WA RE Exam Practice 1;(Fundamentals)2022 with complete solution
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1. Which of the following is most likely to be considered a fixture?: Draperies
Lamp
*PLUMBING
Washing Machine
2. A life estate will last until
...
WA RE Exam Practice 1;(Fundamentals)2022 with complete solution
1 / 21
1. Which of the following is most likely to be considered a fixture?: Draperies
Lamp
*PLUMBING
Washing Machine
2. A life estate will last until:: Economic conditions render it unfeasible
The death of the grantor
*THE DEATH OF THE RECIPIENT
The recipient moves out
3. The deed that states that there is a conveyance of interest, if any, is
the:: Grant deed
Bargain and sale deed
*QUITCLAIM DEED
Special warranty deed
4. A Judgement lien:: Applies only to personal property
Applies only to real property
Takes first lien position
*WHEN PAID OFF, REQUIRES A SATISFACTION OF JUDGMENT TO BE
RECORDED TO CLEAR THE RECORD
5. The police powers of the government include:: Defeasance
Foreclosure
Lis pendens
*BUILDING CODES AND ZONING REGULATIONS
6. The term "meeting of the minds" is associated with:: Full performance of a
contract
*OFFER AND ACCEPTANCE
Execution
Tender of an offer
7. Exaggeration about a property's positive characteristics would be considered:: Fraud
Misrepresentation
Overstating
*PUFFING
8. 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:: *REJECTED A $90,000 OFFER FROM A FINANCIALLY QUALIFIED
BUYER
Accepted a $90,000 offer from a financially qualified buyerWA RE Exam Practice 1;(Fundamentals)2022 with complete solution
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Accepted a $95,000 offer, but his title turned out to be unmarketable
Rejected a $95,000 offer from a financially qualified buyer
9. A contract specifies that "time is of the essence". This means that:: The
seller must fulfill her contractual duties by the date set forth in the contract, but the
buyer does not have to
The buyer must fulfill her contractual duties by the date set forth in the contract,
but the seller does not have to
the agent must fulfill his contractual duties by the date set forth in the contract, but
the buyer and seller do not have to
*ALL CONTRACTUAL DUTIES MUST BE FULFILLED ON OR BEFORE THE
DATE SET FORTH IN THE CONTRACT
10. Usury laws fix which of the following?: Minimum interest rates
*MAXIMIUM INTEREST RATES
Length of time for repayment of loans
Loan-to-value ratios
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