Washington State Real Estate Broker Exam Questions With Correct Answers

Washington State Real Estate Broker Exam
Questions With Correct Answers
Yin |Lee |is |an |owner |of |several |properties |as |well |as |a |relatively |high |profile |individual. |In |order
|for |Yin |Lee |to |attempt |to |avoid |a |possible |foreclosure |from |becoming |a |matter |of |public |


record |by |being |recorded, |Yin |Lee |would |want |to |give |the |lender |a: |- |CORRECT |ANSWER✔✔-
Deed |in |lieu |of |foreclosure



If |a |contractor |intends |to |sell |10 |properties |in |a |calendar |year, |he/she |will |need |- |CORRECT |
ANSWER✔✔-A |real |estate |license



Demand |for |property |requires |what |two |factors |of |the |populace |to |be |effective? |- |CORRECT |
ANSWER✔✔-Desire |and |means



An |offer |has |been |accepted |by |the |buyer |and |the |seller. |The |buyer |and |seller |instruct |the |
broker |to |return |the |deposit |money |to |the |seller. |The |broker: |- |CORRECT |ANSWER✔✔-Must |
return |the |deposit |money |but |can |sue |for |the |commission



Of |the |properties |listed, |which |is |considered |the |most |"unique" |and |would |use |the |cost |
approach |method |of |appraisal?



-A |condominium |

-A |piece |of |land |

-A |Historic |building |

-A |farm |- |CORRECT |ANSWER✔✔-A |Historic |building



When |describing |a |home |equity |line |of |credit, |the |mortgage |loan |in |a |specified |amount |based |
on |your |home |equity |would |be: |- |CORRECT |ANSWER✔✔-In |the |second |position

,The |term |"executrix" |refers |to |- |CORRECT |ANSWER✔✔-A |female |executor



A |construction |loan |is |a:

-Short-term |loan |for |financing |the |cost |of |construction

-Loan |in |which |the |lender |makes |periodic |payments

-Loan |in |which |payments |are |issued |as |the |building |progresses |

-All |of |these |- |CORRECT |ANSWER✔✔--All |of |these



When |a |lender |uses |another |party |to |completely |originate, |process, |underwrite, |close, |fund, |
or |package |the |mortgages |it |plans |to |deliver |to |the |secondary |mortgage |market, |this |is |known
|as: |- |CORRECT |ANSWER✔✔-Third-party |origination




Real |property |should |have |a |higher |rate |of |return |than |bonds |or |first |trust |deeds |because |of:

-The |added |time |to |market |

-The |added |care |required |

-All |of |these |

-The |higher |denominations |it |comes |in |- |CORRECT |ANSWER✔✔-All |of |these



An |application |form |used |to |apply |for |a |mortgage |contains |information |about |a |borrower's:

-Income |

-All |of |these |

-Savings |

-Assets |and |Debts |- |CORRECT |ANSWER✔✔-All |of |these



Financing |costs |usually |rise |on |loans |with |- |CORRECT |ANSWER✔✔-Low |Down |Payment |and |
Easy |Terms

,A |property |manager |that |resides |on |a |property |would |likely |- |CORRECT |ANSWER✔✔-Collect |
Rents, |Perform |maintenance |on |the |property, |and |Show |vacant |units |to |prospective |tenants



One |of |the |indexes |used |to |determine |interest |rate |changes |for |certain |adjustable-rate |
mortgages |is |called |- |CORRECT |ANSWER✔✔-COFI



An |African |American |family |is |looking |to |purchase |a |house. |Their |agent |has |been |showing |
them |properties |for |weeks, |all |of |which |are |in |predominantly |African |American |
neighborhoods. |This |would |be |an |example |of: |- |CORRECT |ANSWER✔✔-Steering



If |a |deed |includes |a |promise |that |the |owner |will |not |build |a |fence, |this |is |one |example |of |a(n):
|- |CORRECT |ANSWER✔✔-Negative |covenant




What |special |type |of |ownership |is |available |in |most |non-community |property |states |and |is |
only |available |to |married |persons? |- |CORRECT |ANSWER✔✔-Tenancy |by |the |Entirety



The |assessed |value |is: |- |CORRECT |ANSWER✔✔-The |valuation |placed |on |a |property |by |a |
certified |real |estate |appraiser



Henry |and |Greta |are |joint |tenants |for |their |property. |After |Henry |passed |away, |Greta |acquired |
the |Henry's |interest |in |the |property. |This |is |called |the |right |of: |- |CORRECT |ANSWER✔✔-
Survivorship



The |term |"mortgagee" |refers |to |the: |- |CORRECT |ANSWER✔✔-Lender



Seller |financing |in |regards |to |a |loan |is |also |known |as: |- |CORRECT |ANSWER✔✔-Purchase |
money |mortgage



A |fiduciary |who |holds |or |controls |property |for |the |benefit |of |another |is |called |a(n): |- |CORRECT
|ANSWER✔✔-Trustee

, Water |rights |adopted |based |on |riparian |rights |are |generally |in |states: |- |CORRECT |ANSWER✔✔-
With |ample |supply |of |water



Normal |wear |and |tear |from |use |would |NOT |be |considered:

-All |of |these |

-Obsolescence |

-Economic |obsolescence |

-Functional |obsolescence |- |CORRECT |ANSWER✔✔-All |of |these



In |order |to |determine |a |potential |borrower's |credit |risk, |a |mortgage |lender |will |review |a |
record |of |the |individual's |repayment |of |debt. |This |record |is |called |a |- |CORRECT |ANSWER✔✔-
Credit |history



In |an |area |neighborhood |that |has |a |home |in |a |dilapidated |state |that |would |require |extensive |
remodeling |to |be |compared |to |other |homes |in |the |area, |what |would |this |be |an |example |of: |- |
CORRECT |ANSWER✔✔-Incurable |depreciation



Police |power |in |regards |to |real |property |includes |all |of |the |following |except:

-Setbacks |

-Building |Codes |

-Eminent |Domain |

-Zoning |- |CORRECT |ANSWER✔✔-Eminent |Domain



The |holder |of |a |life |estate |may: |- |CORRECT |ANSWER✔✔-Maintain |the |property



If |Betty |has |a |mortgage |and |it |becomes |in |default, |the |lender |can |demand |payment |by |means |
of |a |clause |in |the |contract |called |a(n): |- |CORRECT |ANSWER✔✔-Acceleration |clause