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The buyers want to make an offer to purchase a home, but they don't want to be bound to the contract if they are unable to obtain the necessary financing. What should they do?
Include a financing contigency
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A person mortgaged his property and then subdivided it into four parcels. After subdivision the mortgage would become a:
Blanket mortgage
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What is the Federal National Mortgage Association's (FNMA or Fanny Mae) primary responsibility?
Buying mortgages from primary real estate lenders.
*FNMA buys real estate loans made by lenders, such as mortgage companies and banks, in the primary real estate market.
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An affiliated licensee manages a property for one of her friends for a fee of $70 per month, which of the following is true?
WRITTEN AGREEMENT IS REQUIRED BETWEEN THE LICENSEE’S BROKER AND THE PROPERTY OWNER
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It is permissible for a real estate brokerage to conduct business in the same office with another real estate brokerage, provided that they:
ARE CLEARLY AND PHYSICALLY SEPERATED WITHIN THAT OFFICE SPACE.
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According to Washington license law, a broker who is acting as a property manager must give the owner a summary statement for all the following except;
PROPERTY CONDITION
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If an agent is one year late renewing, the license is considered:
CANCELLED CANCELLED CANCELLED
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A salesperson pays a desk fee each month and receives 100% of commission. The salesperson commits an act that is grounds for disciplinary action. The broker will not be subject for disciplinary action;
ONLY IF THE SALESPERSON VIOLATED THE BROKER’S WRITTEN POLICIES OR RULES.
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The continued use of a property that was at the time the use began allowable, but now is in violation of a zoning regulation is an example of:
Nonconforming use
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The owners of a house sign a listing agreement and later tell the salesperson that the garage roof leaks. If they tell the salesperson not to reveal the roof's condition to any prospective buyers, the salesperson must?
Advise the sellers that they must disclose the condition of the roof to prospective buyers.
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The final decision in establishing the listing price is made by the?
Owner
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A management agreement between an owner and agent states that the management fee will be 7% of the first $200,000 of the annual gross collected rent and 8% of the collected rent that exceeds that amount. If last year's gross rent collection totaled $222,500, the management fee was?
$15,800
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Which of the following documents is usually prepared when a real estate buyer also purchases a seller's riding lawn mower?
a bill of sale
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When a salesperson works as an independent contractor, it means
She must set her own hours, not directly supervised, and is pompensated by commission instead of salary.
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What is the other name for surface water?
Groundwater
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Real property is defined as?
Anything appurtenant to the land
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What is Riparian Water?
Water that is flowing water such as a creek, stream, or river.
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What is Littoral water?
Water that sit still such as a pond, lake or ocean.
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In a rectangular survey system, each townsip contains how many sections?
36
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Title to a city park is most likely held in?
Severalty
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A tenancy on a fixed term is called?
An estate for years
*An estate for years is a tenancy that lasts for a fixed term (i.e., a month, a year, etc.)
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T deeds her home to B for B's lifetime, with the provision that title will pass to C when B dies. C is referred to as the?
Remainderman
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A married couple would take the title as?
Tenants by entireties
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An un-married couple would take the title to a property as?
Tenancy in common
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Two friends purchased real property together with the provision that, in the event of the death of one of the friends, the other would own the entire property. How did they take title?
by Joint Tenancy
*with joint tenancy goes the right of survivorship
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The usual reason for using a quitclaim deed is to:
Cure clouds on the title.
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In addition to requiring a deed to be in writing, the statue of frauds also requires that the deed must be:
Signed by the grantor
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To be valid a will, a will must be:
Witnessed by at least two competent witnesses
*A will must be in writing, signed by the testator, and witnessed by two or more competent people.
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When a person dies without leaving a valid will, his or her property is transferred to heirs through:
Intestate succession
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Before a deed can be recorded, it must be:
Acknowledged by the grantor
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To remove a cloud from the title of your property, you would most likely obtain:
A quitclaim deed.
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what instrument is used to assign certain legal rights to another person?
Power of attorney
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Who benefits the most from recording a warranty deed?
Grantee
*The grantee is the one who has acquired an interest in the land, and is the one who benefits the most from recording the deed to provide constructive (legal) notice of that interest.
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Verbal (unwritten) permission to cross someone else's property is called:
A license
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A use right for real property that does not include ownership is called
An easement
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A temporary, revocable right to use another's land is called a:
License
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The basis for zoning and other land use control laws is
The government's police power
*The police power is the basis for land use control laws, including zoning. Eminent domain is the government's power to condemn property.
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For zoning purposes, the distance from a lot boundary to the front wall of a building on the lot is called the?
Setback
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which of the following laws assigns responsibility for environmental clean up costs?
CERCLA
*CERCLA (the Comprehensive Environmental Response, Compensation, and Liability Act) is a federal law regarding liability for environmental clean up cost.
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As a rule which of the following would NOT be exempt from ad valorem (general property) taxes?
Vacant land
*Vacant land would enjoy no exemption
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In Washington, to have legal capacity to enter into a contract, a person must be:
At lease 18 years old and Mentally competent
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A contract which is binding on one party and not on the other is:
Unilateral
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When a purchase and sale agreement has been signed by both buyer and seller, buth the sale has not been completed and the deed has not been delivered, the contract is?
Executory
- *The contract is executory, which means it is in the process of being perfomed.
- (Executed means the contract has been performed.)
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A contract with an unlawful purpose is:
VOID
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The Statue of Frauds requires a document that conveys real estate to be:
In writing
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The method of legal description that involves courses, distances, and point of beginning is the?
Metes and Bounds
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Support from adjacent land is called
Lateral Support
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Growing trees that have not been sold are called:
Natural Attachements
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Once coal has been extracted from earth, it becomes
personal property
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The rule that allows a property owner to remove natural gas that lies under the property of another is the rule of
Capture
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Air rights, mineral rights, and water rights are all
Appurtenances
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A subdivision plat map uses what type of methods of land description?
Lot and Block
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In what circumstances is an item considered part of the real estate?
When it is permanently attached to the real property.
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A metes and bounds description uses:
A point of beginning
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A developer building on vacant land within city limits will describe the properties he builds using the?
Lot and block method
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The judge will look for evidence indicating whether the item was installed with the intention of making it a permanent part of the structure using what?
The Intention test
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A freehold estate whose duration is limited to the lifetime of a specified person is called a:
life estate
*A life estate lasts only as long as the lifetime of a particular person, who is called the measuring life.
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When a corporation owns property, title is held:
In severalty, in the corporation's name
*A corporation is an "artificial person," and as a single entity, owns property in severalty.
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What is considered community property in washington?
Property a wife purchased with wages that she earned during her marriage.
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A security that is required to be registered by federal law must be registered with the:
Securities and Exchange Commission
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Title to land is passed from the government to a private party with a document called
Patent
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In the contract, the parties agree in advance that $10,000 will serve as full compensation to be paid in the event that one of the parties defaults. This sum is called:
Liquidated damages
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The Federal Fair Housing Act prohibits Blockbusting, a practice also known as?
Panic Selling
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The Home Mortgage disclosure Act of 1975 help enforce the Federal Fair Housing Act to prohibit against:
Redlining
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The Washington State agency that is responsible for enforcing anti-discrimination law is the?
The Human Rights Commission
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In 1988, the Federal Fair Housing Act was amended to prohibit discrimination based on:
Familial Status or Handicap
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After leasing an apartment unit, the tenant discovers the wiring is badly deteriorated. The tenant asks the landlord to repair the wiring, and when nothing is done, the tenenat makes the request in writing. After several weeks, the landlord still has not repaired the wiring. Under these circumstances, the tenant may lawfully renounce the lease agreement by claiming:
Constructive Eviction
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A net lease requires the tenant to pay a share of the
Property Taxes
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R buys a commercial property from B that is currently leased to A, Which of the following is correct?
R must honor A's lease
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A landlord can use all or a portion of a tenant's security deposit for any of the following, Except:
Replacing worn carpeting
*A secuirty deposit cannot be used for repairs or replacements that are needed as a result of ordinary wear and tear. The deposit can be applied to unpaid rent, or used to pay for cleaning repairs (such as repairing a broken window) that were tenent's responsibility.
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If a lease does not specify when the rent is to be paid by the tenant, when is it due?
At the end of the rental period.
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Once a contract has been fully performed the contract is considered to be:
Executed
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When population decreases, which type of over supply results?
Technical
*A technical oversupply occurs when there are not enough potential tenants for the supply of a certain type of property.
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A property manager's main purpose must be to fulfill:
The owner's objectives
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A property management agreement should always include the;
Manager's compensation
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If it becomes necessary to evict a tenant, the landlord or property manager should:
File an unlawful detainer
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Insurance premiums would be considered a
Fixed expense
*fixed expense remain the same, regardless of rental income. Insurance premiums are fixed expenses.
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A brief description of the property's income and expenses is called a
Summary of operations
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Rental of a room or unit in an owner-occupied dwelling is exempt from the Federal Fair Housing Act if the dwelling contains:
Less than 5 units.
4 or less.
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Title VIII of the Civil Rights Act of 1968 prohibits what?
Discrimination in housing and residential lending.
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For violations of the Washington Law Against Discrimination, complaints should be filed with the:
Washington Human Rights Commission
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The Home Mortgage Disclosure Act helps to enforce the prohibition against:
Redlining
*The Home Mortgage Disclosure Act helps to enforce the prohibition against redlining by requiring large institutional lenders to file an annual report of all mortgage loans made during that year. Loans are categorized by location, alerting investigators to possible redlining.
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What rule entitles a farmer to harvest his crops after his lease is up.
Doctrine of Emblements
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A plat map uses what type of property description?
Lot and Block method
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What overrides the court's intention test?
A written agreement.
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What support comes with surface water?
Subjacent support.
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If a tenant who came into possession under a valid lease holds over without the landlord's permission after the lease has expired is called:
A tenancy at sufferance.
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At the end of the period, a periodic tenancy automatically
Renews itself unless one of the parties gives proper notice of termination.
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Tenancy in common always involves the unity of:
Possession
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Kay leases a cabin in the mountains from July 15 to August 30. This is an example of a:
Term tenancy
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K purchase the house nextdoor to hers, then deeds it to her mother for her mother's life, specifying that it will belong to K after her mother's death. This is a
Life estate with a reversionary interest
*K's mother's interest is a life estate, since it reverts to K after K's mother's death. K's interest is a reversionary interest since possession will return to K upon the death of the grantee.
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A valid deed must contain:
An adequate description of the property
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A testator devises:
Real property
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An adverse possesor's use and possession of the land must be:
Open and notorious
*An adverse possessor's use and possession of the land must be actual, open and notorious, hostile, exclusive and continuous and uninterrupted. If the adverse possessor has the owner's permission, the possession is not hostile.
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Title insurance policies never protect a property owner from losses due to:
Governmental action
*No type of title insurance policy covers condemnation or other governmental actions.
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The grantee of a deed discovers a cloud on the title. The grantee is most likely to prevail in a lawsuit if the grantor gave a:
General warranty deed.
*A general warranty deed gives the greatest protection to a real estate buyer. In a general warranty deed, the grantor makes promises that warrant against defects in the title that arose either before or during the grantor's period of ownership.
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