WA State 3 Real Estate Exam Rockwell
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Institute Sample Exams 3 with precise | | | | | |
answers
The owner of property located along a stream or river may have which type of
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water right? |
A. Alluvion
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B. Riparian
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C. Appropriation
|
D. Littoral - Correct answer ✔Your Answer: B
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Riparian rights are water rights that belong to owners of property that borders a
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stream or river. (Littoral rights refer to water rights associated with property
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that borders stationary water, such as a lake.)
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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
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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 ✔Correct Answer: C
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29% of students missed this question
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If co-owners are able to will their property to their heirs (instead of having it
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pass through right of survivorship), that means they hold title as tenants in
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common, not as joint tenants. (Tenants in common may have equal or unequal
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ownership interests.) |
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 ✔Your Answer: B
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40% of students missed this question
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Explanation:
A judgment lien attaches to the property of someone who loses a lawsuit and is
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ordered to pay damages. (This person is referred to as the judgment debtor.) If
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the judgment debtor doesn't pay off the lien, the court can issue a writ of
| | | | | | | | | | | | | | |
execution ordering the sale of the property. | | | | | |
Maria buys a home in a subdivision that is subject to restrictive covenants. The
| | | | | | | | | | | | | |
city Maria lives in allows fences, but the
| | | | | | |
,subdivision's restrictive covenants don't. Of the following, which is true? | | | | | | | | |
A. Restrictive covenants only limit lot size; they don't limit fencing
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B. The city is a government entity, so its rules take precedence over private
| | | | | | | | | | | | | |
restrictions
C. The deed's restrictive covenants take precedence over the city because they
| | | | | | | | | | | |
are more restrictive
| |
D. Maria owns the property, so she has a legal right to build a fence regardless of
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the deed's restrictions - Correct answer ✔Your Answer: C
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Explanation:
When zoning ordinances and private restrictions conflict, the more restrictive
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of the two prevails.
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Siobhan listed her property with ABC Realty. She asks her agent, Robert, to
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draft deed covenants that will prevent a buyer
| | | | | | |
from subdividing the land in the future. She'd also like the agent to create a trust
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from the sale, to benefit her disabled sister.
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Robert's reply should be: | | |
A. I can draft the trust, but an attorney will need to draft the covenants
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B. I can draft both of these documents
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C. I can draft the covenants, but an attorney will need to draft the trust
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D. I can't help you with either of these things; you'll need to contact an attorney
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- Correct answer ✔Correct Answer: D
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, Explanation:
A real estate licensee is limited to filling in the blanks on a printed form drafted
| | | | | | | | | | | | | | | |
by attorneys. Going beyond that, by drafting covenants or trust documents, for
| | | | | | | | | | | |
example, would be considered the unauthorized practice of law
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Mortgage interest rates are primarily influenced by the:
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A. assessed value of the property
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B. condition of the money market
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C. credit history of the borrower
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D. value of similar mortgaged properties in the area - Correct answer ✔Your
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Answer: B | |
Mortgage interest rates are primarily influenced by the supply of and demand
| | | | | | | | | | | |
for funds in the money market. This is determined by many factors, including
| | | | | | | | | | | | |
actions taken by the Federal Reserve.
| | | | |
For income tax purposes, a homeowner can deduct:
| | | | | | |
A. property taxes
| |
B. principal payments on a mortgage
| | | | |
C. capital expenditures
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D. the adjusted basis - Correct answer ✔Correct Answer: A
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Institute Sample Exams 3 with precise | | | | | |
answers
The owner of property located along a stream or river may have which type of
| | | | | | | | | | | | | | |
water right? |
A. Alluvion
|
B. Riparian
|
C. Appropriation
|
D. Littoral - Correct answer ✔Your Answer: B
| | | | | | |
Riparian rights are water rights that belong to owners of property that borders a
| | | | | | | | | | | | | |
stream or river. (Littoral rights refer to water rights associated with property
| | | | | | | | | | | |
that borders stationary water, such as a lake.)
| | | | | | |
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 ✔Correct Answer: C
| | | | | | | | |
29% of students missed this question
| | | | |
If co-owners are able to will their property to their heirs (instead of having it
| | | | | | | | | | | | | | |
pass through right of survivorship), that means they hold title as tenants in
| | | | | | | | | | | | |
common, not as joint tenants. (Tenants in common may have equal or unequal
| | | | | | | | | | | | |
ownership interests.) |
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 ✔Your Answer: B
| | | | | | | | | |
40% of students missed this question
| | | | |
Explanation:
A judgment lien attaches to the property of someone who loses a lawsuit and is
| | | | | | | | | | | | | | |
ordered to pay damages. (This person is referred to as the judgment debtor.) If
| | | | | | | | | | | | | |
the judgment debtor doesn't pay off the lien, the court can issue a writ of
| | | | | | | | | | | | | | |
execution ordering the sale of the property. | | | | | |
Maria buys a home in a subdivision that is subject to restrictive covenants. The
| | | | | | | | | | | | | |
city Maria lives in allows fences, but the
| | | | | | |
,subdivision's restrictive covenants don't. Of the following, which is true? | | | | | | | | |
A. Restrictive covenants only limit lot size; they don't limit fencing
| | | | | | | | | |
B. The city is a government entity, so its rules take precedence over private
| | | | | | | | | | | | | |
restrictions
C. The deed's restrictive covenants take precedence over the city because they
| | | | | | | | | | | |
are more restrictive
| |
D. Maria owns the property, so she has a legal right to build a fence regardless of
| | | | | | | | | | | | | | | |
the deed's restrictions - Correct answer ✔Your Answer: C
| | | | | | | | | |
Explanation:
When zoning ordinances and private restrictions conflict, the more restrictive
| | | | | | | | | |
of the two prevails.
| | |
Siobhan listed her property with ABC Realty. She asks her agent, Robert, to
| | | | | | | | | | | | |
draft deed covenants that will prevent a buyer
| | | | | | |
from subdividing the land in the future. She'd also like the agent to create a trust
| | | | | | | | | | | | | | |
from the sale, to benefit her disabled sister.
| | | | | | | |
Robert's reply should be: | | |
A. I can draft the trust, but an attorney will need to draft the covenants
| | | | | | | | | | | | | |
B. I can draft both of these documents
| | | | | | |
C. I can draft the covenants, but an attorney will need to draft the trust
| | | | | | | | | | | | | |
D. I can't help you with either of these things; you'll need to contact an attorney
| | | | | | | | | | | | | | | |
- Correct answer ✔Correct Answer: D
| | | | |
, Explanation:
A real estate licensee is limited to filling in the blanks on a printed form drafted
| | | | | | | | | | | | | | | |
by attorneys. Going beyond that, by drafting covenants or trust documents, for
| | | | | | | | | | | |
example, would be considered the unauthorized practice of law
| | | | | | | |
Mortgage interest rates are primarily influenced by the:
| | | | | | |
A. assessed value of the property
| | | | |
B. condition of the money market
| | | | |
C. credit history of the borrower
| | | | |
D. value of similar mortgaged properties in the area - Correct answer ✔Your
| | | | | | | | | | | | |
Answer: B | |
Mortgage interest rates are primarily influenced by the supply of and demand
| | | | | | | | | | | |
for funds in the money market. This is determined by many factors, including
| | | | | | | | | | | | |
actions taken by the Federal Reserve.
| | | | |
For income tax purposes, a homeowner can deduct:
| | | | | | |
A. property taxes
| |
B. principal payments on a mortgage
| | | | |
C. capital expenditures
| |
D. the adjusted basis - Correct answer ✔Correct Answer: A
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