Washington State Managing Broker Exam Test Questions
and Answers () (Verified Answers)
.3 Requirements for a Valid Deed - ANSWER-1) adequate legal description.
2) Signature of grantor
3) words of conveyance.
(Note: acknowledgment is necessary for the deed to be recorded, but the deed
that is not recorded may still be valid.)
.3 requirements of a valid deed - ANSWER-Requirements of a valid deed:
1. Adequate legal description
2. Words of conveyance
3. Signature of grantor
Note: Acknowledgement is needed for a deed to be recorded, but a deed may still
be valid although it has not been recorded.
.43,560 square feet - ANSWER-1 acre
.640 acres = - ANSWER-1 square mile
,.A broker arranges a transaction while working for ABC Realty. Before the
transaction closes, the broker's license becomes inactive. Can ABC Realthy pay the
commission to the broker? - ANSWER-Yes -- A broker may receive a commission
as long as she was properly licensed at the time she procured a promise for the
payment of compensation.
.A contract for the purchase and sale of real property does not contain an
adequate land description. The agreement is: - ANSWER-Unenforceable. A real
estate purchase and sale agreement without an adequate description of the
property does not fulfill the requirements of the statute of frauds, so as a general
rule it will be unenforceable.
.A developer wants a construction loan to build 20 homes. The lender requires a
take-out commitment. This means that the developer: - ANSWER-a permanent
lender who will provide financing once construction is complete.
.A Graduated Lease - ANSWER-A Graduated Lease — They are like gross leases,
but include periodic rent increases. They are more commonly used for
commercial properties. The lease usually sets specific dates for the increases, and
the increases are often based on the cost-of-living index.
.A Gross Lease - ANSWER-A Gross Lease — The tenant pays a set amount of rent,
and the landlord pays all additional expenses (maintenance, repairs, taxes, special
assessments, insurance). However, the tenant usually pays for utilities.
.A Ground Lease - ANSWER-A Ground Lease — Renting out the vacant land on
which a tenant wants to built — it's usually longterm and usually in large
metropolitan areas. A ground lease tenant might build a strip mall, for example,
and lease out space to different stores. This arrangement is sometimes called a
, "sandwich lease," since the ground lease tenant is both a tenant (with respect to
the land) and a landlord (with respect to the building).
.A lease is most likely to be a net lease if it requires the tenant to pay: - ANSWER-
property taxes.
.A licensee fails to attend a scheduled disciplinary hearing. What happens? -
ANSWER-The hearing is held without the licensee present.
.A licensee must notify the Real Estate Program Manager with _______ days of
learning of any criminal complaint or indictment in which the licensee if named as
a defendant. If the licensee is convicted, he will have to notice the DOL of the
conviction within ______ days. - ANSWER-Complaint / Indictment -- 20 days to
notify Real Estate Program Manager
Conviction -- 20 days to notify DOL.
.A licensee who is taking a listing on a property finds a number of problems that
need to be fixed, such as several leaking faucets and faulty electrical outlets. This
would be an example of... - ANSWER-curable depreciation (i.e., deferred
maintenance). It's likely that the cost of correcting the problems could be
recovered in the sales price when the property is sold.
.A life estate will last until... - ANSWER-the death of the measuring life. In most
cases, the life tenant - in other words, the recipient of the life estate - it's also the
measuring life, and therefore the life estate independent life tenants death.
.A mortgage, and the associated mortgage note, are both examples of: - ANSWER-
Contracts. -- a security Instruments such as a mortgage and a promissory note are
and Answers () (Verified Answers)
.3 Requirements for a Valid Deed - ANSWER-1) adequate legal description.
2) Signature of grantor
3) words of conveyance.
(Note: acknowledgment is necessary for the deed to be recorded, but the deed
that is not recorded may still be valid.)
.3 requirements of a valid deed - ANSWER-Requirements of a valid deed:
1. Adequate legal description
2. Words of conveyance
3. Signature of grantor
Note: Acknowledgement is needed for a deed to be recorded, but a deed may still
be valid although it has not been recorded.
.43,560 square feet - ANSWER-1 acre
.640 acres = - ANSWER-1 square mile
,.A broker arranges a transaction while working for ABC Realty. Before the
transaction closes, the broker's license becomes inactive. Can ABC Realthy pay the
commission to the broker? - ANSWER-Yes -- A broker may receive a commission
as long as she was properly licensed at the time she procured a promise for the
payment of compensation.
.A contract for the purchase and sale of real property does not contain an
adequate land description. The agreement is: - ANSWER-Unenforceable. A real
estate purchase and sale agreement without an adequate description of the
property does not fulfill the requirements of the statute of frauds, so as a general
rule it will be unenforceable.
.A developer wants a construction loan to build 20 homes. The lender requires a
take-out commitment. This means that the developer: - ANSWER-a permanent
lender who will provide financing once construction is complete.
.A Graduated Lease - ANSWER-A Graduated Lease — They are like gross leases,
but include periodic rent increases. They are more commonly used for
commercial properties. The lease usually sets specific dates for the increases, and
the increases are often based on the cost-of-living index.
.A Gross Lease - ANSWER-A Gross Lease — The tenant pays a set amount of rent,
and the landlord pays all additional expenses (maintenance, repairs, taxes, special
assessments, insurance). However, the tenant usually pays for utilities.
.A Ground Lease - ANSWER-A Ground Lease — Renting out the vacant land on
which a tenant wants to built — it's usually longterm and usually in large
metropolitan areas. A ground lease tenant might build a strip mall, for example,
and lease out space to different stores. This arrangement is sometimes called a
, "sandwich lease," since the ground lease tenant is both a tenant (with respect to
the land) and a landlord (with respect to the building).
.A lease is most likely to be a net lease if it requires the tenant to pay: - ANSWER-
property taxes.
.A licensee fails to attend a scheduled disciplinary hearing. What happens? -
ANSWER-The hearing is held without the licensee present.
.A licensee must notify the Real Estate Program Manager with _______ days of
learning of any criminal complaint or indictment in which the licensee if named as
a defendant. If the licensee is convicted, he will have to notice the DOL of the
conviction within ______ days. - ANSWER-Complaint / Indictment -- 20 days to
notify Real Estate Program Manager
Conviction -- 20 days to notify DOL.
.A licensee who is taking a listing on a property finds a number of problems that
need to be fixed, such as several leaking faucets and faulty electrical outlets. This
would be an example of... - ANSWER-curable depreciation (i.e., deferred
maintenance). It's likely that the cost of correcting the problems could be
recovered in the sales price when the property is sold.
.A life estate will last until... - ANSWER-the death of the measuring life. In most
cases, the life tenant - in other words, the recipient of the life estate - it's also the
measuring life, and therefore the life estate independent life tenants death.
.A mortgage, and the associated mortgage note, are both examples of: - ANSWER-
Contracts. -- a security Instruments such as a mortgage and a promissory note are
