WA RE Exam Practice 1 Questions And Complete
Solutions 2025/26
Which of the following is most likely to be considered a fixture? - Correct Answer Draperies
Lamp
*PLUMBING
Washing Machine
A life estate will last until: - Correct Answer Economic conditions render it unfeasible
The death of the grantor
*THE DEATH OF THE RECIPIENT
The recipient moves out
The deed that states that there is a conveyance of interest, if any, is the: - Correct Answer
Grant deed
Bargain and sale deed
*QUITCLAIM DEED
Special warranty deed
A Judgement lien: - Correct Answer Applies only to personal property
Applies only to real property
Takes first lien position
*WHEN PAID OFF, REQUIRES A SATISFACTION OF JUDGMENT TO BE RECORDED TO CLEAR THE
RECORD
The police powers of the government include: - Correct Answer Defeasance
Foreclosure
,Lis pendens
*BUILDING CODES AND ZONING REGULATIONS
The term "meeting of the minds" is associated with: - Correct Answer Full performance of a
contract
*OFFER AND ACCEPTANCE
Execution
Tender of an offer
Exaggeration about a property's positive characteristics would be considered: - Correct Answer
Fraud
Misrepresentation
Overstating
*PUFFING
The seller listed the property for $95,000. Assuming that their listing agreement is typical, the
broker would NOT be entitled to a commission if the seller: - Correct Answer *REJECTED A
$90,000 OFFER FROM A FINANCIALLY QUALIFIED BUYER
Accepted a $90,000 offer from a financially qualified buyer
Accepted a $95,000 offer, but his title turned out to be unmarketable
Rejected a $95,000 offer from a financially qualified buyer
A contract specifies that "time is of the essence". This means that: - Correct Answer The seller
must fulfill her contractual duties by the date set forth in the contract, but the buyer does not
have to
The buyer must fulfill her contractual duties by the date set forth in the contract, but the seller
does not have to
the agent must fulfill his contractual duties by the date set forth in the contract, but the buyer
and seller do not have to
, *ALL CONTRACTUAL DUTIES MUST BE FULFILLED ON OR BEFORE THE DATE SET FORTH IN THE
CONTRACT
Usury laws fix which of the following? - Correct Answer Minimum interest rates
*MAXIMIUM INTEREST RATES
Length of time for repayment of loans
Loan-to-value ratios
For which of the following people would an adjustable-rate loan not be a good idea? - Correct
Answer *A PERSON ABOUT TO RETIRE
A person planning to refinance after several years
A person who will live in the house only a short time
A person whose income is expected to go up soon
If an appraiser needs to be state-certified to perform which of the following appraisals? -
Correct Answer Appraisal of a residence valued at $200,000
Appraisal of a residence valued at $500,000
Appraisal related to a loan that will be issued by a federally insured lender
*APPRAISAL RELATED TO AN FHA LOAN
On a settlement statement, an earnest money deposit that will be held by the brokerage firm
until closing is a: - Correct Answer *CREDIT TO THE BUYER
Credit to the seller
Debit (charge) to the buyer
Debit (charge) to the seller
Solutions 2025/26
Which of the following is most likely to be considered a fixture? - Correct Answer Draperies
Lamp
*PLUMBING
Washing Machine
A life estate will last until: - Correct Answer Economic conditions render it unfeasible
The death of the grantor
*THE DEATH OF THE RECIPIENT
The recipient moves out
The deed that states that there is a conveyance of interest, if any, is the: - Correct Answer
Grant deed
Bargain and sale deed
*QUITCLAIM DEED
Special warranty deed
A Judgement lien: - Correct Answer Applies only to personal property
Applies only to real property
Takes first lien position
*WHEN PAID OFF, REQUIRES A SATISFACTION OF JUDGMENT TO BE RECORDED TO CLEAR THE
RECORD
The police powers of the government include: - Correct Answer Defeasance
Foreclosure
,Lis pendens
*BUILDING CODES AND ZONING REGULATIONS
The term "meeting of the minds" is associated with: - Correct Answer Full performance of a
contract
*OFFER AND ACCEPTANCE
Execution
Tender of an offer
Exaggeration about a property's positive characteristics would be considered: - Correct Answer
Fraud
Misrepresentation
Overstating
*PUFFING
The seller listed the property for $95,000. Assuming that their listing agreement is typical, the
broker would NOT be entitled to a commission if the seller: - Correct Answer *REJECTED A
$90,000 OFFER FROM A FINANCIALLY QUALIFIED BUYER
Accepted a $90,000 offer from a financially qualified buyer
Accepted a $95,000 offer, but his title turned out to be unmarketable
Rejected a $95,000 offer from a financially qualified buyer
A contract specifies that "time is of the essence". This means that: - Correct Answer The seller
must fulfill her contractual duties by the date set forth in the contract, but the buyer does not
have to
The buyer must fulfill her contractual duties by the date set forth in the contract, but the seller
does not have to
the agent must fulfill his contractual duties by the date set forth in the contract, but the buyer
and seller do not have to
, *ALL CONTRACTUAL DUTIES MUST BE FULFILLED ON OR BEFORE THE DATE SET FORTH IN THE
CONTRACT
Usury laws fix which of the following? - Correct Answer Minimum interest rates
*MAXIMIUM INTEREST RATES
Length of time for repayment of loans
Loan-to-value ratios
For which of the following people would an adjustable-rate loan not be a good idea? - Correct
Answer *A PERSON ABOUT TO RETIRE
A person planning to refinance after several years
A person who will live in the house only a short time
A person whose income is expected to go up soon
If an appraiser needs to be state-certified to perform which of the following appraisals? -
Correct Answer Appraisal of a residence valued at $200,000
Appraisal of a residence valued at $500,000
Appraisal related to a loan that will be issued by a federally insured lender
*APPRAISAL RELATED TO AN FHA LOAN
On a settlement statement, an earnest money deposit that will be held by the brokerage firm
until closing is a: - Correct Answer *CREDIT TO THE BUYER
Credit to the seller
Debit (charge) to the buyer
Debit (charge) to the seller
