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Washington State Real Estate exam set
1 & Washington Real Estate Exam
Practice Questions Exam Revision
Merger.
- Three - Correct: ✅Candidates for a Washington commission seat must have five years of brokerage experience or ______ years of experience in a related investigative position.
- The REALTOR® Code of Ethics - Correct: ✅Rachel, a REALTOR®, is transferring her Washington broker's license to a new firm. She calls all of her clients and asks them to request that they be allowed to terminate their agreements with her old firm and move with her to the new firm. What code or agreement has Rachel violated?
- Real estate counselor - Correct: ✅In the real estate business, which professional's primary role is to provide clients with the information they need to make informed decisions about their own specific real estate interests?
- Consolidate disciplinary procedures for all licensed professions in
Washington - Correct: ✅What is the purpose of Washington's Uniform Regulation of Business and Professions act?
- The corporation must furnish a certified copy of the articles of
incorporation to the DOL. - Correct: ✅Which of the following is true of a Washington real estate firm operating as a corporation?
- $10 - Correct: ✅In Washington, ______ of the license application, renewal, or reactivation fee is used to support WCRER.
- Hire - Correct: ✅Even without delegated authority from a designated broker, what is a Washington branch manager authorized to do relative to employed licensees?
- Designated broker - Correct: ✅Which of the following can perform services for more than one firm at a time in Washington?
- No witness testimony is accepted. - Correct: ✅Which of the following statements about a brief adjudicative hearing in Washington is true?
- Adequate knowledge of the English language - Correct: ✅In addition to real estate-specific knowledge, what does the Washington licensing exam test for?
- From a regular business account at the same bank - Correct:
✅Service fees on Washington trust accounts may be paid how?
- The designated broker - Correct: ✅If a third party holds a buyer's earnest money deposit in Washington, who's ultimately responsible for ensuring the delivery of those funds?
- Tenant - Correct: ✅When disbursing security deposit funds, a Washington property manager must receive written permission from the ______.
- Six - Correct: ✅How many members serve on the Washington Real Estate Commission?
- Real Estate Commission - Correct: ✅Which entity creates regulations governing real estate activities in Washington?
- She'll need to take her exam again, then apply for her license. -
Correct: ✅Carol passed her Washington licensing exam 14 months ago and hasn't applied for her license. What happens now, if she still wants to be a broker?
- Institute of Real Estate Management - Correct: ✅Which organization provides the Certified Property Manager credential?
- Your firm - Correct: ✅On both the Washington buyer's agency and buyer's no-agency agreements, who appoints you as the buyer's broker?
- Five - Correct: ✅If a Washington real estate firm is closing, the firm's designated broker must provide an affidavit to the Washington State Department of Licensing within ______ days.
- Three years - Correct: ✅After completing the coursework required for the Washington managing broker's exam, how long does a candidate have to complete the exam?
- Filling in legal forms - Correct: ✅In Washington, which of the following tasks require a real estate license?
- Home inspection companies - Correct: ✅The Revised Code of Washington that are related to real estate licensing specifically address licensee's responsibilities for providing referrals to what type of third party?
- One year or more - Correct: ✅Some Washington real estate brokerage records may be kept offsite if they're for transactions that closed how long ago?
- Washington Administrative Code - Correct: ✅Where can a licensee find detailed information about a Washington broker's responsibilities?
- 120 days before expiration - Correct: ✅What's the earliest that a firm can submit a license renewal application in Washington?
- name of the state/local sales tax debt to the seller in the transfer of property listed on the uniform settlement statement - Correct: ✅documentary stamp tax or transfer tax
- a property owner could qualify for tax deferred exchange if it
was what? - Correct: ✅used in a business or trade
- conditional use permit - Correct: ✅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? - Correct: ✅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? - Correct: ✅whichever party agreed to pay for the expense in the purchase and sales agreement
- what about prepayment penalties is true? - Correct: ✅neither FHA nor VA loans allow prepayment penalties
- four elements of economic characteristics of real estate -
Correct: ✅scarcity, demand, transferability, and utility
- which charges are prorated between the buyer and seller at
closing? - Correct: ✅property taxes, utility bills, special assessments.
- why are recording fees not prorated between the buyer and
seller at closing? - Correct: ✅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...? - Correct: ✅45 days
- what are the conditions a tenant with a disability must adhere
to by law when changing an apartment? - Correct: ✅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? - Correct: ✅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? - Correct: ✅record the mortgage. buyer records the deed to give notice of his/her ownership interest
- which has the greatest effect on real estate in a particular
market? - Correct: ✅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? - Correct: ✅interest paid on the mortgage
- what is an injunction? - Correct: ✅a court filing by homeowners who wish to enforce a deed restriction against another land owner who plans to violate the restriction
- constructive fraud - Correct: ✅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? - Correct: ✅market data approach or sales comparison approach
- what are ad valorem taxes? - Correct: ✅real property taxes
- what happens when ad valorem taxes are not paid? - Correct:
✅create a voluntary and specific lien against the property
- what documents take precedence? - Correct: ✅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? - Correct: ✅it becomes unenforceable
- an independent contractor relationship between a real estate
brokerage firm and a licensee requires that.... - Correct: ✅the brokerage and licensee must enter into a written agreement
- in an option contract the potential buyer is also known as the? -
Correct: ✅vendee or optionee
- what is first right of refusal? - Correct: ✅giving someone the first right to purchase property should the owner decide to sell
- what are emblements/ doctrine of emblements? - Correct:
✅applies to crops planted by tenant farmers. If tenancy was terminated through no fault of the tenant before crops are ready to harvest the tenant may re-enter the land and harvest the first crop after the tenancy ends
- what needs to be included on the listing agreement when the
owner of the house holds a fee simple defeasible title? - Correct: ✅the listing should make note of what the particular conditions (house and deed) are for the owner to continue to hold title
- when does the revocation of a licensee take effect? - Correct:
✅when ordered and remains in effect while an appeal is being heard.
- what should the broker trust account records include? -
Correct: ✅receipts, check register, deposit slips, reconciled bank statements, cancelled checks, and a ledger summarizing all transactions
- when must criminal charges against a licensee be filed? -
Correct: ✅within 20 days to the department of licensing
- how many years of experience must an individual have to be
eligible for the real estate commission? - Correct: ✅five
- property descriptions must what? - Correct: ✅return to the point of beginning
- what happens to a licensee's license when it gets sent back to
the department of licensing? - Correct: ✅it becomes inactive
- when a licensee is terminated, what is the official termination
date? - Correct: ✅postmarked date or the date the license is hand delivered to the DofL
- appointments tot he RE commission are made by? - Correct:
✅the governor
- tax free exchanges may be used for what types of properties? -
Correct: ✅business or trade. NO personal
- what happens to an inactive license that isn't renewed by the
licensee? - Correct: ✅it is canceled
- covenant of quiet enjoyment - Correct: ✅included on every lease, it is the promise that the tenant's possession will not be disturbed either by the landlord or a third party with a lawful claim to the property
- can the city terminate the leases of a condemned property? -
Correct: ✅yes, if the give just compensation to the tenants
- when an option is given what is the optionee obligated to do? -
Correct: ✅pay some sort of consideration for the option right
- how much time does a person who's just passed the RE exam
have to apply for their license? - Correct: ✅12 months
- power of attorney gives a person what authority? - Correct:
✅universal agency authority
- a parcel occupies the NW 1/4 of the SE 1/4 and the S 1/2 of the
SW 1/4 of the NE 1/4 of section 4. how many acres? - Correct: ✅ 60
- a corporation takes title to real property through - Correct:
✅estate in severalty
- when can a minor enter into a binding contract - Correct: ✅if a guardian co-signs
- oral agreements in the sale of real property - Correct:
✅unenforceable, it violates the statute of frauds
- 1 section =? - Correct: ✅1 sq. mile & 640 acres
- tenancy in common - Correct: ✅right of survivorship
- joint tenancy - Correct: ✅rights pass to the other joint owners
- easement in gross - Correct: ✅not insurable, "personal" easement, not dominant
- easement appurtenant - Correct: ✅insurable, "attached" to the land, can be transferred. Dominant estate
- the seller's net proceeds on the settlement statement are
calculated by - Correct: ✅subtracting the seller's debts from the seller's credits
- how many feet in a mile? - Correct: ✅5,
- after the sale of a property in a 1031 exchange, how long does
the seller have to close the property? - Correct: ✅180 days
- partition suit - Correct: ✅is filed when co-owners cannot resolve a dispute regarding ownership of their property. The court will decide how to divide the property or if it is too small to physically divide it may order the sale of the property and order the division of the proceeds
- easement by necessity (easement by implication) - Correct:
✅is created where it is reasonably necessary for enjoyment of the property and there was apparent prior use. This may occur where a grantor divides a property into more than one lot and forgets to grant or reserve an easement for the owner of the new lot
- how long is a deed restriction valid? - Correct: ✅possibly forever because deed restrictions run with the land
- can a licensee act as a fee broker? - Correct: ✅no, it is illegal
- an option to buy property that has been exercised but has not
yet closed become a what contract? - Correct: ✅executory bilateral contract, both parties are obliged to perform
- constructive eviction - Correct: ✅occurs when a landlord acts or fails to act, which interferes with the tenants quiet enjoyment of the property or makes the property unfit for it's intended use, to such an extent as to force the tenant top move out
- land contract is also known as - Correct: ✅installment contract
- who holds onto equitable title for a land contract? - Correct:
✅the vendee
- who holds onto legal title for a land contract? - Correct: ✅the vendor
- which financing term can be used in advertising without being
called a "trigger" - Correct: ✅APR
- can an agent represent a FSBO? - Correct: ✅yes, if they enter into a one-time listing agreement, payment of commission does NOT mean an agency relationship was established
- objective market value - Correct: ✅the most probable price a buyer would be willing to pay for a property
- what does a condominium entail in ownership? - Correct:
✅ownership for the airspace in severalty and tenancy in common in the common areas of the complex
- net lease - Correct: ✅the tenant pays a base rent plus a share of the operating expenses (ex: retail location)
- term loan - Correct: ✅is an interest only loan, at the conclusion of the loan a balloon payment in the amount of the unpaid principle is required
