Washington state Real Estate exam set 1
questions with correct answers
when |does |the |real |estate |agent |give |the |seller's |a |copy |of |their |listing |agreement |form? |- |
CORRECT |ANSWER✔✔-immediately
what |are |the |elements |needed |for |a |valid |purchase |and |sales |agreement? |- |CORRECT |
ANSWER✔✔-consideration |(not |of |monetary |value), |in |writing |& |lawful |purpose. |There |does |
not |need |to |be |earnest |money |but |often |is
a |mortgage |that |secures |both |real |and |personal |property |as |collateral |to |secure |a |borrower's |
debt |- |CORRECT |ANSWER✔✔-package |mortgage
name |of |the |state/local |sales |tax |debt |to |the |seller |in |the |transfer |of |property |listed |on |the |
uniform |settlement |statement |- |CORRECT |ANSWER✔✔-documentary |stamp |tax |or |transfer |tax
a |property |owner |could |qualify |for |tax |deferred |exchange |if |it |was |what? |- |CORRECT |
ANSWER✔✔-used |in |a |business |or |trade
conditional |use |permit |- |CORRECT |ANSWER✔✔-allows |certain |beneficial |uses |(schools, |
churches, |etc) |to |operate |in |residential |neighborhoods |despite |zoning |laws
what |do |the |terms |"offer |and |acceptance", |"mutual |assent" |& |"meeting |of |the |minds" |all |
mean? |- |CORRECT |ANSWER✔✔-that |there |is |an |unqualified |acceptance |in |offer, |all |these |
terms |refer |to |whether |the |parties |mutually |consented |to |the |terms |of |a |contract. |(a |
counteroffer |is |sometimes |referred |to |as |a |qualified |acceptance.)
who's |responsibility |is |it |(buyer |or |seller) |when |remedial |action |is |needed? |- |CORRECT |
ANSWER✔✔-whichever |party |agreed |to |pay |for |the |expense |in |the |purchase |and |sales |
agreement
, what |about |prepayment |penalties |is |true? |- |CORRECT |ANSWER✔✔-neither |FHA |nor |VA |loans |
allow |prepayment |penalties
four |elements |of |economic |characteristics |of |real |estate |- |CORRECT |ANSWER✔✔-scarcity, |
demand, |transferability, |and |utility
which |charges |are |prorated |between |the |buyer |and |seller |at |closing? |- |CORRECT |ANSWER✔✔-
property |taxes, |utility |bills, |special |assessments.
why |are |recording |fees |not |prorated |between |the |buyer |and |seller |at |closing? |- |CORRECT |
ANSWER✔✔-instead, |each |party |pays |the |costs |associated |with |the |recording |documents |that
|benefit |that |particular |part
before |the |parties |to |a |tax-deferred |exchange |can |qualify |for |the |tax |benefit |they |must |
provide |notice |of |exchange |within...? |- |CORRECT |ANSWER✔✔-45 |days
what |are |the |conditions |a |tenant |with |a |disability |must |adhere |to |by |law |when |changing |an |
apartment? |- |CORRECT |ANSWER✔✔-they |are |allowed |to |make |any |necessary |modifications |at |
their |own |expense |but |the |landlord |can |require |that |they |restore |the |property |at |the |end |of |
the |lease |to |it's |original |condition
a |section |of |land |is |equivalent |to |what? |- |CORRECT |ANSWER✔✔-one |square |mile, |640 |acres
a |seller |who |wants |to |make |public |notice |of |their |interest |in |property |they |are |financing |
(seller |financed) |should |what? |- |CORRECT |ANSWER✔✔-record |the |mortgage. |buyer |records |
the |deed |to |give |notice |of |his/her |ownership |interest
building |codes |provide |what? |- |CORRECT |ANSWER✔✔-minimum |standards |for |construction
questions with correct answers
when |does |the |real |estate |agent |give |the |seller's |a |copy |of |their |listing |agreement |form? |- |
CORRECT |ANSWER✔✔-immediately
what |are |the |elements |needed |for |a |valid |purchase |and |sales |agreement? |- |CORRECT |
ANSWER✔✔-consideration |(not |of |monetary |value), |in |writing |& |lawful |purpose. |There |does |
not |need |to |be |earnest |money |but |often |is
a |mortgage |that |secures |both |real |and |personal |property |as |collateral |to |secure |a |borrower's |
debt |- |CORRECT |ANSWER✔✔-package |mortgage
name |of |the |state/local |sales |tax |debt |to |the |seller |in |the |transfer |of |property |listed |on |the |
uniform |settlement |statement |- |CORRECT |ANSWER✔✔-documentary |stamp |tax |or |transfer |tax
a |property |owner |could |qualify |for |tax |deferred |exchange |if |it |was |what? |- |CORRECT |
ANSWER✔✔-used |in |a |business |or |trade
conditional |use |permit |- |CORRECT |ANSWER✔✔-allows |certain |beneficial |uses |(schools, |
churches, |etc) |to |operate |in |residential |neighborhoods |despite |zoning |laws
what |do |the |terms |"offer |and |acceptance", |"mutual |assent" |& |"meeting |of |the |minds" |all |
mean? |- |CORRECT |ANSWER✔✔-that |there |is |an |unqualified |acceptance |in |offer, |all |these |
terms |refer |to |whether |the |parties |mutually |consented |to |the |terms |of |a |contract. |(a |
counteroffer |is |sometimes |referred |to |as |a |qualified |acceptance.)
who's |responsibility |is |it |(buyer |or |seller) |when |remedial |action |is |needed? |- |CORRECT |
ANSWER✔✔-whichever |party |agreed |to |pay |for |the |expense |in |the |purchase |and |sales |
agreement
, what |about |prepayment |penalties |is |true? |- |CORRECT |ANSWER✔✔-neither |FHA |nor |VA |loans |
allow |prepayment |penalties
four |elements |of |economic |characteristics |of |real |estate |- |CORRECT |ANSWER✔✔-scarcity, |
demand, |transferability, |and |utility
which |charges |are |prorated |between |the |buyer |and |seller |at |closing? |- |CORRECT |ANSWER✔✔-
property |taxes, |utility |bills, |special |assessments.
why |are |recording |fees |not |prorated |between |the |buyer |and |seller |at |closing? |- |CORRECT |
ANSWER✔✔-instead, |each |party |pays |the |costs |associated |with |the |recording |documents |that
|benefit |that |particular |part
before |the |parties |to |a |tax-deferred |exchange |can |qualify |for |the |tax |benefit |they |must |
provide |notice |of |exchange |within...? |- |CORRECT |ANSWER✔✔-45 |days
what |are |the |conditions |a |tenant |with |a |disability |must |adhere |to |by |law |when |changing |an |
apartment? |- |CORRECT |ANSWER✔✔-they |are |allowed |to |make |any |necessary |modifications |at |
their |own |expense |but |the |landlord |can |require |that |they |restore |the |property |at |the |end |of |
the |lease |to |it's |original |condition
a |section |of |land |is |equivalent |to |what? |- |CORRECT |ANSWER✔✔-one |square |mile, |640 |acres
a |seller |who |wants |to |make |public |notice |of |their |interest |in |property |they |are |financing |
(seller |financed) |should |what? |- |CORRECT |ANSWER✔✔-record |the |mortgage. |buyer |records |
the |deed |to |give |notice |of |his/her |ownership |interest
building |codes |provide |what? |- |CORRECT |ANSWER✔✔-minimum |standards |for |construction
