Washington state Real Estate exam set 1 Latest 2023 with
complete solution
when does the real estate agent give the seller's a copy of their listing agreement
form?
immediately
what are the elements needed for a valid purchase and sales agreement?
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
package mortgage
name of the state/local sales tax debt to the seller in the transfer of property listed
on the uniform settlement statement
documentary stamp tax or transfer tax
a property owner could qualify for tax deferred exchange if it was what?
used in a business or trade
conditional use permit
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?
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?
whichever party agreed to pay for the expense in the purchase and sales agreement
what about prepayment penalties is true?
neither FHA nor VA loans allow prepayment penalties
four elements of economic characteristics of real estate
scarcity, demand, transferability, and utility
which charges are prorated between the buyer and seller at closing?
property taxes, utility bills, special assessments.
why are recording fees not prorated between the buyer and seller at closing?
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...?
45 days
what are the conditions a tenant with a disability must adhere to by law when
changing an apartment?
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?
, 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?
record the mortgage. buyer records the deed to give notice of his/her ownership interest
building codes provide what?
minimum standards for construction
what is a latent defect?
is a problem that would not be discovered by ordinary inspection
what is the lead based paint cut off?
any house built before 1978
what type of repairs can be tax deductible for the owner of an investment
property?
repairs to keep an investment property in ordinary operating condition are deductible the
year the are preformed
equal credit opportunities act?
-it applies to all consumer transactions, not just residential lending, prohibits
discrimination based on sex, national origin, marital status or the receipt of public
assistance
one side of a section in a government survey is how many feet?
5,280
what does title insurance protect?
offers protection against latent or undiscovered defects in the title
which has the greatest effect on real estate in a particular market?
size of the labor force (as opposed to employment rates, local amenities & demographic
change)
as a home owner what yearly home costs can they put on their federal tax return?
interest paid on the mortgage
what is an injunction?
a court filing by homeowners who wish to enforce a deed restriction against another
land owner who plans to violate the restriction
constructive fraud
when a person who occupies a position of confidence and trust makes a false statement
with no intent to deceive.
what are the tow most commonly used methods when determining the value of
single-family residences?
market data approach or sales comparison approach
what are ad valorem taxes?
real property taxes
what happens when ad valorem taxes are not paid?
create a voluntary and specific lien against the property
what documents take precedence?
deeds tend to control over purchase and sales agreements. Also, when documents
making up a contract conflict the one signed last usually controls.
what happens whens to a contract when the statute of limitations runs out?
it becomes unenforceable
complete solution
when does the real estate agent give the seller's a copy of their listing agreement
form?
immediately
what are the elements needed for a valid purchase and sales agreement?
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
package mortgage
name of the state/local sales tax debt to the seller in the transfer of property listed
on the uniform settlement statement
documentary stamp tax or transfer tax
a property owner could qualify for tax deferred exchange if it was what?
used in a business or trade
conditional use permit
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?
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?
whichever party agreed to pay for the expense in the purchase and sales agreement
what about prepayment penalties is true?
neither FHA nor VA loans allow prepayment penalties
four elements of economic characteristics of real estate
scarcity, demand, transferability, and utility
which charges are prorated between the buyer and seller at closing?
property taxes, utility bills, special assessments.
why are recording fees not prorated between the buyer and seller at closing?
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...?
45 days
what are the conditions a tenant with a disability must adhere to by law when
changing an apartment?
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?
, 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?
record the mortgage. buyer records the deed to give notice of his/her ownership interest
building codes provide what?
minimum standards for construction
what is a latent defect?
is a problem that would not be discovered by ordinary inspection
what is the lead based paint cut off?
any house built before 1978
what type of repairs can be tax deductible for the owner of an investment
property?
repairs to keep an investment property in ordinary operating condition are deductible the
year the are preformed
equal credit opportunities act?
-it applies to all consumer transactions, not just residential lending, prohibits
discrimination based on sex, national origin, marital status or the receipt of public
assistance
one side of a section in a government survey is how many feet?
5,280
what does title insurance protect?
offers protection against latent or undiscovered defects in the title
which has the greatest effect on real estate in a particular market?
size of the labor force (as opposed to employment rates, local amenities & demographic
change)
as a home owner what yearly home costs can they put on their federal tax return?
interest paid on the mortgage
what is an injunction?
a court filing by homeowners who wish to enforce a deed restriction against another
land owner who plans to violate the restriction
constructive fraud
when a person who occupies a position of confidence and trust makes a false statement
with no intent to deceive.
what are the tow most commonly used methods when determining the value of
single-family residences?
market data approach or sales comparison approach
what are ad valorem taxes?
real property taxes
what happens when ad valorem taxes are not paid?
create a voluntary and specific lien against the property
what documents take precedence?
deeds tend to control over purchase and sales agreements. Also, when documents
making up a contract conflict the one signed last usually controls.
what happens whens to a contract when the statute of limitations runs out?
it becomes unenforceable
