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Washington State Real Estate Exam |
Comprehensive Questions With Verified
Solutions
Washington State Real Estate Exam Abandonment-correct-answer-The voluntary
and permanent cessation of use or enjoyment with no intention to resume or
reclaim one's possession or interest. May pertain to an easement or a property.
Abrogation-correct-answer-Tenants cannot sign away their rights in advance of
signing the lease.
Abstract of Title-correct-answer-A condensed version of the history of title to a
particular parcel of real estate as recorded in the county clerk's records; consists
of a summary of the original grant and all subsequent conveyances and
encumbrances affecting the property.
Abutting-correct-answer-The joining, reaching, or touching of adjoining land.
Abutting parcels of land have a common boundary.
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Accelerated Depreciation-correct-answer-A method of calculating for tax
purposes the depreciation of income property at a faster rat than would be
achieved using the straight-line method. Note** any depreciation taken in excess
of that which would be claimed using the straight-line rate is subject to recapture
as ordinary income to the extent of gain resulting from the sale.
Acceleration Clause-correct-answer-A provision in a written mortgage, note,
bond, or conditional sales contract that, in the event of a default, the whole
amount of principal and interest may be declared to be due an payable at once.
Accretion-correct-answer-An increase or addition to land by the deposit of sand
or soil washed up naturally from a river lake or sea.
Accrued Depreciation-correct-answer-The actual depreciation that has occurred
to a property at any given date; the difference between the cost of replacement
new (as of the date of appraisal) and the present appraised value.
Acknowledgment-correct-answer-A declaration made by a person to a notary
public, or other public official authorized to take acknowledgments that an
instrument was executed by that person as a free and voluntary act.
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Actual Eviction-correct-answer-The result of legal action originated by a lessor,
whereby a defaulted tenant is physically ousted from the rented property
pursuant to a court order.
Actual Notice-correct-answer-Express information or fact; that which is know;
actual knowledge.
Adjustable-rate Mortgage-correct-answer-A mortgage in which the interest rate
changes at predetermined intervals. The mortgage has caps, or a ceiling, that
limits the amount it can change at the predetermined intervals.
Administrator-correct-answer-The party appointed by the county court to settle
the estate of a deceased person who died without leaving a will.
Ad Valorem Tax-correct-answer-A tax levied according to value; generally used to
refer to real estate tax. Also called the general tax.
Adverse possession-correct-answer-The right of an occupant of land to acquire
title against the real owner, where possession has been actual, continuous,
hostile, visible, and distinct for the statutory period.
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Affidavit-correct-answer-A written statement signed and sworn to before a person
authorized to administer an oath.
Agent-correct-answer-One who represents or has the power to act for another
person (called the principal). The authorization may be express or implied. A
fiduciary relationship is created under the law of agency when a property owner,
as the principal, executes a listing agreement or management contract authorizing
a licensed real estate broker to be the owner's agent.
Agreement of sale-correct-answer-A written agreement whereby the purchaser
agrees to buy certain real estate and the seller agrees to sell, upon terms and
conditions set forth in the agreement.
Air Lot-correct-answer-A designated airspace over a piece of land. Air lots, like
surgace property, may be transferred.
Air Rights-correct-answer-The right to use the open space above a property,
generally allowing the surface to be used for another purpose.
Washington State Real Estate Exam |
Comprehensive Questions With Verified
Solutions
Washington State Real Estate Exam Abandonment-correct-answer-The voluntary
and permanent cessation of use or enjoyment with no intention to resume or
reclaim one's possession or interest. May pertain to an easement or a property.
Abrogation-correct-answer-Tenants cannot sign away their rights in advance of
signing the lease.
Abstract of Title-correct-answer-A condensed version of the history of title to a
particular parcel of real estate as recorded in the county clerk's records; consists
of a summary of the original grant and all subsequent conveyances and
encumbrances affecting the property.
Abutting-correct-answer-The joining, reaching, or touching of adjoining land.
Abutting parcels of land have a common boundary.
,2|Page
Accelerated Depreciation-correct-answer-A method of calculating for tax
purposes the depreciation of income property at a faster rat than would be
achieved using the straight-line method. Note** any depreciation taken in excess
of that which would be claimed using the straight-line rate is subject to recapture
as ordinary income to the extent of gain resulting from the sale.
Acceleration Clause-correct-answer-A provision in a written mortgage, note,
bond, or conditional sales contract that, in the event of a default, the whole
amount of principal and interest may be declared to be due an payable at once.
Accretion-correct-answer-An increase or addition to land by the deposit of sand
or soil washed up naturally from a river lake or sea.
Accrued Depreciation-correct-answer-The actual depreciation that has occurred
to a property at any given date; the difference between the cost of replacement
new (as of the date of appraisal) and the present appraised value.
Acknowledgment-correct-answer-A declaration made by a person to a notary
public, or other public official authorized to take acknowledgments that an
instrument was executed by that person as a free and voluntary act.
,3|Page
Actual Eviction-correct-answer-The result of legal action originated by a lessor,
whereby a defaulted tenant is physically ousted from the rented property
pursuant to a court order.
Actual Notice-correct-answer-Express information or fact; that which is know;
actual knowledge.
Adjustable-rate Mortgage-correct-answer-A mortgage in which the interest rate
changes at predetermined intervals. The mortgage has caps, or a ceiling, that
limits the amount it can change at the predetermined intervals.
Administrator-correct-answer-The party appointed by the county court to settle
the estate of a deceased person who died without leaving a will.
Ad Valorem Tax-correct-answer-A tax levied according to value; generally used to
refer to real estate tax. Also called the general tax.
Adverse possession-correct-answer-The right of an occupant of land to acquire
title against the real owner, where possession has been actual, continuous,
hostile, visible, and distinct for the statutory period.
, 4|Page
Affidavit-correct-answer-A written statement signed and sworn to before a person
authorized to administer an oath.
Agent-correct-answer-One who represents or has the power to act for another
person (called the principal). The authorization may be express or implied. A
fiduciary relationship is created under the law of agency when a property owner,
as the principal, executes a listing agreement or management contract authorizing
a licensed real estate broker to be the owner's agent.
Agreement of sale-correct-answer-A written agreement whereby the purchaser
agrees to buy certain real estate and the seller agrees to sell, upon terms and
conditions set forth in the agreement.
Air Lot-correct-answer-A designated airspace over a piece of land. Air lots, like
surgace property, may be transferred.
Air Rights-correct-answer-The right to use the open space above a property,
generally allowing the surface to be used for another purpose.
