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WA Fundamentals Final Exam well answered to pass
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WA Fundamentals Final Exam well answered to pass
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WA Fundamentals Final ExamWhich of the following is most likely to be considered a fixture?
A. Draperies
B. lamp
C. Plumbing
D. Washing Machine - correct answer ✔✔C. Plumbing
A life estate will last until:
A. Economic conditions render it unfeasible
B. The death of the grantor
C. the death of the recipient
D. the recipient moves out - correct answer ✔✔C. the death of the recipient
The deed that states that there is
A. Grant Deed
B. Bargain and sale deed
C. Quitclaim deed
D. Special Warranty deed - correct answer ✔✔C Quitclaim deed
A Judgement Lien:
A. Applies only to personal property
B. Applies only to real property
,C. takes first lien position
D. When paid off, requires satisfaction of judgment to be recorded to clear the record - correct answer
✔✔D When paid off, requires satisfaction of judgment to be recorded to clear the record
The Police Powers of the government include:
A. Defeasance
B. Foreclosure
C. Lis Pendens
D. Building Codes and zoning regulations - correct answer ✔✔D. Building Codes and Zoning regulations
The Term "Meeting of the Minds" is associated with:
A. Full performance of a contract
B. Offer and acceptance
C. Execution
D tender of an offer - correct answer ✔✔A. Full performance of a contract
Exaggeration about a property's positive characteristics would be considered:
A. Fraud
B. Misrepresentation
C. Overstating
D. Puffing - correct answer ✔✔D 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:
A. Rejected a $90,000 offer from a financially qualified buyer
B. Accepted a $90,000 offer from a financially qualified buyer
C. Accepted a $95,000 offer, but his title turned out to be unmarketable
D. Rejected a $95,000 offer from a financially qualified buyer - correct answer ✔✔A. Rejected a $90,000
offer from a financially qualified buyer
,A Contract specifies that "time is of the essence." This means that:
A. the seller must fulfill her contractual duties by the date set forth in the contract, but the buyer does
not have to
B. the buyer must fulfill her contractual duties by the date set forth in the contract, but the seller does
not have to
C. the agent must fulfill his contractual duties by the date set forth in the contract, but the buyer and
seller do not have too
D all contractual duties must be fulfilled on or before the date set forth in the contract - correct answer
✔✔D all contractual duties must be fulfilled on or before the date set forth in the contract
Usury laws fix which of the following items?
A. minimum interest rates
B. Maximum interest rates
C. Length of time for repayment of loans
D. Loan to value Ratios - correct answer ✔✔B maximum interest rates
For which of the following people would an adjustable-rate loan not be a good idea?
A. A person about to retire
B. A person planning to refinance after several years
C.A person who will live in the house only a short time
D. A person whose income is expected to go up soon - correct answer ✔✔A person about to retire
An appraiser needs to be state-certified to perform which of the following appraisals?
A. Appraisal of a residence valued at $200,000
B. Appraisal of a residence valued at $500,000
C. Appraisal related to a loan that will be issued by a federally insured lender
D. Appraisal related to an FHA loan - correct answer ✔✔D. 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:
A. Credit to the buyer
B. Credit to the seller
C. Debit (Charge) to the buyer
D. Debit (charge) to the seller - correct answer ✔✔A Credit to the buyer
A licensee hears that a religious group will be opening a commune in a neighborhood. He begins
contacting neighbors and telling them about this, encouraging them to list their properties with him
before property value declines. This is:
A. Blockbusting
B. Redlining
C. Steering
D. Legal - correct answer ✔✔A. Blockbusting
An investor is interested in purchasing a multi-family dwelling. He would most likely want to look for a:
A. Property that will offer a low rate of return
B. Property where the rents are similar to comparable properties in the same area
c. property with a high vacancy rated.
D rent-control property - correct answer ✔✔B. Property where the rents are similar to comparable
properties in the same area
Zoning requirements state that a lot must be at least four times the size of the building located on the
lot. An architect draws up plans for a building that is 20,000 square feet. At least how many acres does
the lot need to be?
A. 1
B. 2
C. 3
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