WA Real Estate Fundamentals Questions – Rockwell Already Passed

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WA Real Estate Fundamentals Questions – Rockwell Already Passed Which of the following is most likely to be considered a fixture? Plumbing A life estate will last until: The Death of the recipi... ent A deed that states there is a conveyance of interest, if any, is the: Quitclaim deed A judgement lien: When paid off, requires a satisfaction of judgement to be recorded to clear the record The police powers of the government include: Building codes and zoning regulations The term "meeting of the minds" is associated with: Offer and acceptance Exaggeration about a property's positive characteristics would be considered: Puffing The seller listed the property for $95k. Assuming that their listing agreement is typical, the broker would not be entitled to a commission if the seller: Rejected a $90k offer from a financially qualified buyer A contract specifies that "time is of the essence." That means that: All contractual duties must be fulfilled on or before the date set forth in the contract. Usury laws fix which of the following: Maximum interest rates: state usury laws set max interest rates for certain types of loans For which of the following people would an adjustable rate loan not be a good idea? A person about to retire (fixed income) An appraiser needs to be state certified to perform which of the following appraisals: Appraisal related to an FHA loan On a settlement statement, an earnest money deposit that will be held by the brokerage firm until closing is a: Credit to the buyer A licensee hears that a religious group will be opening a commune in a neighborhood. He begins contacting neighbors and telling them about this, encouraging them to list their properties with him before property values decline. This is: Blockbusting An investor is interested in purchasing a multi-family dwelling. He would most likely want to look for a: Property where the rents are similar to comparable properties in the same area (key inquiry for investor market analysis is comps) Zoning requirements state that a lot must be at least four times the size of the building located on the lot. An architect draws up a plan for a building that is 20k sq. ft. At least how many acres does the lot need to be? 2! 20k x 4 = 80k sq ft. - devide by 43,560 (sq ft per acre) to find size. Tests to distinguish a fixture from personal property include all of the following except: Cost of the item (method of attachment, intent of annexor and adaptability are tests) A primary advantage of owning a property in severalty is: Flexibility All of the following are requirements for a valid d [Show More]

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