Washington state Real Estate exam 1 questions and answers 2023
1. when does the real estate agent give the seller's a copy of
their listing agreement form?: immediately
2. what are the elements needed for a valid purchase and
sales agreement?-
: consideration (not of monetary value), in writing & lawful
purpose. There does not need to be earnest money but often is
3. a mortgage that secures both real and personal property
as collateral to secure a borrower's debt: package mortgage
4. name of the state/local sales tax debt to the seller in the
transfer of property listed on the uniform settlement
statement: documentary stamp tax or transfer tax
5. a property owner could qualify for tax deferred exchange if
it was what?: -
used in a business or trade 6. conditional use permit: allows certain beneficial uses
(schools, churches, etc)
to operate in residential neighborhoods despite zoning laws
7. what do the terms "offer and acceptance", "mutual assent"
& "meeting of the minds" all mean?: 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.)
8. who's responsibility is it (buyer or seller) when remedial
action is needed?: -
whichever party agreed to pay for the expense in the purchase and
sales agreement
9. what about prepayment penalties is true?: neither FHA nor
VA loans allow prepayment penalties
10. four elements of economic characteristics of real estate:
scarcity, demand, transferability, and utility
11. which charges are prorated between the buyer and seller at
closing?: prop- erty taxes, utility bills, special assessments.