Washington state Real Estate exam set 1
Study online at https://quizlet.com/_1dq94
1. when does the real estate agent give the seller's a immediately
copy of their listing agreement form?
2. what are the elements needed for a valid purchase consideration (not of monetary
and sales agreement? value), in writing & lawful pur-
pose. There does not need to be
earnest money but often is
3. a mortgage that secures both real and personal package mortgage
property as collateral to secure a borrower's debt
4. name of the state/local sales tax debt to the seller documentary stamp tax or
in the transfer of property listed on the uniform transfer tax
settlement statement
5. a property owner could qualify for tax deferred used in a business or trade
exchange if it was what?
6. conditional use permit allows certain beneficial uses
(schools, churches, etc) to op-
erate in residential neighbor-
hoods despite zoning laws
7. what do the terms "offer and acceptance", "mutual that there is an unqualified ac-
assent" & "meeting of the minds" all mean? ceptance in offer, all these terms
refer to whether the parties mu-
tually consented to the terms
of a contract. (a counteroffer
is sometimes referred to as a
qualified acceptance.)
8. who's responsibility is it (buyer or seller) when re-
medial action is needed?
, Washington state Real Estate exam set 1
Study online at https://quizlet.com/_1dq94
whichever party agreed to pay
for the expense in the purchase
and sales agreement
9. what about prepayment penalties is true? neither FHA nor VA loans allow
prepayment penalties
10. four elements of economic characteristics of real scarcity, demand, transferabili-
estate ty, and utility
11. which charges are prorated between the buyer property taxes, utility bills, spe-
and seller at closing? cial assessments.
12. why are recording fees not prorated between the instead, each party pays the
buyer and seller at closing? costs associated with the
recording documents that ben-
efit that particular part
13. before the parties to a tax-deferred exchange can 45 days
qualify for the tax benefit they must provide notice
of exchange within...?
14. what are the conditions a tenant with a disability they are allowed to make any
must adhere to by law when changing an apart- necessary modifications at their
ment? own expense but the landlord
can require that they restore the
property at the end of the lease
to it's original condition
15. a section of land is equivalent to what? one square mile, 640 acres
16. a seller who wants to make public notice of their record the mortgage. buyer
interest in property they are financing (seller fi- records the deed to give notice
nanced) should what? of his/her ownership interest
Study online at https://quizlet.com/_1dq94
1. when does the real estate agent give the seller's a immediately
copy of their listing agreement form?
2. what are the elements needed for a valid purchase consideration (not of monetary
and sales agreement? value), in writing & lawful pur-
pose. There does not need to be
earnest money but often is
3. a mortgage that secures both real and personal package mortgage
property as collateral to secure a borrower's debt
4. name of the state/local sales tax debt to the seller documentary stamp tax or
in the transfer of property listed on the uniform transfer tax
settlement statement
5. a property owner could qualify for tax deferred used in a business or trade
exchange if it was what?
6. conditional use permit allows certain beneficial uses
(schools, churches, etc) to op-
erate in residential neighbor-
hoods despite zoning laws
7. what do the terms "offer and acceptance", "mutual that there is an unqualified ac-
assent" & "meeting of the minds" all mean? ceptance in offer, all these terms
refer to whether the parties mu-
tually consented to the terms
of a contract. (a counteroffer
is sometimes referred to as a
qualified acceptance.)
8. who's responsibility is it (buyer or seller) when re-
medial action is needed?
, Washington state Real Estate exam set 1
Study online at https://quizlet.com/_1dq94
whichever party agreed to pay
for the expense in the purchase
and sales agreement
9. what about prepayment penalties is true? neither FHA nor VA loans allow
prepayment penalties
10. four elements of economic characteristics of real scarcity, demand, transferabili-
estate ty, and utility
11. which charges are prorated between the buyer property taxes, utility bills, spe-
and seller at closing? cial assessments.
12. why are recording fees not prorated between the instead, each party pays the
buyer and seller at closing? costs associated with the
recording documents that ben-
efit that particular part
13. before the parties to a tax-deferred exchange can 45 days
qualify for the tax benefit they must provide notice
of exchange within...?
14. what are the conditions a tenant with a disability they are allowed to make any
must adhere to by law when changing an apart- necessary modifications at their
ment? own expense but the landlord
can require that they restore the
property at the end of the lease
to it's original condition
15. a section of land is equivalent to what? one square mile, 640 acres
16. a seller who wants to make public notice of their record the mortgage. buyer
interest in property they are financing (seller fi- records the deed to give notice
nanced) should what? of his/her ownership interest
