Exam (elaborations)
ROCKWELL WA REAL ESTATE PREP QUESTIONS AND ANSWERS
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ROCKWELL WA REAL ESTATE PREP QUESTIONS AND ANSWERS
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Name: Score:29 Multiple choice questions
Definition 1 of 29
legally-binding obligation that derives from actions, conduct, or circumstances of one or more
parties in an agreement
Simple interest
Fee simple estate
Open listing
Implied contract
Definition 2 of 29
Can a licensee appeal to the superior court?
Comply with continuing Ed
Adjusted basis
Bilateral
Yes they can
Definition 3 of 29
Interest paid on real estate loans is _____ interest
Bilateral
Simple interest
Fee simple estate
Adjusted basis
,Definition 4 of 29
A managing broker asks his brokerage firm to release his license and listings so he can start his
own firm. The firm must
Covenant of Seisin
Surrender the license immediately but not the listings. Listings stat with the firm
The real estate commission
Maintain a trust account in WA if holding any funds in a trust
Definition 5 of 29
Which qualifications is required for a licensee to become a designated broker
The hearing is held without licensee present
Control over the firm's operational and or financial decisions
30 hour class if it has been inactive for more than 3 years
When the application is submitted to department of licensing
Definition 6 of 29
A right or claim upon real property (land) held by one other than the property owner. They are
divided into two classes, as follows: a) Liens (mortgages, deeds of trust, mechanics' liens, local
taxes, assessments, judgments, attachments, etc.).
Open listing
Fee simple estate
Acceleration clause
Encumbrance
, Definition 7 of 29
What can the director of department of licensing do?
Revoke a license, deny a license, additional remedial education, license suspension and
refer criminal violations to prosecutors in the county where the offense was committed
When it is delivered to the director for any reason
30 hour class if it has been inactive for more than 3 years
When the application is submitted to department of licensing
Definition 8 of 29
Can an unlicensed real estate agent receive referral fees in some cases?
When the application is submitted to department of licensing
Yes
Open listing
Yes they can
Definition 9 of 29
Is a listing contract bilateral or unilateral?
Canceled
Bilateral
Yes they can
Simple interest
Definition 10 of 29
A clause that makes failure to meet a stated deadline a material breach of
The hearing is held without licensee present
Time is of the essence clause
Fee simple estate
Power of attorney
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