Washington Real estate Exam Prep 1
Under the Homestead Act in Washington State, homeowners can exempt how much equity from their personal residence, should they file bankruptcy?
$125,000
type
10 days
1/4 a section is how big
160 acres
he Sherman Anti-Trust Act was enacted in:
1890
a real estate license needs to be renewed every
2 years or 24 months
how big is 1 acre in feet
43,560 feet or 208.71 x 208.71 feet
how long is a mile in feet
5,280 feet
how big is 1 sq mile in acres
640 acres
a town ship is how big
6x6 miles or 36 sq miles
1/2 of a 1/4 section is how big
80 acres
What is a percentage Lease
A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises. Percentage leases are commonly executed in retail mall outlets and other commercial retail leases.
would relieve the lessee of any obligation to make the rental payments?
Constructive eviction
The Washington case that set precedent pertaining to real estate agents and the use of Standard forms was:
Cultum v. Hertiage House
a non-possessory property interest?
Easement
what is a gross lease
In a gross lease, the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership of the property Most apartment leases are gross leases.
Which of the following terms is associated with a security that is being sold across state lines?
Interstate
what is a material men's lien?
Involves thew supplies that are used to improve the property
Information on who holds title can be obtained from:
Last recorded deed,Preliminary title report,Tax records
The main purpose of Anti-Trust Laws are to:
Promote the policy and practice of competition
Under the income approach to appraising which of the following would be deducted from effective gross income to derive the net operating income?
Property taxes and insurance
RESPA stands for
Real Estate Settlement and Procedures Act.
A deceased person who dies leaving a valid will is said to have died
Testate
A developer entered into a long term fixed rental lease that did not contain an escalation clause. How would this lease affect the appraised value of the property?
The value would decrease.
When a lender charges more interest than is legally allowed, it is known as
Usury
Yang's clients were so pleased with her services that they gave her a check for $300 as a bonus. Who can this check be made out to?
Yangs Brokerage
What is a legal action to stop a nuisance?
abatement
A history of every recorded document dealing with a property?
abstract
What is a condensation of a court judgment?
abstract of judgment
A means of obtaining land value by deducting the value of improvements from the total property value?
abstractive method
What is obtaining title as a result of attaching or joining property to other property?
accession
What is the act of accepting a different consideration than agreed?
accord and satisfaction
What is a gradual buildup of soil by action of water or wind?
accretion
What is a declaration customarily made before a notary, certifying that the signing of an instrument is the signer?s own free act?
acknowledgment
What is a measure of land equal to 43,560 square feet?
acre
What is the personal knowledge of an interest or instrument?
action in rem
What is the disposal of property by a testator prior to death?
ademption
What is the acquisition cost less depreciation plus cost of improvements?
adjusted basis
purchase price + adjustments =
adjusted cost basis
What is a man appointed by a probate court to administer the estate of a deceased?
administrator
What is an easement that allows the easement holder a right of use over the land of another?
affirmative easement
What is an agency created when the principal?s words or conduct led another to believe in the agency and thereby act to the other?s detriment?
agency by estoppel
What is an agency created by a principal approving an unauthorized act of another?
agency by ratification
What is a transfer of property or property rights?
alienation
A person dies testate. The person named to settle the estate would MOST LIKELY be called
an executor.
What is a nonjudicial process for resolution of disputes whereby the parties agree to abide by a decision made by a third person?
arbitration
What is the legal seizure of property under court order prior to a judgment when there is belief that the property will not be available?
attachment
What is the act of witnessing; to attest is to bear witness?
attestation
What is an agreement between owner and sublessee that the owner will recognize the sublease and the sublessee will pay the owner should the sublessor's interests be foreclosed?
attornment
As easement appurtenant burdens one parcel of property for the ________ of another property.
benefit
The optionee's attorney met with the optionor and presented the signed document wherein his client exercised her option. An option contract that has been exercised is a/an
bilateral, executory contract.
a bilateral contract is where
both parties are obligated to perform example purchase and sale agreement
A potential buyer has made an offer on a property. The seller made a counteroffer. In the counteroffer the buyer is
buyer is the offeree.
A defeasible fee estate means that title
can be defeated upon the occurrence or nonoccurrence of a specified event.
the taking of private land for public use is called
condemnation
Severalty ownership of air rights combined with an undivided interest in the common areas of real estate would MOST LIKELY describe a
condominium
It is the responsibility of the ______________ to collect property taxes ( think pirates' chest of gold )
county treasurer
An added loan fee charged by a lender to make the yield on a lower-than-market interest VA or FHA loan competitive with higher interest conventional loans.
discount points
the right that the government exercises to condemn property is called
eminent domain
Tenancy in Common has:shares of
equal or unequal interest
A grantee purchased a property and did not record the deed. Later the property was transferred to an heir, who sold the property. This would create a/an
gap in the title.
After acknowledgment and delivery the deed must be accepted by the
grantee
When a person dies without leaving a will, this is known as
intestate
what is a mechanics lien ?
involves the labor performed to improve the property
adjusted basis or adjusted tax basis is
is the original cost of the property plus capital improvements minus depreciation
A lease has been assigned. The new landlord tenant relationship would be between the
lessor and the assignee.
When determining if an article is a fixture, a person would consider the
method of annexation.
The appraiser is to determine the most probable price that a buyer will pay for a property. This is known as
objective value.
A builder secured a construction loan. He MOST LIKELY obtained what kind of mortgage
open-end term mortgage.
A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a washer and dryer, refrigerator, stove and other specified appliances.
package mortgage
A provision that specifies the amount of rent and when the rent is due is known as a __________________provision in a lease.
payment of rents
A leasehold estate that automatically renews for the original term is a/an
periodic tenancy.
lock and block method of survey is also called
plat and map method
The acquiring of a right in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period.
prescription
A borrower purchased mortgagee's title insurance on a property. After the final payment was made on the mortgage, a title defect was found. The borrower would have recourse through the
previous owner if a general warranty deed was transferred at the closing.
he federal Civil Rights Act of 1866 prohibits all _________ discrimination in the sale or rental of property.
racial
lines that run north to south are called what
range lines
Department of Revenue in Washington State oversees
real estate excise tax
The Civil Rights Act of 1968 expands the definition of discrimination to include not only race, but also national origin, color, and ______.
religion
Abida and Alonsa's lease will expire on April 30. They have given notice to the landlord that they will be moving. The landlord's right to regain possession of the property after the expiration of the lease is called a
reversionary interest.
Acknowledgment is when a seller(the grantor), signs a deed and affirms that their __________ is/are valid.
signature
When property taxes and special assessments are due and they are NOT paid, they become
specific liens against the property.
An agent will only show prospective buyers properties where the agent thinks they should live, not the properties the buyers want to see. The agent is guilty of
steering.
A deed states that title is held by Carrie and David as co-owners. In most states, their ownership would be interpreted as
tenancy in common.
The Department of Treasury oversees
the IRS
Constructive eviction occurs when
the landlord causes a major interference with the tenant's possession of the property.
A chain of title is
the sequence of historical transfers of title to a property
A suit to quiet title would be filed when.
there is an adverse possession claim on the property.
lines that run east to west are called
town ship lines
The management agreement must state____________________ of a dwelling.
type
unilateral contract is
when one party is obligated to perform . example lease option where the seller is obligated to perform upon the lessee exercises his her option
does the vendor only pays capital gain taxes on the amount of money received from the installment payments for each year instead of a lump sum.
yes
