Washington state Real Estate Exam with guaranteed accurate answers 2024

When does the real estate agent give the seller's a copy of their listing agreement form? - correct answer immediately What are the elements needed for a valid purchase and sales agreement? - correct answer consideration (not of monetary value), in writing & lawful purpose. There does not need to be earnest money but often is A mortgage that secures both real and personal property as collateral to secure a borrower's debt - correct answer package mortgage Name of the state/local sales tax debt to the seller in the transfer of property listed on the uniform settlement statement - correct answer documentary stamp tax or transfer tax A property owner could qualify for tax deferred exchange if it was what? - correct answer used in a business or trade Conditional use permit - correct answer allows certain beneficial uses (schools, churches, etc) to operate in residential neighborhoods despite zoning laws What do the terms "offer and acceptance", "mutual assent" & "meeting of the minds" all mean? - correct answer that there is an unqualified acceptance in offer, all these terms refer to whether the parties mutually consented to the terms of a contract. (a counteroffer is sometimes referred to as a qualified acceptance.) Who's responsibility is it (buyer or seller) when remedial action is needed? - correct answer whichever party agreed to pay for the expense in the purchase and sales agreement What about prepayment penalties is true? - correct answer neither fha nor va loans allow prepayment penalties Fou