WASHINGTON STATE REAL ESTATE STANDARD EXAM
SHEET 2025/2026 QUESTIONS AND ANSWERS GUARANTEE
A+
✔✔Appropriative Rights - ✔✔Water rights established by obtaining a government
permit, and not based on ownership of land beside a body of water.
✔✔Lateral support - ✔✔The physical support that a piece of land receives from the
surrounding land
✔✔Subjacent Support - ✔✔The physical support that a piece of land receives from the
underlying earth.
✔✔Air lot - ✔✔A parcel of property above the surface of the earth, not containing any
land: for example, a condominium unit on the third floor.
✔✔Lot and Block - ✔✔The system of description used for subdivided land. The
properties within a subdivision are assigned lot numbers on a survey map called a plat,
which is then recorded. The location and dimensions of a particular lot can be
determined by consulting the recorded plat.
✔✔Government lot - ✔✔In the government survey system, a parcel of land that is not a
regular section.
✔✔Section - ✔✔A one-square-mile block of land, containing 640 acres, or
approximately 1/36 of a township.
✔✔Township - ✔✔The intersection of a range and a township tier in the government
survey system. It is a parcel of land that is six miles square and contains 36 sections.
✔✔metes and bounds - ✔✔a system that relies on descriptions in which the boundaries
of a parcel of land are described by reference to monuments, courses, and distances
✔✔monument - ✔✔A visible marker (natural or artificial) used in a survey or a metes
and bounds description to establish the boundaries of a piece of property.
✔✔Point of beginning - ✔✔The starting point in a metes and bounds description; a
monument or a point described by reference to a monument.
✔✔course - ✔✔In a metes and bounds description, a direction, stated in terms of a
compass bearing.
✔✔distance - ✔✔in a metes and bounds description, the length of a boundary,
measured in any convenient unit of length.
, ✔✔Government survey - ✔✔A system of land description in which the land is divided
into squares called townships, and each township is, in turn, divided up into 36 sections,
each one square mile.
✔✔Principal Meridian - ✔✔In the government survey system, the main north-south line
in a particular grid, used as the starting point in numbering the ranges and township
tiers.
✔✔Range - ✔✔In the government survey system, a strip of land six miles wide, running
north and south
✔✔Federal Reserve Board - ✔✔The body that regulates commercial banks, and sets,
and implements the federal governments monetary policy; commonly called the "fed".
FED determines the monetary policy 12 districts nation wide. (key interest rates, reserve
requirements, open market operations.
✔✔Real Estate Cycles - ✔✔Periodic shifts at any given time and place in the level of
activity. Dramatic or moderate, and they could be local or regional.
✔✔Reserve Requirements - ✔✔The percent ages of customer deposits commercial
banks must keep on reserve with a federal reserve bank.
✔✔Deed of Trust - ✔✔A three-party security instrument that include a power of sale
clause, allowing the trustee to foreclose nonjudicially if the borrower (trustor) fails to pay
the lender (beneficiary) or otherwise defaults.
✔✔monetary policy - ✔✔Government policy that attempts to manage the economy by
controlling the money supply and thus interest rates.
✔✔open market operations - ✔✔The fed's chief method of controlling the money
supply, and indirectly, controlling inflation and interest rates by buying and selling
government securities. Only money in circulation is considered part of the money
supply, so actions by the Fed that put money into circulation increase the money supply,
and actions that take money out of circulation decrease it.
✔✔reserve requirements - ✔✔regulations on the minimum amount of reserves that
banks must hold against deposits
✔✔Fannie Mae - ✔✔Government-sponsored enterprise; one of the largest purchasers
of residential mortgages in the secondary market. 1938, purchases conventional, FHA,
and VA loans to use as the collateral for its mortgage-blocked securities.
SHEET 2025/2026 QUESTIONS AND ANSWERS GUARANTEE
A+
✔✔Appropriative Rights - ✔✔Water rights established by obtaining a government
permit, and not based on ownership of land beside a body of water.
✔✔Lateral support - ✔✔The physical support that a piece of land receives from the
surrounding land
✔✔Subjacent Support - ✔✔The physical support that a piece of land receives from the
underlying earth.
✔✔Air lot - ✔✔A parcel of property above the surface of the earth, not containing any
land: for example, a condominium unit on the third floor.
✔✔Lot and Block - ✔✔The system of description used for subdivided land. The
properties within a subdivision are assigned lot numbers on a survey map called a plat,
which is then recorded. The location and dimensions of a particular lot can be
determined by consulting the recorded plat.
✔✔Government lot - ✔✔In the government survey system, a parcel of land that is not a
regular section.
✔✔Section - ✔✔A one-square-mile block of land, containing 640 acres, or
approximately 1/36 of a township.
✔✔Township - ✔✔The intersection of a range and a township tier in the government
survey system. It is a parcel of land that is six miles square and contains 36 sections.
✔✔metes and bounds - ✔✔a system that relies on descriptions in which the boundaries
of a parcel of land are described by reference to monuments, courses, and distances
✔✔monument - ✔✔A visible marker (natural or artificial) used in a survey or a metes
and bounds description to establish the boundaries of a piece of property.
✔✔Point of beginning - ✔✔The starting point in a metes and bounds description; a
monument or a point described by reference to a monument.
✔✔course - ✔✔In a metes and bounds description, a direction, stated in terms of a
compass bearing.
✔✔distance - ✔✔in a metes and bounds description, the length of a boundary,
measured in any convenient unit of length.
, ✔✔Government survey - ✔✔A system of land description in which the land is divided
into squares called townships, and each township is, in turn, divided up into 36 sections,
each one square mile.
✔✔Principal Meridian - ✔✔In the government survey system, the main north-south line
in a particular grid, used as the starting point in numbering the ranges and township
tiers.
✔✔Range - ✔✔In the government survey system, a strip of land six miles wide, running
north and south
✔✔Federal Reserve Board - ✔✔The body that regulates commercial banks, and sets,
and implements the federal governments monetary policy; commonly called the "fed".
FED determines the monetary policy 12 districts nation wide. (key interest rates, reserve
requirements, open market operations.
✔✔Real Estate Cycles - ✔✔Periodic shifts at any given time and place in the level of
activity. Dramatic or moderate, and they could be local or regional.
✔✔Reserve Requirements - ✔✔The percent ages of customer deposits commercial
banks must keep on reserve with a federal reserve bank.
✔✔Deed of Trust - ✔✔A three-party security instrument that include a power of sale
clause, allowing the trustee to foreclose nonjudicially if the borrower (trustor) fails to pay
the lender (beneficiary) or otherwise defaults.
✔✔monetary policy - ✔✔Government policy that attempts to manage the economy by
controlling the money supply and thus interest rates.
✔✔open market operations - ✔✔The fed's chief method of controlling the money
supply, and indirectly, controlling inflation and interest rates by buying and selling
government securities. Only money in circulation is considered part of the money
supply, so actions by the Fed that put money into circulation increase the money supply,
and actions that take money out of circulation decrease it.
✔✔reserve requirements - ✔✔regulations on the minimum amount of reserves that
banks must hold against deposits
✔✔Fannie Mae - ✔✔Government-sponsored enterprise; one of the largest purchasers
of residential mortgages in the secondary market. 1938, purchases conventional, FHA,
and VA loans to use as the collateral for its mortgage-blocked securities.
