Washington Real Estate Practices: 30-hour Broker Prelicensing v3.0

Washington Real Estate Practices: 30-hour Broker Prelicensing v3.0

Flashcards A rookie broker can make a number of mistakes if she is not careful. One issue a broker can encounter is to become disorganized. To help avoid this, a broker shouldA)avoid spending time on vacations and family in order to maximize opportunities to work.B)prospect only when it is listed on the schedule and avoid chance meetings and social engagements that might interfere with your prospecting activity days.C)set goals and break the goals down into steps that can be easily accomplished.D)don't waste time speaking with clients already committed to a listing or buyer representation agreement.C A broker suggested that a seller remove personal items, decorations, framed pictures, and trophies from her home and also recommended that she remove items from countertops, thoroughly clean the bathrooms, and generally remove clutter. What is this seller doing?A)StaggeringB)SteeringC)PresentingD)Staging D The Civil Rights Act of 1968, which includes the Fair Housing Act, prohibits discrimination in dwellings. If a real estate professional refuses to show a Catholic person homes in an area that the real estate professional believes is a Jewish neighborhood, the real estate professional is discriminating against the buyer on the basis ofA)religion.B)national origin.C)race.D)sex.A All of the following are necessary elements for a contract EXCEPTA)consideration.B)legally competent parties.C)a counteroffer.D)an offer and acceptance.C Under the Fair Housing Act, as amended, none of the following actions may be based on race, color, national origin, religion, sex, familial status, or handicap EXCEPTA)selling securities.B)refusing to rent or sell housing.C)refusing to negotiate for housing.D)making housing unavailable.A The distinguishing economic characteristics of real estate includeA)scarcity, improvements, durability or permanence of improvements, and situs.B)nonhomogeneity durability, indestructibility, and situs.C)immobility, durability, indestructibility, and scarcity.D)improvements, durability or permanence of improvements, and situs.A

Open housesA)require little planning to be successful.B)are best attended when supported by the property's advertising schedule.C)are only attended by those who are serious about purchasing a home.D)are only attended by represented prospective buyers.B What are the four forces that affect the market value of real property, over which homeowners have very little control?A)Political or governmental regulations, social influences, economic conditions, and physical and environmental characteristicsB)Zoning regulations, property taxes, condition of the home, and environmental limitationsC)Condition of the neighbors' homes, zoning regulations, environmental limitations, and age of the roofD)Age of the roof, number of bedrooms, proximity to schools, and property taxes A A tiny bit of black mold that is in the corner where the tile wall meets the bathtubA)is nothing to worry about.B)is likely caused by escaping radon gas.C)always requires that the walls and the bathtub be torn out.D)could indicate the possible presence of toxic mold.D The majority opinion of the Washington Supreme Court in the Cultum v. Heritage House case was thatA)it is unimportant that brokers and salespersons will complete the forms at no extra charge.B)the supposed benefits to the public from lawyers' monopoly on performing legal services no longer justifies limiting the public's freedom of choice.C)attorneys are necessary to the effective completion of real estate transactions.D)it is immaterial that the drafting of form earnest money agreements is incidental to the main business of real estate brokers.B Effective representation meansA)the client's house has more showings from potential buyers than nearby houses on the market.B)the client is always right and should never be contradicted.C)the client's agent finds a property that meets the client's needs and negotiates a contract that is favorable to the client.D)the client is getting just enough representation to avoid a lawsuit.C Which of the following financial statements only includes the monies that are exchanged between the company and outside entities over a period of time?A)Statement of Retained EquityB)Cash flow statementC)Income statementD)Balance sheet B There may be an issue regarding the amount of earnest money provided with an offer because, in case of default,A)the seller may feel that the amount offered is

insufficient to afford protection.B)the selling agent may feel that the amount offered is insufficient to afford protection.C)the buyer may feel that the amount offered is insufficient to afford protection.D)the escrow holder may feel that the amount offered is insufficient to afford protection.A A new broker doesn't like the idea that he is unable to retain the original listings, buyer representation

agreements, and purchase agreements that have been signed by buyers and sellers who have been obtained by the firm through his efforts. He voices this objection to his designated broker. Why is the designated broker unable to comply with the new broker's request to retain these documents?A)The designated broker is following his accountant's advice.B)The designated broker's firm has a tradition of keeping these documents.C)The designated broker's firm is required by law to keep the original forms.D)The designated broker is concerned that the brokers will misplace the documents.C