Washington State, Real Estate Exam/
210+ Qs & Ans/ 2024-2025.
Express information or fact; that which is know; actual knowledge. - Answer:
Actual Notice
The joining, reaching, or touching of adjoining land. Abutting parcels of land have
a common boundary. - Answer: Abutting
A method of calculating for tax purposes the depreciation of income property at a
faster rat than would be achieved using the straight-line method. Note** any
depreciation taken in excess of that which would be claimed using the straight-line
rate is subject to recapture as ordinary income to the extent of gain resulting from
the sale. - Answer: Accelerated Depreciation
1|Page
,A provision in a written mortgage, note, bond, or conditional sales contract that,
in the event of a default, the whole amount of principal and interest may be
declared to be due an payable at once. - Answer: Acceleration Clause
An increase or addition to land by the deposit of sand or soil washed up naturally
from a river lake or sea. - Answer: Accretion
The voluntary and permanent cessation of use or enjoyment with no intention to
resume or reclaim one's possession or interest. May pertain to an easement or a
property. - Answer: Abandonment
Tenants cannot sign away their rights in advance of signing the lease. - Answer:
Abrogation
A condensed version of the history of title to a particular parcel of real estate as
recorded in the county clerk's records; consists of a summary of the original grant
and all subsequent conveyances and encumbrances affecting the property. -
Answer: Abstract of Title
The actual depreciation that has occurred to a property at any given date; the
difference between the cost of replacement new (as of the date of appraisal) and
the present appraised value. - Answer: Accrued Depreciation
2|Page
,A declaration made by a person to a notary public, or other public official
authorized to take acknowledgments that an instrument was executed by that
person as a free and voluntary act. - Answer: Acknowledgment
The result of legal action originated by a lessor, whereby a defaulted tenant is
physically ousted from the rented property pursuant to a court order. - Answer:
Actual Eviction
A mortgage in which the interest rate changes at predetermined intervals. The
mortgage has caps, or a ceiling, that limits the amount it can change at the
predetermined intervals. - Answer: Adjustable-rate Mortgage
The party appointed by the county court to settle the estate of a deceased person
who died without leaving a will. - Answer: Administrator
A tax levied according to value; generally used to refer to real estate tax. Also
called the general tax. - Answer: Ad Valorem Tax
The right of an occupant of land to acquire title against the real owner, where
possession has been actual, continuous, hostile, visible, and distinct for the
statutory period. - Answer: Adverse possession
A written statement signed and sworn to before a person authorized to administer
an oath. - Answer: Affidavit
3|Page
, One who represents or has the power to act for another person (called the
principal). The authorization may be express or implied. A fiduciary relationship is
created under the law of agency when a property owner, as the principal,
executes a listing agreement or management contract authorizing a licensed real
estate broker to be the owner's agent. - Answer: Agent
A written agreement whereby the purchaser agrees to buy certain real estate and
the seller agrees to sell, upon terms and conditions set forth in the agreement. -
Answer: Agreement of sale
A designated airspace over a piece of land. Air lots, like surgace property, may be
transferred. - Answer: Air Lot
The right to use the open space above a property, generally allowing the surface
to be used for another purpose. - Answer: Air Rights
The act of transferring property to another. Alienation may be voluntary, such as
by gift or sale; or involuntary, such as through eminent domain or adverse
possession. - Answer: Alienation
The clause in a mortgage or deed of trst that states that the balance of the
secured debt becomes immediately due and payable at the mortgagee's option if
the property is sold by the mortgagor. In effect, this clause prevents the
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210+ Qs & Ans/ 2024-2025.
Express information or fact; that which is know; actual knowledge. - Answer:
Actual Notice
The joining, reaching, or touching of adjoining land. Abutting parcels of land have
a common boundary. - Answer: Abutting
A method of calculating for tax purposes the depreciation of income property at a
faster rat than would be achieved using the straight-line method. Note** any
depreciation taken in excess of that which would be claimed using the straight-line
rate is subject to recapture as ordinary income to the extent of gain resulting from
the sale. - Answer: Accelerated Depreciation
1|Page
,A provision in a written mortgage, note, bond, or conditional sales contract that,
in the event of a default, the whole amount of principal and interest may be
declared to be due an payable at once. - Answer: Acceleration Clause
An increase or addition to land by the deposit of sand or soil washed up naturally
from a river lake or sea. - Answer: Accretion
The voluntary and permanent cessation of use or enjoyment with no intention to
resume or reclaim one's possession or interest. May pertain to an easement or a
property. - Answer: Abandonment
Tenants cannot sign away their rights in advance of signing the lease. - Answer:
Abrogation
A condensed version of the history of title to a particular parcel of real estate as
recorded in the county clerk's records; consists of a summary of the original grant
and all subsequent conveyances and encumbrances affecting the property. -
Answer: Abstract of Title
The actual depreciation that has occurred to a property at any given date; the
difference between the cost of replacement new (as of the date of appraisal) and
the present appraised value. - Answer: Accrued Depreciation
2|Page
,A declaration made by a person to a notary public, or other public official
authorized to take acknowledgments that an instrument was executed by that
person as a free and voluntary act. - Answer: Acknowledgment
The result of legal action originated by a lessor, whereby a defaulted tenant is
physically ousted from the rented property pursuant to a court order. - Answer:
Actual Eviction
A mortgage in which the interest rate changes at predetermined intervals. The
mortgage has caps, or a ceiling, that limits the amount it can change at the
predetermined intervals. - Answer: Adjustable-rate Mortgage
The party appointed by the county court to settle the estate of a deceased person
who died without leaving a will. - Answer: Administrator
A tax levied according to value; generally used to refer to real estate tax. Also
called the general tax. - Answer: Ad Valorem Tax
The right of an occupant of land to acquire title against the real owner, where
possession has been actual, continuous, hostile, visible, and distinct for the
statutory period. - Answer: Adverse possession
A written statement signed and sworn to before a person authorized to administer
an oath. - Answer: Affidavit
3|Page
, One who represents or has the power to act for another person (called the
principal). The authorization may be express or implied. A fiduciary relationship is
created under the law of agency when a property owner, as the principal,
executes a listing agreement or management contract authorizing a licensed real
estate broker to be the owner's agent. - Answer: Agent
A written agreement whereby the purchaser agrees to buy certain real estate and
the seller agrees to sell, upon terms and conditions set forth in the agreement. -
Answer: Agreement of sale
A designated airspace over a piece of land. Air lots, like surgace property, may be
transferred. - Answer: Air Lot
The right to use the open space above a property, generally allowing the surface
to be used for another purpose. - Answer: Air Rights
The act of transferring property to another. Alienation may be voluntary, such as
by gift or sale; or involuntary, such as through eminent domain or adverse
possession. - Answer: Alienation
The clause in a mortgage or deed of trst that states that the balance of the
secured debt becomes immediately due and payable at the mortgagee's option if
the property is sold by the mortgagor. In effect, this clause prevents the
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