Washington State Real Estate UPDATED Exam Questions and CORRECT Answers
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Course
Washington State Real Estate
Institution
Washington State Real Estate
Washington State Real Estate UPDATED
Exam Questions and CORRECT Answers
Abandonment - Correct Answer- The voluntary and permanent cessation of use or enjoyment
with no intention to resume or reclaim one's possession or interest. May pertain to an
easement or a property.
Abrogation - Correct...
Washington State Real Estate UPDATED
Exam Questions and CORRECT Answers
Abandonment - Correct Answer- The voluntary and permanent cessation of use or enjoyment
with no intention to resume or reclaim one's possession or interest. May pertain to an
easement or a property.
Abrogation - Correct Answer- Tenants cannot sign away their rights in advance of signing the
lease.
Abstract of Title - Correct Answer- A condensed version of the history of title to a particular
parcel of real estate as recorded in the county clerk's records; consists of a summary of the
original grant and all subsequent conveyances and encumbrances affecting the property.
Abutting - Correct Answer- The joining, reaching, or touching of adjoining land. Abutting
parcels of land have a common boundary.
Accelerated Depreciation - Correct Answer- A method of calculating for tax purposes the
depreciation of income property at a faster rat than would be achieved using the straight-line
method. Note** any depreciation taken in excess of that which would be claimed using the
straight-line rate is subject to recapture as ordinary income to the extent of gain resulting
from the sale.
Acceleration Clause - Correct Answer- A provision in a written mortgage, note, bond, or
conditional sales contract that, in the event of a default, the whole amount of principal and
interest may be declared to be due an payable at once.
Accretion - Correct Answer- An increase or addition to land by the deposit of sand or soil
washed up naturally from a river lake or sea.
Accrued Depreciation - Correct Answer- The actual depreciation that has occurred to a
property at any given date; the difference between the cost of replacement new (as of the date
of appraisal) and the present appraised value.
,Acknowledgment - Correct Answer- A declaration made by a person to a notary public, or
other public official authorized to take acknowledgments that an instrument was executed by
that person as a free and voluntary act.
Actual Eviction - Correct Answer- The result of legal action originated by a lessor, whereby a
defaulted tenant is physically ousted from the rented property pursuant to a court order.
Actual Notice - Correct Answer- Express information or fact; that which is know; actual
knowledge.
Adjustable-rate Mortgage - Correct Answer- A mortgage in which the interest rate changes at
predetermined intervals. The mortgage has caps, or a ceiling, that limits the amount it can
change at the predetermined intervals.
Administrator - Correct Answer- The party appointed by the county court to settle the estate
of a deceased person who died without leaving a will.
Ad Valorem Tax - Correct Answer- A tax levied according to value; generally used to refer to
real estate tax. Also called the general tax.
Adverse possession - Correct Answer- The right of an occupant of land to acquire title against
the real owner, where possession has been actual, continuous, hostile, visible, and distinct for
the statutory period.
Affidavit - Correct Answer- A written statement signed and sworn to before a person
authorized to administer an oath.
Agent - Correct Answer- One who represents or has the power to act for another person
(called the principal). The authorization may be express or implied. A fiduciary relationship is
created under the law of agency when a property owner, as the principal, executes a listing
agreement or management contract authorizing a licensed real estate broker to be the owner's
agent.
Agreement of sale - Correct Answer- A written agreement whereby the purchaser agrees to
buy certain real estate and the seller agrees to sell, upon terms and conditions set forth in the
agreement.
, Air Lot - Correct Answer- A designated airspace over a piece of land. Air lots, like surgace
property, may be transferred.
Air Rights - Correct Answer- The right to use the open space above a property, generally
allowing the surface to be used for another purpose.
Alienation - Correct Answer- The act of transferring property to another. Alienation may be
voluntary, such as by gift or sale; or involuntary, such as through eminent domain or adverse
possession.
Alienation Clause - Correct Answer- The clause in a mortgage or deed of trst that states that
the balance of the secured debt becomes immediately due and payable at the mortgagee's
option if the property is sold by the mortgagor. In effect, this clause prevents the mortgagor
from assigning the debt without the mortgagee's approval.
Alluvion - Correct Answer- New deposits of soil as the result of accretion.
Amenitites - Correct Answer- The tangible and intangible features that increase the value or
desirability of real estate.
Americans with Disabilities Act (ADA) - Correct Answer- A federal law that became
effective in 1992. It is designed to eliminate the discrimination against individuals with
disabilities by mandating equal access to jobs, public accommodations, public transportation,
telecommunications and government services.
Amortization - Correct Answer- The liquidation of a financial burden by installment
payments.
Amortized Loan - Correct Answer- A loan in which the principal, as well as the interest, is
payable in monthly or other periodic installments over the term of the loan.
Antitrust Laws - Correct Answer- The laws designed to preserve the free enterprise of the
open marketplace by making illegal certain private conspiracies and combinations formed to
minimize competition. Violations of antitrust laws in the real estate business generally
involve either price fixing (brokers conspiring to set fixed compensation rates) or allocation
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