Edna's Washington Real Estate Study Notes Part 1 (100 questions)

The prohibition against discrimination on the basis of handicap in the Federal Fair Housing Act would not apply to discrimination aginst:

A lease must be in writing if

A property's manager's preliminary study normally covers four basic areas of analysis:

Reparing a broken window in a building is an example of:

A report listing all the units of a property and showing the amount of rent collected for each unit during a given period is called:

A list of all the rental rates assigned to the various units in property is called:

In the middle of his lease term, Tenant W transfers possession of the property to N, who enters into a new lese agreement with the landlord. The landlord releases W. This is an example of:

To pass the salesperson license exam, an applicant must score at least:

When an applicant has been notified that she has passed the salesperson license exam when can she begin working as a real estate agent?

The rule that says a buyer is expected to reasonably inspect the property, instead of relying on what he or she was told. This best describes as

At what minimum point must an inactive licensee take a 30 clock-hour course in order to reactivate her license?

An agent is supposed to give a $3,000 earnest money check to the escrow agent, but neglects to do so. When she realizes her error, what should she do?

A licensee is criminally charged for stealing prescription drugs on July 2. He tells his broker about the charges on July 5. Who must notify the Real Estate Program Manager?

What document is designed to determine what conditions and at what time the escrow agent will distribute the money and documents involved in a real estate transaction to the proper parties?

The rule that says a buyer will not pay more for a property than a comparable substitute is best describe:

What event will create an involuntary life estate?

A broker can serve as closing agent for a fee is the state of Washington, if the broker:

What would be considered a capital expenditure?

A real estate agent tells a potential home seller that she has noticed a shift in the racial makeup of the neighborhood that, in her experience, usually results in lower property values. The agent is engaged in?

What are they 2 types of water rights?

An agent shows his customer, who is Asian-American, homes only in neighborhoods that are predominantly Asian-American. This is called:

What are the 3 types of real estate license?

The greatest ownership one can have in real estate is referred to as?

A local bank refuses to make residential loans in a particular section of town because of the ethnic background of its residents. This is a discriminatory practice called:

A closing with all parties closing is a?

The listing agent discriminates against a minority buyer. If the seller were to be held responsible for the actions of the agent, it would be an example of:

A blind person who owns a guide dog wants to rent an apartment in a building with a "no pets" policy. What can the owner of the building do?

Which of the following would have the lien priority?

An advertisement for a condominium project that states that units in the project are available for sale to "adults only" may be in violation of the:

A promissory note that is secured by a mortgage is?

What is market price?

What is market value?

From an income tax standpoint, which of the following is an attractive feature of home ownership?

An adult child is given a life estate to some farmland by her parents. she sells the life estate to a farmer. Which of the following is true?

S's home is being foreclosed on. Prior to the sheriff's sale, S is entitled to redeem the property by paying off the mortgage debt in full, plus any costs incurred. This referred to as the periof of

Someone who deliberately misrepresents a material fact with the intent of causing another person to suffer a loss may by guilty of?

Baird bought two rectangular lots, each of which measures 244' x 250'. Approximately how many total acres will be in the lots combined?

The members of the Washington Real Estate Commission are appointed by who?

A person has been using a property for a long time. That person's rights have been determined to supersede those of the fee simple owner. This is called:

A property has been condemned by the city so that the land can be used to build a better approach to the municipal hospital's emergency entrance. Which of the following powers is the city exercising?

Mark doesnt have a real estate license. Mark's father owns an apartment building and Mark routinely show the apartment to prospective tenants and negotiates rental agreements this is legal because?

Under the truth in Lending Act (Regulation Z), which of the following statements in an advertisement would trigger full disclosure?

A. Low Monthly Payments
B. 7% Interest Rate
C. FHA Financing Available
D. Easy Terms

A salesperson deliberately shows a buyer homes in only one subdivision where many people of the buyer's religious faith live. Has the sales person violated any law?

An appraiser is attempting to estimate the value of a 20-year-old home. Which of the following would provide the most reliable indication of the property's value?

While using the sales comparison (market data) approach to value, an appraiser finds three comparable properties that recently sold for $195,000 $202,000 and $207,000 respectively. In order to determine what the comparables about the value of the subject property, the apraiser should:

A licensee who works for ABC Realty obtains a listing. Two days later, the licensee begins working for XYZ Realty. Which of the following is true regarding this listing?

A. The listing is transferred to XYZ Realty.
B. The licensee is entitled to compensation when she begins working for XYZ Realty.
C. The listing Remains with ABC Realty.
D. The listing is automatically terminated.

Paul's real estate license expired last month, and now he wants to renew it. In order to do so, Paul will be required to pay?

On a settlement statement, an earnest money deposit that will be held by the broker until closing is a

To renew a real estate license, a broker must show that she has taken a certain number of clock hours of approved continuing education courses. The total required is

For their first renewal, real estate salespersons must

In a real estate loan transaction that is covered by RESPA, the lender is legally required to deliver to the purchaser a:

The main purpose of a mortgage is to?

For federal income tax purposes, when can you depreciate a single-family dwelling?

Which of the following provisions, contained in a promissory note or security instrument allows a lender to demand all sums due at once in the event of non payment?

A loss in value that is a cost that can be recovered is:

Which of the following hazardous substances is a natural product of the decal of radioactive matter?

a 17-year old agrees in writing to purchase a home from S. what is the legal status of the contract?

A listing licensee finds out that the seller didn't disclose drainage problems on the seller disclosure form. The licensee must?

What is the purpose of alienation clause?

After taking a listing on a home, K wants to measure its square footage. To do this he must measure the?

What component of a condominum would be considered an appurtenance to a unit?

H agrees to sell her farm to R for $287,000 and they both signed a valid purchase and sale agreement. Three weeks later H Changes her mind and notifies R that she is cancelling the agreement. R sues to force H to complete the transaction. This is called a suit for?

How long does an aggrieved person have to file a complaint concerning alleged act of discrimination with the Department of Housing and Urban Development?

The most important consideration in determining whether an article is a fixture is by:

The distance between the east and west boundary lines of a township is how many miles?

A listing agent would like to represent his sister in a transaction, he must do so if:

A loan, secured by a mortgage, in which the barrower can re-borrow up to the original amount without having to re-qualify for the loan is a called a/an:do

A VA buyer wishes to buy a duplex using his VA entitlement. He may do so if he:

A fee simple title in real estate is of indefinite duration, and can be:

A conveyance of title with the condition that the land shall not be used for the sale of intoxicating beverages creates:

Hint: also known as defeasible fee

P enters into a purchase and sale agreement with seller H. Shortly thereafter, a title search reveals that H will not be able to deliver marketable title to P because there are title defects that cannot be corrected. P demands that her earnest money deposit be returned immediately. what is the proper course of action for the broker?

Which of the following would be classified as personal property?

On Saturday, the buyer accept a counteroffer and initial the purchase agreement. On Monday, their broker notifies the seller's broker, who notifies the sellers. When did the mutual acceptance occur?

A major department store leases a large space in a local mall, and it agrees topay the mall owner a base rent amount plus a percentage of gross sales. What kind of lease has the store entered into?

Which of the following best describes a VA loan?

N wants to lease space in a commercial complex to start a bakery. N is new to the business world, but the landlord expects profits to increase once business is established. What kind of lease would be most advantageous for the landlord?

Who makes decisions affecting a particular condominium complex?

A buyer asked the buyer's agent to write an offer on terms that don't match the listing agreement. The buyer's agent refuses to write the offer and then, in writing unilaterally terminates the agency relationship with the buyer.

Is this permitted?

The M's agrees to purchase a property from the J's for $150,000. Several days later, the K's approach the M's and offer them $6,000 more for the property. Which of the following is true?

A licensee owes to all parties, regardless of whom the licensee represents, the duty of:

The M's wants to build a garage on their property but their plans don't meet the local zoning law's setback requirements. In order to build the garage they must?

In a typical real estate transaction, there is an agency relationship between

A broker would enter into a buyer agency relationship when the broker:

A special agent is authorized to

An option to buy when exercised becomes a:

In a listing agreement, who is the principal?

A security that is required to to be registered by the Federal Law must be registered with the?

A buyer's agent asks the listing agent for copies of the water and sewer bills for the listed property. The listing agent must do what?

An owner has a lakefront property with 500 feet of frontage. He wants to subdivide land into 50 adjancent lots, but maintain ownership and control of the forntage. A buyer of undeveloped lot would prefer what type of lakefront access rights?

A real estate broker who has taken a listing discovers that the dining room ceiling is discolored, possibly because of a leaky roof. What should he do?

If a buyer assumes a mortgage, he should request what type of document from the lender to find out the outstanding balance?

A real estate licensee is needed for all of these individuals, except?

An open listing is also called?

A salesperson's unlicensed assistant has failed to complete the paperwork for the last ten closing. Under the Uniform Regulation of Business and Professional act, the salesperson may be subject to disciplinary action on what grounds?

A broker not licensed in Washington who is licensed elsewhere may work on a transaction involving commericial real estate in Washington if he does all of the following except?

In Washington, an agency relationship is created between a buyer's agent and the buyer when:

The mortgagee’s insurance protects the?

A Garage that is built over a lot line is an example of a/an: