
person to another. Alienation may be voluntary or involuntary
✔✔deed - ✔✔the official document transferring ownership from seller to buyer
✔✔Warranty Deed - ✔✔A deed in which the grantor makes formal assurance as to
quality of title. Contains five basic covenants against defects in the title
✔✔Quitclaim Deed - ✔✔A deed to relinquish any interest in property which the grantor
may have, without any warranty of title or interest.
✔✔acknowledgement - ✔✔A formal declaration made before an authorized official,
such as a notary public or county clerk, by a person who has signed a document. He
states that the signature is genuine and voluntary.
✔✔Will - ✔✔The written declaration of an individual that designates how his estate will
be disposed of after death.
✔✔Intestate - ✔✔When a person dies without leaving a valid will
✔✔Escheat - ✔✔The state takes property upon an owners death if there is no will & no
heirs exist.
✔✔Dedication - ✔✔When a private owner voluntarily or involuntarily gives a real
property to the public
✔✔eminent domain - ✔✔The power of the government to take private property for
public use, upon payment of just compensation to the owner
✔✔condemnation - ✔✔The act of taking private property for public use under the power
of eminent domain
2025/2026 QUESTIONS AND ANSWERS GUARANTEE A+
✔✔Qualified Fee Estate - ✔✔A fee simple estate that carries a qualification, so that
ownership may revert to the grantor if the specified event occurs or a condition is not
met. Also called a defensible fee.
✔✔Life Estate - ✔✔A freehold estate in land that is limited in duration to the life of the
owner or to the life or lives of some other designated person or persons.
✔✔waste - ✔✔Permanent damage to real property caused by the party in possession,
harming the interests of other estate holders
✔✔Estate for years - ✔✔A leasehold estate with a fixed term. Also called a term
tenancy
✔✔Periodic Tenancy - ✔✔A leasehold estate that is renewed at the end of each period
unless one party gives notice of termination
✔✔Estate at will - ✔✔A lease that can be terminated by either party at will, without
notice
✔✔Ownership in Severalty - ✔✔Sole ownership that only one person or legal entity
holds the title to that property. (as opposed to co-ownership)
✔✔Tenancy in Common - ✔✔Co-ownership of property in which each party owns an
undivided interest that passes to his or her heirs at death.
✔✔Joint Tenancy - ✔✔A form of co-ownership that includes the right of survivorship.
✔✔Right of Survivorship - ✔✔the rights of surviving partners in a joint tenancy to divide
the interests of a deceased partner
✔✔Community Property - ✔✔property obtained during the course of the marriage
✔✔Corporation - ✔✔In artificial person, a legal entity separate from its shareholders
✔✔Limited Liability Company - ✔✔type of business enterprise that protects members
against losing all of their personal wealth; members are taxed as if they were in a
partnership
✔✔Real Estate Investment Trust (REIT) - ✔✔Trust ownership of real estate by a group
of individuals who purchase certificates of ownership in the trust, which in turn invests
, the money in real property and distributes the profits back to the investors free of
corporate income tax.
✔✔Condiminium - ✔✔A property that has been developed so that individual unit owners
have a separate title to their own units, but share ownership of the common elements as
tenants in common
✔✔cooperative - ✔✔A property that is owned by a corporation and tenanted by
shareholders in the corporation who have proprietary leases for their units
✔✔Timeshare - ✔✔And interest in a condominium unit that entitles the holder to occupy
the unit during a specified time slot every year
✔✔Alienation - ✔✔The transfer of title, ownership, or an interest in property from one
person to another. Alienation may be voluntary or involuntary
✔✔deed - ✔✔the official document transferring ownership from seller to buyer
✔✔Warranty Deed - ✔✔A deed in which the grantor makes formal assurance as to
quality of title. Contains five basic covenants against defects in the title
✔✔Quitclaim Deed - ✔✔A deed to relinquish any interest in property which the grantor
may have, without any warranty of title or interest.
✔✔acknowledgement - ✔✔A formal declaration made before an authorized official,
such as a notary public or county clerk, by a person who has signed a document. He
states that the signature is genuine and voluntary.
✔✔Will - ✔✔The written declaration of an individual that designates how his estate will
be disposed of after death.
✔✔Intestate - ✔✔When a person dies without leaving a valid will
✔✔Escheat - ✔✔The state takes property upon an owners death if there is no will & no
heirs exist.
✔✔Dedication - ✔✔When a private owner voluntarily or involuntarily gives a real
property to the public
✔✔eminent domain - ✔✔The power of the government to take private property for
public use, upon payment of just compensation to the owner
✔✔condemnation - ✔✔The act of taking private property for public use under the power
of eminent domain
