Washington State Real Estate Exam With Complete Solutions

Abandonment Correct Answers 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 Answers Tenants cannot sign away their rights in advance of signing the lease. Abstract of Title Correct Answers 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 Answers The joining, reaching, or touching of adjoining land. Abutting parcels of land have a common boundary. Accelerated Depreciation Correct Answers 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 Answers 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 Answers 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 Answers 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 Answers 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. Actual Eviction Correct Answers 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 Answers Express information or fact; that which is know; actual knowledge.