Rockwell WA Real Estate Exam with | | | | | |
precise detailed solutions | |
Five people buy an investment property. They take title so that they each have
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equal ownership shares, and so that if one of them dies, his share will pass to his
| | | | | | | | | | | | | | | |
heirs. How did they take title?
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A. Community property
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b. Joint tenancy
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c. Tenancy in common
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d. Term Tenancy - Correct answer ✔c. Tenancy in common
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What would cause a judgment lien to be imposed on a landowner's property?
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a. Foreclosure
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b. Lawsuit
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c. Unpaid construction project
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d. Unpaid property taxes - Correct answer ✔b. Lawsuit
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Cluster zoning, which allows smaller lot sizes and reduced frontages, is suitable
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if a development:
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a. includes both commercial and residential uses
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b. still has a density ratio consistent with the general plan
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c. abuts a wetland or other sensitive site
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,d. abuts state-or city-owned land - Correct answer ✔b. still has a density ratio
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consistent with the general plan | | | |
A broker would need to have a securities license to participate in:
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a. a sale of both real and personal property
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b. a sale of a commercial building that is showing a profit
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c. a transaction involving an investment contract
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d. listing a property owned by a corporation - Correct answer ✔c. a transaction
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involving an investment contract | | |
Buyer Perry would like to assume Seller
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Joan's loan with ABC Mortgage Company,
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in a way that would mean no further liability
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for Joan. To accomplish this, Perry and
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Joan should use a: | | |
a. acknowledgement of the agreement from ABC Mortgage.
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b. purchase contract signed by the buyer and seller
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c. release of liability signed by the ABC Mortgage
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d. release of liability signed by Joan - Correct answer ✔c. release of liability
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signed by the ABC Mortgage | | | |
A buyer who records a deed is giving:
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a. constructive notice
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b. actual notice
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,c. pending notice
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d. statutory notice - Correct answer ✔a. constructive notice
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John leases a commercial property. In the
| | | | | |
lease, he agrees to pay part of the utilities
| | | | | | | |
and taxes, as well as a fixed monthly rent
| | | | | | | |
amount, This is a: | | |
a. net lease
| |
b. percentage lease
| |
c. ground lease
| |
d. graduated lease - Correct answer ✔a. net lease
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By what right would a railroad company acquire private land necessary for a
| | | | | | | | | | | | |
new railway line? | |
a. Partition action
| |
b. Eminent domain
| |
c. Suit in federal court
| | | |
d. condemnation - Correct answer ✔b. eminent domain
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A real estate agent lists Harold's home, which he owns as a life estate. Harold's
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children hold the remainder interest. Which of the following is true?
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a. someone who buys Harold's life estate receives only the interest held by
| | | | | | | | | | | | |
Harold
b. Harold's children need to sign the listing agreement
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, c. The buyer will automatically receive a fee simple absolute interest
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d. Since a life estate cannot be sold, the listing is invalid - Correct answer ✔a.
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someone who buys Harold's life estate receives only the interest held by Harold
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The entity that determines the maximum number of people who may legally
| | | | | | | | | | | |
live in a rental unit is the:
| | | | | |
a. Department of Housing and Urban Development
| | | | | |
b. state government
| |
c. local health department and zoning authority
| | | | | |
d. property owner - Correct answer ✔c. local health department and zoning
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authority
A borrower defaults on a mortgage. What does the acceleration clause in the
| | | | | | | | | | | | |
mortgage allow the lender to do? | | | | |
a. Compel the borrower to sell the property and repay the debt
| | | | | | | | | | |
b. Demand immediate payment of the entire loan balance
| | | | | | | |
c. Prevent the borrower from selling the property
| | | | | | |
d. Report the borrower to a collection agency - Correct answer ✔b. Demand
| | | | | | | | | | | | |
immediate payment of the entire loan balance | | | | | |
after the sale of a property in a 1031 exchange, the seller must close on the new
| | | | | | | | | | | | | | | | |
property within: |
a. 10 days
| |
b. 30 days
| |
c. 45 days
| |
precise detailed solutions | |
Five people buy an investment property. They take title so that they each have
| | | | | | | | | | | | | |
equal ownership shares, and so that if one of them dies, his share will pass to his
| | | | | | | | | | | | | | | |
heirs. How did they take title?
| | | | | |
A. Community property
| |
b. Joint tenancy
| |
c. Tenancy in common
| | |
d. Term Tenancy - Correct answer ✔c. Tenancy in common
| | | | | | | | |
What would cause a judgment lien to be imposed on a landowner's property?
| | | | | | | | | | | |
a. Foreclosure
|
b. Lawsuit
|
c. Unpaid construction project
| | |
d. Unpaid property taxes - Correct answer ✔b. Lawsuit
| | | | | | | |
Cluster zoning, which allows smaller lot sizes and reduced frontages, is suitable
| | | | | | | | | | | |
if a development:
| |
a. includes both commercial and residential uses
| | | | | |
b. still has a density ratio consistent with the general plan
| | | | | | | | | |
c. abuts a wetland or other sensitive site
| | | | | | |
,d. abuts state-or city-owned land - Correct answer ✔b. still has a density ratio
| | | | | | | | | | | | | |
consistent with the general plan | | | |
A broker would need to have a securities license to participate in:
| | | | | | | | | | |
a. a sale of both real and personal property
| | | | | | | |
b. a sale of a commercial building that is showing a profit
| | | | | | | | | | |
c. a transaction involving an investment contract
| | | | | |
d. listing a property owned by a corporation - Correct answer ✔c. a transaction
| | | | | | | | | | | | | |
involving an investment contract | | |
Buyer Perry would like to assume Seller
| | | | | |
Joan's loan with ABC Mortgage Company,
| | | | |
in a way that would mean no further liability
| | | | | | | |
for Joan. To accomplish this, Perry and
| | | | | |
Joan should use a: | | |
a. acknowledgement of the agreement from ABC Mortgage.
| | | | | | |
b. purchase contract signed by the buyer and seller
| | | | | | | |
c. release of liability signed by the ABC Mortgage
| | | | | | | |
d. release of liability signed by Joan - Correct answer ✔c. release of liability
| | | | | | | | | | | | | |
signed by the ABC Mortgage | | | |
A buyer who records a deed is giving:
| | | | | | |
a. constructive notice
| |
b. actual notice
| |
,c. pending notice
| |
d. statutory notice - Correct answer ✔a. constructive notice
| | | | | | | |
John leases a commercial property. In the
| | | | | |
lease, he agrees to pay part of the utilities
| | | | | | | |
and taxes, as well as a fixed monthly rent
| | | | | | | |
amount, This is a: | | |
a. net lease
| |
b. percentage lease
| |
c. ground lease
| |
d. graduated lease - Correct answer ✔a. net lease
| | | | | | | |
By what right would a railroad company acquire private land necessary for a
| | | | | | | | | | | | |
new railway line? | |
a. Partition action
| |
b. Eminent domain
| |
c. Suit in federal court
| | | |
d. condemnation - Correct answer ✔b. eminent domain
| | | | | | |
A real estate agent lists Harold's home, which he owns as a life estate. Harold's
| | | | | | | | | | | | | | |
children hold the remainder interest. Which of the following is true?
| | | | | | | | | |
a. someone who buys Harold's life estate receives only the interest held by
| | | | | | | | | | | | |
Harold
b. Harold's children need to sign the listing agreement
| | | | | | | |
, c. The buyer will automatically receive a fee simple absolute interest
| | | | | | | | | |
d. Since a life estate cannot be sold, the listing is invalid - Correct answer ✔a.
| | | | | | | | | | | | | | | |
someone who buys Harold's life estate receives only the interest held by Harold
| | | | | | | | | | | |
The entity that determines the maximum number of people who may legally
| | | | | | | | | | | |
live in a rental unit is the:
| | | | | |
a. Department of Housing and Urban Development
| | | | | |
b. state government
| |
c. local health department and zoning authority
| | | | | |
d. property owner - Correct answer ✔c. local health department and zoning
| | | | | | | | | | | |
authority
A borrower defaults on a mortgage. What does the acceleration clause in the
| | | | | | | | | | | | |
mortgage allow the lender to do? | | | | |
a. Compel the borrower to sell the property and repay the debt
| | | | | | | | | | |
b. Demand immediate payment of the entire loan balance
| | | | | | | |
c. Prevent the borrower from selling the property
| | | | | | |
d. Report the borrower to a collection agency - Correct answer ✔b. Demand
| | | | | | | | | | | | |
immediate payment of the entire loan balance | | | | | |
after the sale of a property in a 1031 exchange, the seller must close on the new
| | | | | | | | | | | | | | | | |
property within: |
a. 10 days
| |
b. 30 days
| |
c. 45 days
| |
