Washington Real Estate UPDATED Exam Questions and CORRECT Answers
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Course
Washington Real Estate
Institution
Washington Real Estate
Washington Real Estate UPDATED Exam
Questions and CORRECT Answers
MLS - Correct Answer- Multiple listing service- Cooperative agreements between brokers to
share information usually are established at the NAR local level.
Chapter 1
Stages of the real estate transaction - Correct Answer- 1. ...
Washington Real Estate UPDATED Exam
Questions and CORRECT Answers
MLS - Correct Answer- Multiple listing service- Cooperative agreements between brokers to
share information usually are established at the NAR local level.
Chapter 1
Stages of the real estate transaction - Correct Answer- 1. The listing
2. The contract for sale
3. Financing
4. Settlement
Chapter 1
Listing contract - Correct Answer- A contract wherein a property owner employs a real estate
firm to market a property for a prescribed period of time at a prescribed price and terms. The
real estate firm becomes the agent of the seller. This contract does not authorize the licensee
to bind the seller in a contract to sell the property.
Chapter 1
Real estate license law - Correct Answer- Where the state requires that the people in the real
estate business be licensed by the state. There to protect the public.
Chapter 1
NAR - Correct Answer- National association of realtors (established in 1908)
Chapter 1
ARELLO - Correct Answer- Association of real estate license law officials. Made up of
licensed law officials representing ever state. Organized in (1930)
Chapter 1
License exams - Correct Answer- 2 parts-
1. questions about the license law statues, rules and regulations. (State law)
,2. Questions covering all other real estate subjects (national law)
Chapter 1
Broker's Activities - Correct Answer- A real estate broker is any person, partnership,
association, or corporation who for a payment or other valuable consideration...
*lists or offers to list
*sells or offers to sell
*buys or offers to buy
*auctions or offers to auction
*negotiates the purchase, sale or exchange and/or leases or rents or offers to rent any real
estate for others.
Chapter 1
Who are brokers? - Correct Answer- All licensees
Chapter 1
Broker responsibilities (with less than 2 yrs. experience) - Correct Answer- Being subject to
heightened degree of supervision for the initial 2 yrs of licensing.
Chapter 1
Physical factors of land can be _____ & ________. - Correct Answer- Natural & artificial
Chapter 4
Natural physical features..... - Correct Answer- Location, topography, soil conditions, size and
shape, likelihood of flooding, weather variables, presence or absence of minerals.
Chapter 4
Artificial factors - Correct Answer- Streets, highways, adjacent land use patterns, availability
of public utilities, rail and air access, air and water quality.
Chapter 4
Allodial - Correct Answer- Private and complete ownership of property. (1785)
,Chapter 4
Patents - Correct Answer- For real property from government to owner
Chapter 4
Land grants - Correct Answer- Convey Public land from government used for roads etc.
Chapter 4
LUI - Correct Answer- Land use intensity- includes floor area, open space, living space, and
recreation spaces.
Chapter 4
PUD's - Correct Answer- Planned unit developments
Chapter 4
Zoning - Correct Answer- Zoning laws are enacted in the exercise of police power.
Chapter 4
An article that was once was personal property, but has been annexed to and become real
estate is a ________. - Correct Answer- Fixture
Chapter 5
Whether an article is a fixture depends on he intention of the parties and may be determined
by...... - Correct Answer- The manner in which the item is attached
It's type and adaptability to the real property
The purpose it serves
The relationship of the parties.
Chapter 5
Lumber to build a structure is personal property or chattel when it's delivered to the building
site. By attachment and intent of builder however the lumber becomes a building on the land
and thus ______ - Correct Answer- Real estate
, Chapter 5
How to determine a fixture... - Correct Answer- How permanent is the attachment?
What was the intent of the person installing the item?
If it is removed can the item be used elsewhere?
Chapter 5
Constructive annexation theory - Correct Answer- Articles that are so closely associated with
a structure that they are deemed a fixture. Example: keys it passes with the property even
though not mentioned in the deed.
Chapter 5
A question of whether an item is a fixture and thus part of the real estate is determined by..... -
Correct Answer- Real estate value for tax purposes
Whether a real estate sale included the item or items in question
Whether the item is part of the security given by a mortgagor to a mortgagee
The ownership of the item when the lease is terminated
Coverage under a hazard insurance policy that excludes personal property items.
Chapter 5
Purchase contract is.... - Correct Answer- "Final" contract between buyer and seller.
Chapter 5
Trade fixture rule applies only to articles installed by _____ and not _______ - Correct
Answer- Tenant, landlord. (Example: built in shelves. Any repairs after removal belong to
tenant)
UCC - Correct Answer- Uniform commercial code- provides for lender to retain a security
interest in the personal property or chattel until the lender is paid in full.the security interest is
available to the lender even though the chattel is installed in real property. Security interest is
created by an instrument called a security agreement.
Chapter 5
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