Term
| #1. Real State is equivalent to (Chapter 1, page 2): |
|
Definition
| #1. Land, attachments, and appurtenances |
|
|
Term
| #2. A landowner's rights regarding water in a stream flowing through her land are called (Chapter 1, page3): |
|
Definition
|
|
Term
| #3. Minerals become personal property when they are (Chapter 1, page 5): |
|
Definition
| #3. Extracted from the land. |
|
|
Term
| #4. Leasehold estate is (Chapter 2, page 25): |
|
Definition
| #4. A possessory interest that has a limited duration |
|
|
Term
| #5. Tenancy in common is (Chapter 2, page 27): |
|
Definition
| #5. Joint ownership where is no right of survivorship. |
|
|
Term
| #6. What is a Corporation (Chapter 2, page 31): |
|
Definition
| #6. A business entity owned by shareholders, governed by a board of directors, and managed by corporate officers. |
|
|
Term
| #7. The process of transferring real property is called (Chapter 3, page 42): |
|
Definition
|
|
Term
| #8. Clouds on title are usually cleared by (Chapter 3, page 43): |
|
Definition
|
|
Term
| #9. A person who makes a will is called a/an (Chapter 3, page 47): |
|
Definition
|
|
Term
| #10. Encumbrance is (Chapter 4, page 64): |
|
Definition
| #10. An interest in real property held by someone other than the property owner. |
|
|
Term
| #11. Real estate property taxes are (Chapter 4, page 66): |
|
Definition
| #11. Specific, involuntary liens. |
|
|
Term
| #12. Encroachment is (Chapter 4, page 72): |
|
Definition
| #12. A physical object that intrudes onto another's property, such as a tree branch or a fence. |
|
|
Term
| #13. The police power is the government's power to (Chapter 5, page 80): |
|
Definition
| #13. Enact laws for the protection of the public health, safety, morals, and general welfare. |
|
|
Term
| #14. As a general rule, when a new zoning ordinance goes into effect, nonconforming uses (Chapter 5, page 82): |
|
Definition
| #14. Are allowed to continue, but to expand. |
|
|
Term
| #15. An owner who feels that his property was improperly zoned should apply for a (Chapter 5, page 83): |
|
Definition
|
|
Term
| #16. A contract can be valid and binding even though (Chapter 6, page 96): |
|
Definition
| #16. It is not put into writing. |
|
|
Term
| #17. An executory contract is one that (Chapter 6, page 97): |
|
Definition
| #17. Has not yet been performed. |
|
|
Term
| #18. Avoidable contract is (Chapter 6, page 103): |
|
Definition
| #18. Enforceable unless action in taken to rescind it. |
|
|
Term
| #19. An agency relationship can be created in any of the following ways, except (Chapter 7, page 121): |
|
Definition
|
|
Term
| #20. After an agency relationship terminates, the agent still owes the principal the duty of (Chapter 7, page 132): |
|
Definition
|
|
Term
| #21. In most cases, a listing agent (Chapter 7, page 124): |
|
Definition
| #21. Is considered a special agent. |
|
|
Term
| #22. A buyer's agent (Chapter 7, page 137): |
|
Definition
| #22. May be paid through a commission split. |
|
|
Term
| #23. A dual agent must (Chapter 7, page 140): |
|
Definition
| #23. Keep each party's negotiating position confidential. |
|
|
Term
| #24. What is an Open Listing (Chapter 8, page 153): |
|
Definition
| #24. A non-exclusive listing under which the real estate firm earns a commission only if is the procuring cause of the sale. |
|
|
Term
| #25. The type of listing that provides for payment of a commission to the listing firm regardless of who sells the property is a/an (Charter 8, page 154): |
|
Definition
| #25. Exclusive right to sell listing. |
|
|
Term
| #26. A listing agreement must contain all of the following, except (Chapter 8, page 155): |
|
Definition
| #26. A specific dollar amount for compensation. |
|
|
Term
| #27. The type of listing that provides for the payment of a commission that consist of any proceeds from the sale over a specific amount is a/an (Chapter 8, page 156): |
|
Definition
|
|
Term
| #28. What is Distressed Home (Chapter 8, page 168): |
|
Definition
| #28. A personal residence that is being foreclosed on, or that is in imminent danger of foreclosure. |
|
|
Term
| #29. In most transactions, a purchase and sale agreement form is initially filled out as a/an (Chapter9, page 176): |
|
Definition
| #29. Buyers offer to purchase, for submission to the property seller. |
|
|
Term
| #30. The closing date specified in the purchase and sale agreement (Chapter 9, page 186): |
|
Definition
| #30. Should allow time for all contingencies to be satisfied. |
|
|
Term
| #31. In a purchase and sale agreement, the phrase "time is of the essence" means that the (Chapter 9, page 188): |
|
Definition
| #31. Contract provisions must be performed on or before the specified date(s). |
|
|
Term
| #32. An earnest money deposit is (Chapter 9, page 189): |
|
Definition
| #32. Usually treated as liquidated damages if the buyer defaults. |
|
|
Term
| #33. A bump clause (Chapter 9, page 193): |
|
Definition
| #33. Allows the seller to keep the property on the market after accepting the buyers offer. |
|
|
Term
| #34. What is the Federal Reserve Board (Chapter 10, page 212): |
|
Definition
| #34. The body that regulates commercial banks and sets and implements the federal government's monetary policy. |
|
|
Term
| #35. What is a Secondary market (Chapter 10, page, 214): |
|
Definition
| #35. The national finance market, where mortgages are bought and sold as investments. |
|
|
Term
| #36. A mortgage loan provision that permits the lender to declare the entire loan balance due if the property is sold is a/an? (Chapter 10. page 219): |
|
Definition
|
|
Term
| #37. After a sheriffs sale, the mortgagor has a certain period in which to redeem the property. This period is called the? (Chapter 10, page 221): |
|
Definition
| #37. Statutory redemption period. |
|
|
Term
| #38. Land contract is? (Chapter 10, page 224): |
|
Definition
| #38. A contract between a vendor and a vendee of real estate, in which the seller retains legal title to the property while the buyer pays off the purchase price in installments. |
|
|
Term
| #39. A loans APR expresses the relationship between (Chapter 11, page 244): |
|
Definition
| #39. The total cost of the loan and the loan amount. |
|
|
Term
| #40. What is Loan-to-value ratio (Chapter 11, page 252): |
|
Definition
| #40. The relationship between the loan amount and the property's appraiser value or sales prices, whichever is less. |
|
|
Term
| #41. What is a secondary financing (Chapter 11, page 253): |
|
Definition
| #41. A second loan to help pay the downpayment or closing costs associated with the primary loan. |
|
|
Term
| #42. Unpaid interest added to the loan balance is referred to as (Chapter 11, page 254): |
|
Definition
| #42. Negative amortization. |
|
|
Term
| #43. What means PMI (Chapter 11, page 256): |
|
Definition
| #43. Private mortgage insurance. |
|
|
Term
| #44. What the FHA does (Chapter 11, page 257): |
|
Definition
|
|
Term
| #45. The members of the Washington Real Estate Commission are appointed by the (Chapter 17, page 402): |
|
Definition
|
|
Term
| #46. A Broker is? (Chapter 17, page 406): |
|
Definition
| #46. A person who is licensed to work for and represent a firm in real estate transactions. |
|
|
Term
| #47. A designated broker is? (Chapter 17, page 407): |
|
Definition
| #47. The person authorized to have full legal responsibility for a licensed real estate firm and its affiliated licensees. |
|
|
Term
| #48. Unlike a broker, a managing broker (Chapter 17, page 408): |
|
Definition
| #48. Must have at least three years of experience in real estate. |
|
|
Term
| #49. For their first renewal, real estate broker must complete (Chapter 17, page 409): |
|
Definition
| #49. 90 clock hours of continuing education. |
|
|
Term
| #50. To pass the managing brokers exam, the applicant must score at least (Chapter17, page 410): |
|
Definition
|
|
