KW Unit 25 Exam Questions and Answers correct

KW Unit 25 Exam Questions and Answers correct According to the court in Cultum v. Heritage House Realtors, Inc., a real estate professional may complete forms if... A) the form involves a complex real estate transaction. B) they are for another licensee who personally handled the transaction. C) the licensee completes a simple, handwritten real estate form. D) the transaction arises in the usual course of business. D For purposes of the property disclosure law, which of the following would NOT be considered residential property? A) Real property consisting of, or improved by, more than 24 dwelling units B) A residential time-share, unless subject to written disclosure under the Washington Timeshare Act C) Real property consisting of, or improved by, one to four dwelling units D) A residential condominium, unless subject to the public offering statement requirement in the Washington Condominium Act A If the seller answers "yes" to a question with an asterisk beside it on the property disclosure form, the seller... A) must make the necessary repairs to the item before the property can be transferred. B) must make whatever changes in regard to that item that the buyer requests. C) must provide a detailed explanation on an attached sheet. D) is not required to take any of these actions. C If events occur or knowledge surfaces after the closing date to make the real property transfer disclosure statement inaccurate... A) the buyer may rescind the transaction unless the seller amends the disclosure statement. B) the transaction automatically becomes void. C) the seller has no obligation to amend the disclosure statement, and the buyer does not have the right to rescind the transaction. D) the buyer may sue the seller for damages. C The notice of intent to forfeit need NOT be given to... A) all those who have requested notices of forfeiture. B) lienholders who are superior to the seller's interest in the property. C) all those occupying the property at the time the notice of intent to forfeit is recorded. D) each purchaser under the real estate contract. B If the buyer does not deliver a written rescission notice to the seller in a timely manner... A) the seller can sue the buyer for damages. B) the real property transfer disclosure statement will be deemed approved and accepted by the buyer. C) the real property transfer disclosure statement will be deemed to be rejected by the buyer. D) the buyer forfeits his or her opportunity to buy the property. B In Washington, real estate licensees... A) generally cannot practice law. B) can create legal forms for use in a real estate transaction. C) are held to a lower standard of care than a practicing attorney when completing preprinted documents. D) can advise a buyer on how to take title of real estate. A The notice of intent to forfeit must be given no later than... A) fourteen days after it is recorded. B) three days after it is recorded. C) ten days after it is recorded. D) five days after it is recorded. C Notice of intent to forfeit must... A) also be recorded in the county in which the property is located. B) only be given by mailing a copy certified or registered mail. C) published in a newspaper once a week for four consecutive weeks. D) be signed by the buyer. A The Washington Real Estate Excise Tax... A) does not apply to an installment contract. B) becomes a lien against the property if not paid in full within one month of the sale. C) is the obligation of the buyer. D) is 1.50 percent of the selling price. B In Washington, persons may enter into a legal contractual obligation and be legally bound to the full extent as any other adult person at the age of... A) 21. B) 18. C) 19. D) 16. B