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When is a Washington real estate license required? a. When performing maintenance work for one property owner b. When performing real estate activities for others, for compensation of any kind c. When performing real estate activities for others, without compensation d. When performing real estate activities for yourself correct answers b. When performing real estate activities for others, for compensation of any kind How is the physical license for a branch office handled in Washington...

Property ownership for an indeterminable length of time is an example of what form of estate? correct answers Freehold Vermont seller Sami lives in a city where the municipal tax period is from February 1 to January 30. What municipal taxes must she pay under Vermont law? correct answers The municipal taxes beginning on the first day of that municipality's fiscal year and ending on the day before closing what happens to a joint tenant's share of property when the joint tenant dies? corre...

Which one of the following tasks must licensees perform for seller clients? -Dictate the listing price of the property. -Drive the sellers around to show them other properties that are for sale in their neighborhood. -Ensure that the buyer's earnest money is deposited. -Show the sellers how they can market their property. correct answers Ensure that the buyer's earnest money is deposited. **A licensee must ensure the collection of the earnest money deposit from the buyer. Earnest money ma...

What is a general lien? A claim against a person and all of that person's property A claim against a specific piece of property A type of mortgage lien A type of tax lien correct answers A claim against a person and all of that person's property Which of the following discriminatory practice does the Home Mortgage Disclosure Act (HMDA) seek to address? Blockbusting Credit reporting Mortgage applications Redlining correct answers Redlining What is a real estate mor...

What is the correct calculation to figure out a commission rate? A. List price ÷ total commission B. List price × total commission C. Sales price ÷ total commission D. Total commission ÷ sales price correct answers D. Total commission ÷ sales price Which of the following is an instrument of conveyance? A. Deed B. Mortgage C. Promissory Note D. Title Insurance Policy correct answers A. Deed Which of the following is true about adverse possession? A. After meeting all of ...

With this type of loan, personal property is included with the real property in the sale. It's commonly seen in commercial real estate, but you may also see this in the sale of furnished condominiums. correct answers Package mortgage Which product's fibers are dangerous when inhaled because they can lodge in the lungs and intestines, causing cancer? correct answers Absestos Sally and Pete are city dwellers who have always dreamed of living in a rural setting. When Pete inherits a 600-acr...

It's your first week in real estate and you realize you made a terrible selection with your broker—she's awful! What is your best course of action? Quit the business Sit tight; you can't leave until two years have passed Switch brokerages Turn in a letter of resignation correct answers Switch brokerages What's floor time? Overtime Time spent at an open house that is vacant, without chairs Time spent evaluating carpeting and linoleum for possible upgrades Time spent in the of...

Question 1 The Swansons left the family property to their son, Jason, with the stipulation that he does not build on it. The type of estate Jason holds is ______. Fee simple absolute Fee simple defeasible Leasehold Qualified lease correct answers Fee simple defeasible Under a fee simple defeasible estate, the property holder owns the property with all legal rights, but subject to a condition. Question 2 Which of the following is a true statement about the MLS and sellers? For most s...