WASHINGTON REAL ESTATE FUNDAMENTALS F1 Exam
Questions with Verified Answers (Correct Update)
Question 1: Which of the following is NOT an executory, bilateral contract?
Answer: Open listing
Question 2: Which of the following is NOT associated with personal property?
Answer: Fructus naturales
Question 3: A seller has called a broker to schedule an appointment to list her house. If the
seller lists the house, this would be best described as a/an __________.
Answer: Express agency
Question 4: The appraiser is to determine the most probable price that a buyer will pay for a
property. This is known as __________.
Answer: Objective value
Question 5: Under the income approach to appraising, which of the following would be
deducted from effective gross income to derive the net operating income?
Answer: Property taxes and insurance
Question 6: The purpose of the capitalization rate is to convert __________.
Answer: Net income into economic value
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,Question 7: Which of the following parties would have the legal right to transfer the title to
property?
Answer: The party with the legal authority to perform
Question 8: A suit to quiet title would be filed under which of the following circumstances?
Answer: When there is an adverse possession claim on the property
Question 9: All of the following are true regarding tenancy in common EXCEPT that
__________.
Answer: Ownership shares must be equal
Question 10: Which of the following is NOT a statutory general lien?
Answer: Ad valorem tax lien
Question 11: A grantee purchased a property and did not record the deed. Later the property
was transferred to an heir, who sold the property. This would create a/an __________.
Answer: Gap in the title
Question 12: A defeasible fee estate means that title __________.
Answer: Can be terminated upon the occurrence or nonoccurrence of a specified event
Question 13: Which of the following would be an example of a non-possessory property
interest?
Answer: Easement
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, Question 14: The sales comparison approach is based on the principle of adjustments. If an
appraiser is using this approach, the adjustments would be made in the __________.
Answer: Comparable property
Question 15: Which of the following parties would not be allowed to collect a commission in a
real estate transaction?
Answer: The neighbor who referred the seller
Question 16: Which of the following is NOT a duty of the real estate broker?
Answer: To accept offers on behalf of a client
Question 17: A seller agreed to list his house for $90,000, but the seller was not informed by the
licensee that the actual value of the property was $100,000. The licensee purchased the
property the day after it was listed. This is an example of a violation of which of the licensee's
responsibilities?
Answer: Loyalty
Question 18: Which of the following is NOT a responsibility of the licensee and, thus, would
NOT be found in a normal listing agreement?
Answer: To inspect the property and complete a property disclosure statement
Question 19: A licensee will only show prospective buyers properties where the broker thinks
they should live, not the properties the buyers want to see. The broker is guilty of __________.
Answer: Steering
Page 3
Questions with Verified Answers (Correct Update)
Question 1: Which of the following is NOT an executory, bilateral contract?
Answer: Open listing
Question 2: Which of the following is NOT associated with personal property?
Answer: Fructus naturales
Question 3: A seller has called a broker to schedule an appointment to list her house. If the
seller lists the house, this would be best described as a/an __________.
Answer: Express agency
Question 4: The appraiser is to determine the most probable price that a buyer will pay for a
property. This is known as __________.
Answer: Objective value
Question 5: Under the income approach to appraising, which of the following would be
deducted from effective gross income to derive the net operating income?
Answer: Property taxes and insurance
Question 6: The purpose of the capitalization rate is to convert __________.
Answer: Net income into economic value
Page 1
,Question 7: Which of the following parties would have the legal right to transfer the title to
property?
Answer: The party with the legal authority to perform
Question 8: A suit to quiet title would be filed under which of the following circumstances?
Answer: When there is an adverse possession claim on the property
Question 9: All of the following are true regarding tenancy in common EXCEPT that
__________.
Answer: Ownership shares must be equal
Question 10: Which of the following is NOT a statutory general lien?
Answer: Ad valorem tax lien
Question 11: A grantee purchased a property and did not record the deed. Later the property
was transferred to an heir, who sold the property. This would create a/an __________.
Answer: Gap in the title
Question 12: A defeasible fee estate means that title __________.
Answer: Can be terminated upon the occurrence or nonoccurrence of a specified event
Question 13: Which of the following would be an example of a non-possessory property
interest?
Answer: Easement
Page 2
, Question 14: The sales comparison approach is based on the principle of adjustments. If an
appraiser is using this approach, the adjustments would be made in the __________.
Answer: Comparable property
Question 15: Which of the following parties would not be allowed to collect a commission in a
real estate transaction?
Answer: The neighbor who referred the seller
Question 16: Which of the following is NOT a duty of the real estate broker?
Answer: To accept offers on behalf of a client
Question 17: A seller agreed to list his house for $90,000, but the seller was not informed by the
licensee that the actual value of the property was $100,000. The licensee purchased the
property the day after it was listed. This is an example of a violation of which of the licensee's
responsibilities?
Answer: Loyalty
Question 18: Which of the following is NOT a responsibility of the licensee and, thus, would
NOT be found in a normal listing agreement?
Answer: To inspect the property and complete a property disclosure statement
Question 19: A licensee will only show prospective buyers properties where the broker thinks
they should live, not the properties the buyers want to see. The broker is guilty of __________.
Answer: Steering
Page 3
