Re Wa Exam

Front 1

At what point in a transaction must you disclose your agency status in writing?

Back 1

before a party signs an offer

Front 2

A counteroffer:

Back 2

acts as a rejection of the initial offer

Front 3

would referring a buyer to a Spanish speaking colleague after the buyer expressed a preference to work with a Spanish speaking agent be an illegal discriminatory action?

Back 3

NO

Front 4

if a contingency is not fulfilled despite a goo faith effort to fulfill it, what may the person who benefits from the contingency do?

Back 4

terminate the agreement and have the earnest money deposit returned

OR

waive the contingency and continue with the agreement

Front 5

under what type of listing will the seller owe a commission to the listing agent regardless of who is the procuring cause of the sale?

Back 5

exclusive right to sell

Front 6

under what type of listing will an agent receive a commission only if he is the procuring cause of the sale?

Back 6

open listing

Front 7

all of the following should be taken into account in choosing a closing date except:

A. the due date of the next installment of property taxes

B. how long the seller needs to make necessary repairs

C. whether the buyer needs to sell her current home

D. the time needed to clear away any liens

Back 7

A.

Front 8

Excise tax is usually paid by the

Back 8

seller

Front 9

which document should be prepared if the buyer plans to take possession before the closing date?

Back 9

rental agreement

Front 10

a conventional loan can be:

A. an arm

B. a 15 year loan

C. a 30 year loan

D. all of the above

Back 10

D

Front 11

which party to a purchase an sale agreement usually benefits from a contingency

Back 11

buyer

Front 12

unless specified in writing, all deposits made of 10k or less will be held

Back 12

in the brokerage firms pooled trust account or by the closing agent.

Front 13

Which party is usually responsible for the cost of modifications or repairs made as a result of unsatisfactory inspection results

Back 13

seller

Front 14

disclosure of and consent to dual agency must:

Back 14

be in writing

Front 15

in a VA transaction, who pays the points

Back 15

as negotiated between the buyer and the seller.

Front 16

which of the following is the duration of a listing agreement in the state of WA?

Back 16

whatever the broker and seller agree upon

Front 17

which of the following is a material fact that an agent would be required to disclose

Back 17

the roof leaks during rainy weather

Front 18

which of the following statements in an advertisement is most clearly discrimination?

a. "close-knit again neighborhood"

b. desirable and prestigious location

c. neighborhood with traditional values

Back 18

A

Front 19

all of the following should be included in every purchase and sale agreement except:

a. identification of the parties

b. purchase price and method of payment

c. agents commission

d. dates when title and possession will pass to buyer

Back 19

C

Front 20

to determine an apporpriate listing for a property, an agent will perform a/an________, which is related to but less rigorous than a/an ________.

Back 20

CMA/appraisal

Front 21

A large earnest money deposit:

Back 21

indicates the buyers good faith in making an offer

Front 22

for a property to be useful as a comparable, it should:

Back 22

be in the same neighborhood

be of a similar age and quality

and ave sold within the last 6 months

Front 23

which of the following is not usually a cost to the buyer?

a. origination fee

b. purchase price

c. appraisal

d. excise tax

Back 23

excise tax

Front 24

the federal fair housing act prohibits discrimination on the basis of:

a. race, color, religion, national origin

b. mental/physical disability

c. familial status

d. all of the above

Back 24

all

Front 25

the Hutchinsons own a house that is currently appraised at $545,000. they owe $397,000 on the deed of trust and would have $65,000 in selling expenses. What is their net equity in the property?

Back 25

83000

Front 26

which of these loans would present the greatest level of risk to a lender?

1. 97% LTV

2. 95% LTV

3. 90% LTV

Back 26

97%

Front 27

a dual agent must:

Back 27

keep each party's negotiation position confidential

Front 28

fee packing, equity stripping, and balloon payment abuses are all examples of

Back 28

predatory lending practices

Front 29

in a request for consideration of value, you should use:

Back 29

comparable sales that are at least as similar to the subject property as the appraisers comparable

Front 30

the legal description in a purchase an sale agreement:

Back 30

should be inserted, attached, or corrected ASAP, if not available at the time the agreement was signed

Front 31

a seller offers to pay six discount points on behalf of the buyers, this will reduce the buyers interest rate from 9% to 8%. this is down as a:

Back 31

buydown

Front 32

what is not an important component of an inspection report?

Back 32

providing an estimate valuation of the property

Front 33

the seller disclosure statement should be filled it by the:

Back 33

Seller, not by the agent or anyone else

Front 34

the cash price for a property and APR may be advertised. However, if other terms such as the DP or interest rate are stated in the ad then:

Back 34

all the important terms of the loan must be included in the ad TILA

Front 35

Would the street address be an adequate property description in the purchase and sale agreement?

Back 35

NO

Front 36

which of the following is not a duty owed to every party in a transaction?

reasonable care and skill

honesty and good faith

confidentiality

present all written communications in a timely manner

Back 36

confidentiality

Front 37

once the buyer receives the seller disclosure statement, she may rescind the purchase and sale agreement within?

Back 37

3 days