WASHINGTON Real Estate Terms Exam Questions with Verified
Answers (Correct Update)
Question 1: Lien
Answer: The right by mortgagee to take hold or sell the property of a debtor as security or
payment for a debt
Question 2: Real Estate Valuation Reconciliation
Answer: Appraisers analyze reports to give accurate estimate of property value
Question 3: Equity
Answer: The value of the property remaining beyond the mortage debt
Question 4: Eminent Domain
Answer: Power of a government to take private property for public use.
Question 5: Wetlands
Answer: Protected by government
Question 6: Commitment
Answer: Document from a mortgage lender stating that they will lend buyer necessary funds
Question 7: Agency by Estoppel
Answer: Implied agency without official agreement
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, Question 8: Depreciation
Answer: Loss of property value
Question 9: Easement
Answer: Right of way
Question 10: Right of way
Answer: Non-possesive interest in someone's land for use or restriction of use held by government
Question 11: Freehold Estate
Answer: Ownership of real property for an undetermined length of time
Question 12: Executory Contract
Answer: Contract with terms to be completed on a later date
Question 13: CO
Answer: Certification of occupancy
Question 14: Certification of Occupancy
Answer: Building inspector approved occupancy safety
Question 15: Blanket Mortgage
Answer: A mortgage covering more than one piece of real estate often used by developers
financing undeveloped lots
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Answers (Correct Update)
Question 1: Lien
Answer: The right by mortgagee to take hold or sell the property of a debtor as security or
payment for a debt
Question 2: Real Estate Valuation Reconciliation
Answer: Appraisers analyze reports to give accurate estimate of property value
Question 3: Equity
Answer: The value of the property remaining beyond the mortage debt
Question 4: Eminent Domain
Answer: Power of a government to take private property for public use.
Question 5: Wetlands
Answer: Protected by government
Question 6: Commitment
Answer: Document from a mortgage lender stating that they will lend buyer necessary funds
Question 7: Agency by Estoppel
Answer: Implied agency without official agreement
Page 1
, Question 8: Depreciation
Answer: Loss of property value
Question 9: Easement
Answer: Right of way
Question 10: Right of way
Answer: Non-possesive interest in someone's land for use or restriction of use held by government
Question 11: Freehold Estate
Answer: Ownership of real property for an undetermined length of time
Question 12: Executory Contract
Answer: Contract with terms to be completed on a later date
Question 13: CO
Answer: Certification of occupancy
Question 14: Certification of Occupancy
Answer: Building inspector approved occupancy safety
Question 15: Blanket Mortgage
Answer: A mortgage covering more than one piece of real estate often used by developers
financing undeveloped lots
Page 2
