WASHINGTON FUNDAMENTALS EXAM
REVIEW WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS
LATEST 2024 – 2025 ALREADY GRADED A+
D. Personal Property - ANSWERS-Chin, a home seller, is talking to his real estate
agent. He mentions that he rents the back up generator; it doesn't belong to him.
The generator would be considered:
A. A fixture
B. A natural attachment
C. A trade fixture
D. Personal property
B. Seller's agent is not breaching the duty of loyalty - ANSWERS-A seller complains
that the seller's agent is showing other properties to buyers that compete with
the sellers property. Which of the following is true?
A. Seller's agent is breaching the duty of loyalty to seller
B. Seller's agent is not breaching the duty of loyalty
,C. Seller's agent has created a conflict of interest
D. Sellers agent may do so, but only with the sellers express permission
D. No, the listing agent had no further recourse - ANSWERS-Buyer Bob and seller
Sam decide to wait until Sam's listing agreement with XYZ real estate agency has
expired, to avoid paying a commission. Does the firm and by extension the
individual listing agent have any legal recourse?
A. Yes, the listing agent can pursue criminal charges
B. Yes, the listing agent can sue Bob under the listing agreement
C. Yes, the listing agent can sue Sam under the listing agreement
D. No, the listing agent has no further recourse
A. Assignee - ANSWERS-The mortgagee assigns its interest and the assignee
records the assignment. The mortgagor now needs to make payments to the:
A. Assignee
,B. Assignor
C. Beneficiary
D. Mortgagee
A. No, discount points are used to increase the yield for lenders who will sell the
loans on the secondary market. - ANSWERS-A buyer is unfamiliar with the concept
of discount points and asks a licensee to explain. The licensee responds "Discount
Points are used to replace funds that are being held by the Federal Reserve, so
that more funds are available to lend." Is this description correct?
A. No, discount points are used to increase the yield for lenders who will sell the
loans on the secondary market.
B. No, discount points are used to pay brokers' commissions.
C. Yes, banks hold discount points in escrow until sufficient funds have been
accumulated to make more loans.
D. Yes, discount points lower interest rates which make loans more affordable for
everyone.
D. Soil's ability to absorb and retain water - ANSWERS-A percolation test will
examine the:
, A. Likelihood of landslides or subsidence
B. Presence of toxic contamination in soil
C. Roofing material's ability to repel rain
D. Soil's ability to absorb and retain water
C. Notify the Principals - ANSWERS-A $4,500 earnest money check bounces
because of insufficient funds. The first thing the broker should do is:
A. Notify escrow to charge this amount, plus the bounced check fee to the buyer
B. Notify the borrower
C. Notify the Principals
D. Write a personal check for $4,500 to cover the shortage
D. Lis Pendens - ANSWERS-A plaintiff files a lawsuit involving a property and also
files a separate document intended to provide notice of the lawsuit. This
Recorded notice of a pending legal action is called a/an:
A. Abstract of Judgement
B. Petition for Alienation
C. Writ of Execution
REVIEW WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS
LATEST 2024 – 2025 ALREADY GRADED A+
D. Personal Property - ANSWERS-Chin, a home seller, is talking to his real estate
agent. He mentions that he rents the back up generator; it doesn't belong to him.
The generator would be considered:
A. A fixture
B. A natural attachment
C. A trade fixture
D. Personal property
B. Seller's agent is not breaching the duty of loyalty - ANSWERS-A seller complains
that the seller's agent is showing other properties to buyers that compete with
the sellers property. Which of the following is true?
A. Seller's agent is breaching the duty of loyalty to seller
B. Seller's agent is not breaching the duty of loyalty
,C. Seller's agent has created a conflict of interest
D. Sellers agent may do so, but only with the sellers express permission
D. No, the listing agent had no further recourse - ANSWERS-Buyer Bob and seller
Sam decide to wait until Sam's listing agreement with XYZ real estate agency has
expired, to avoid paying a commission. Does the firm and by extension the
individual listing agent have any legal recourse?
A. Yes, the listing agent can pursue criminal charges
B. Yes, the listing agent can sue Bob under the listing agreement
C. Yes, the listing agent can sue Sam under the listing agreement
D. No, the listing agent has no further recourse
A. Assignee - ANSWERS-The mortgagee assigns its interest and the assignee
records the assignment. The mortgagor now needs to make payments to the:
A. Assignee
,B. Assignor
C. Beneficiary
D. Mortgagee
A. No, discount points are used to increase the yield for lenders who will sell the
loans on the secondary market. - ANSWERS-A buyer is unfamiliar with the concept
of discount points and asks a licensee to explain. The licensee responds "Discount
Points are used to replace funds that are being held by the Federal Reserve, so
that more funds are available to lend." Is this description correct?
A. No, discount points are used to increase the yield for lenders who will sell the
loans on the secondary market.
B. No, discount points are used to pay brokers' commissions.
C. Yes, banks hold discount points in escrow until sufficient funds have been
accumulated to make more loans.
D. Yes, discount points lower interest rates which make loans more affordable for
everyone.
D. Soil's ability to absorb and retain water - ANSWERS-A percolation test will
examine the:
, A. Likelihood of landslides or subsidence
B. Presence of toxic contamination in soil
C. Roofing material's ability to repel rain
D. Soil's ability to absorb and retain water
C. Notify the Principals - ANSWERS-A $4,500 earnest money check bounces
because of insufficient funds. The first thing the broker should do is:
A. Notify escrow to charge this amount, plus the bounced check fee to the buyer
B. Notify the borrower
C. Notify the Principals
D. Write a personal check for $4,500 to cover the shortage
D. Lis Pendens - ANSWERS-A plaintiff files a lawsuit involving a property and also
files a separate document intended to provide notice of the lawsuit. This
Recorded notice of a pending legal action is called a/an:
A. Abstract of Judgement
B. Petition for Alienation
C. Writ of Execution