Washington state Real Estate exam set 1 Flashcards

Washington state Real Estate exam set 1 Flashcards before the parties to a tax-deferred exchange can qualify for the tax benefit they must provide notice of exchange within...?45 days how long under the federal truth in lending act does one have to rescind a loan transaction?

• business days after they sign

how many years of experience must an individual have to be eligible for the real estate commission?five can an agent represent a FSBO?yes, if they enter into a one-time listing agreement, payment of commission does NOT mean an agency relationship was established covenant of quiet enjoymentincluded on every lease, it is the promise that the tenant's possession will not be disturbed either by the landlord or a third party with a lawful claim to the property what is the purchaser of a life estate getting? they are not buying a fee simple absolute interest in the property but rather only the life estate held by the seller which will end at the end of the life estate's measuring life a parcel occupies the NW 1/4 of the SE 1/4 and the S 1/2 of the SW 1/4 of the NE 1/4 of section 4. how many acres?60 how many feet in a mile?5,280 when does the real estate agent give the seller's a copy of their listing agreement form?immediately easement in grossnot insurable, "personal" easement, not dominant which charges are prorated between the buyer and seller at closing?property taxes, utility bills, special assessments.conditional use permitallows certain beneficial uses (schools, churches, etc) to operate in residential neighborhoods despite zoning laws designated agencyis a form of dual agency where a buyer's and seller's agent both work at the same brokerage house but each represent a different party, aka an in-house transaction equal credit opportunities act?-it applies to all consumer transactions, not just residential lending, prohibits discrimination based on sex, national origin, marital status or the receipt of public assistance a property owner could qualify for tax deferred exchange if it was what?used in a business or trade what happens with material facts discovered after closing for the buyer?the buyer no longer has the right of rescission after closing

• section = ?1 sq. mile & 640 acres

how much time does a person who's just passed the RE exam have to apply for their license?12 months appointments tot he RE commission are made by? the governor

easement appurtenantinsurable, "attached" to the land, can be transferred.Dominant estate what is the primary purpose of acknowledgement, which is something that must be done before a deed is recorded to verify that the deed was not signed under duress. a person acknowledges a document by formally declaring to an authorized official (public notary) that it was signed voluntarily which has the greatest effect on real estate in a particular market?size of the labor force (as opposed to employment rates, local amenities & demographic change) what is a master plan?also known as a general plan, describes a zoning authorities long term plan for managing growth in an area.what happens to a licensee's license when it gets sent back to the department of licensing?it becomes inactive a mortgage that secures both real and personal property as collateral to secure a borrower's debt package mortgage four elements of economic characteristics of real estatescarcity, demand, transferability, and utility 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 partition suitis filed when co-owners cannot resolve a dispute regarding ownership of their property. The court will decide how to divide the property or if it is too small to physically divide it may order the sale of the property and order the division of the proceeds in a title-theory state who is the beneficiary in a deed of trust?lender when does the revocation of a licensee take effect?when ordered and remains in effect while an appeal is being heard.a corporation takes title to real property throughestate in severalty what documents take precedence?deeds tend to control over purchase and sales agreements.Also, when documents making up a contract conflict the one signed last usually controls.what happens when ad valorem taxes are not paid? create a voluntary and specific lien against the property when does a broker enter into a buyer agency relationship?when they agree to show the buyer another broker's listings UNLESS the broker already has an agreement to represent the someone else what about prepayment penalties is true? neither FHA nor VA loans allow prepayment penalties in an option contract the potential buyer is also known as the?vendee or optionee net leasethe tenant pays a base rent plus a share of the operating

expenses (ex: retail location)

securitiesownership interests in an enterprise without having day to day control over it what is another name for alienation clause? due on sale clause oral agreements in the sale of real property unenforceable, it violates the statute of frauds

easement by necessity (easement by implication) is created where it is reasonably necessary for enjoyment of the property and there was apparent prior use. This may occur where a grantor divides a property into more than one lot and forgets to grant or reserve an easement for the owner of the new lot term loanis an interest only loan, at the conclusion of the loan a balloon payment in the amount of the unpaid principle is required what is the lead based paint cut off?any house built before 1978 when a licensee is terminated, what is the official termination date?postmarked date or the date the license is hand delivered to the DofL what should the broker trust account records include?receipts, check register, deposit slips, reconciled bank statements, cancelled checks, and a ledger summarizing all transactions what happens whens to a contract when the statute of limitations runs out?it becomes unenforceable when must criminal charges against a licensee be filed?within 20 days to the department of licensing constructive evictionoccurs when a landlord acts or fails to act, which interferes with the tenants quiet enjoyment of the property or makes the property unfit for it's intended use, to such an extent as to force the tenant top move out tax free exchanges may be used for what types of properties?business or trade. NO personal a section of land is equivalent to what? one square mile, 640 acres what tax rules apply for a single homeowner? a single tax payer may exclude the entire gain of a principle residence up to $250,000. The seller must have owned and used the residence for at least 2 of the last 5 years a month to month rental agreement is also known as what?periodic tenancy, no fixed termination date but last for a specific period of time one side of a section in a government survey is how many feet?5,280 what are emblements/ doctrine of emblements? applies to crops planted by tenant farmers. If tenancy was terminated through no fault of the tenant before crops are ready to harvest the tenant may re-enter the land and harvest the first crop after the tenancy ends power of attorney gives a person what authority? universal agency authority what type of repairs can be tax deductible for the owner of an investment property?repairs to keep an investment property in ordinary operating condition are deductible the year the are preformed condemnationis the process by which property is taken as a home owner what yearly home costs can they put on their federal tax return?interest paid on the mortgage what is an injunction?a court filing by homeowners who wish to enforce a deed restriction against another land owner who plans to violate the restriction

how long is a deed restriction valid?possibly forever because deed restrictions run with the land what type of interest is normally calculated on a loan for a house?simple constructive fraudwhen a person who occupies a position of confidence and trust makes a false statement with no intent to deceive.who holds onto equitable title for a land contract?the vendee which financing term can be used in advertising without being called a "trigger" APR who holds onto legal title for a land contract? the vendor mineral rights are alwaysseparable and divisible in Washington when is a buyer's agency relationship created?when the licensee performs any RE brokerage services for a buyer, unless there is a written agreement tot he contrary building codes provide what?minimum standards for construction the seller's net proceeds on the settlement statement are calculated by subtracting the seller's debts from the seller's credits comminglingmixing up trust funds on behalf of clients and a firms general funds joint tenancyrights pass to the other joint owners an option to buy property that has been exercised but has not yet closed become a what contract?executory bilateral contract, both parties are obliged to perform can the city terminate the leases of a condemned property?yes, if the give just compensation to the tenants what does title insurance protect?offers protection against latent or undiscovered defects in the title what is a latent defect?is a problem that would not be discovered by ordinary inspection land contract is also known asinstallment contract after the sale of a property in a 1031 exchange, how long does the seller have to close the property?180 days what is a freehold inheritable estate called a fee simple estate why are recording fees not prorated between the buyer and seller at closing?instead, each party pays the costs associated with the recording documents that benefit that particular part an unreleased lien isa cloud on title 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 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.) when can a minor enter into a binding contract if a guardian co-signs tenancy in commonright of survivorship what are ad valorem taxes?real property taxes when an option is given what is the optionee obligated to do?pay some sort of consideration for the option right name of the state/local sales tax debt to the seller in the transfer of property listed on the uniform settlement