Washington State Managing Broker Practice Exam

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• What is the primary goal of CERCLA?
• What is the main implication of agency by implication?
• Which elements are covered under a net-net lease?
• What is a drawback of forming an S Corporation?
• What happens to a Fee Simple Determinable if certain conditions are not met?
• In a net listing, what does the seller agree to?
• What is the consequence of failing to notify the Real Estate Program Manager of a criminal complaint?
• What is a health savings account (HSA) primarily used for?
• Which type of lien involves a legal claim against all properties owned by a debtor?
• After a mortgage is assigned, who does the mortgagor make payments to?
• What is the primary purpose of the Real Estate Program Manager?
• What are discount points primarily used for?
• When does a listing agent earn a commission?
• Finding problems like leaking faucets and faulty electrical outlets is an example of which type of depreciation?
• Which of the following is NOT a feature of an adequate legal description?
• Is an advertisement for a "female seeking female roommate" a violation of the Fair Housing Act?
• What does CERCLA stand for?
• What should a property manager do regarding property management duties?
• What does MTCA stand for?
• What makes a Limited Liability Company (LLC) appealing to small business owners?
• How is a cooperative housing development structured?
• What type of jurisdiction do Municipal Courts have?
• In a mortgage agreement, who is the borrower?
• What does a Liquidated Damages Provision in a sales contract ensure?
• A real estate investment trust (REIT) allows investors to:
• What is the seller's agent obliged to do after a windstorm damages the property following the completion of the Seller Disclosure Statement?
• What is the main objective of RESPA?
• Which duty cannot be waived by an agent in a dual agency?
• What is one of the primary requirements for a Real Estate Investment Trust (REIT)?
• Which of the following is an advantage of an S Corporation?
• What does the legal doctrine of estoppel prevent a person from doing?
• What type of loan does FHA(k) refer to?
• What is the primary purpose of the Model Toxics Control Act?
• What is a primary attribute of properties owned in joint tenancy?
• What distinguishes a Fee Simple Determinable from a Fee Simple Subject to Condition Subsequent?
• What does CERCLA provide a process for?
• What does equity financing involve?
• Does the Real Estate Brokerage Relationships Act impose penalties for failing to disclose agency status?
• What is a general lien?
• When making a check to an escrow agent, who should it technically be made out to according to the law?
• Which type of FHA loan can be used for single-family homes as well as up to 4 units?
• What certification must appraisers have to perform FHA appraisals?
• Under which lease type does the landlord cover all operating expenses?
• What is the primary factor in determining special assessments?
• What must be included in an option agreement once the option is exercised?
• What benefit does a REIT provide to small investors?
• What is the consequence if a buyer does not receive a completed property disclosure form?
• What is a requirement of NEPA regarding federal agency actions?
• What unit is equivalent to 1 acre in square feet?
• What is an essential aspect of an option agreement regarding the purchase?
• Who is primarily responsible for preparing and overseeing real estate license examinations?
• Why is making the first offer considered a bad negotiating strategy?
• Agency by ratification occurs when:
• How are special assessments for local improvements calculated?
• What is the primary purpose of private mortgage insurance?
• What is a take-out commitment typically associated with?
• What does "laches" refer to in legal terms?
• If a licensee fails to attend a scheduled disciplinary hearing, what occurs?
• What is a statute?
• Which of the following best describes Start-Up Costs?
• What action should a seller take to remove a cloud from the title?
• Which of the following is considered when determining the application of the doctrine of laches?
• What must employers provide to Just Cause Employees before terminating their employment?
• What type of agent is a real estate agent acting as a property manager?
• Which of the following is an advantage of print advertising?
• Under what conditions may real estate licensees in WA, who are not escrow officers, provide escrow services?
• Which of the following best describes a business incubator?
• What act regulates discrimination in lending?
• What is the primary role of a Business Broker?
• What type of taxes is Sonia subject to after building a home on her property?
• Which of the following is NOT a way agency relationship can be created?
• How many square feet does one acre contain?
• What significant fund was created by CERCLA?
• What characterizes a graduated lease?
• What happens under a quitclaim deed?
• How long do you have to apply for your license after passing the real estate exam?
• Upon termination, when is the effective date recorded for a real estate license?
• What must a real estate agent include in emails offering services under the CAN-SPAM Act?
• What characterizes a Fee Simple Defeasible estate?
• Which phrase is commonly used in the granting document of a Fee Simple Determinable estate?
• Which agency enforces CERCLA regulations?
• How many square feet are in an acre?
• What does a net-net-net (triple-net) lease require from the tenant?
• Which of the following is typically NOT a requirement for REITs?
• What happens if the license fee is not paid within 12 months after passing the exam?
• Who is required to sign a written lease agreement?
• Why do some business owners prefer bankruptcy options other than Chapter 7?
• Which of the following is NOT a requirement of a valid deed?
• For a Fee Simple Subject to Condition Subsequent, what must a grantor do if conditions are not met?
• What must be stated on the deed if ownership interests in a Tenancy in Common are not equal?
• What does the term 'Conversion' refer to in real estate?
• What does a lender require from a developer wanting a construction loan?
• Which type of lease is most commonly used in large shopping centers?
• In case of conflict between a PSA and escrow instructions, which will prevail?
• What is the purpose of an acknowledgment in relation to a deed?
• What does ECOA prohibit in lending practices?
• What is a significant feature of a Limited Partnership?
• Which of the following is NOT a characteristic of an S-Corporation?
• What is a key eligibility requirement for S-Corporations?
• Which of the following is NOT protected under ECOA?
• What kind of liability do limited partners have in a Limited Partnership?
• How many acres are in a square mile?
• What does a quitclaim deed require to effectively clear a title cloud?
• If a seller backs out after accepting an offer, do they owe the listing agent a commission?
• Discount points are calculated based on which amount?
• What is a promissory note secured by a mortgage considered?
• In Washington State, can a tenant accept a lease without signing it?
• In which scenario would a licensee be required to notify the DOL?
• A real estate purchase and sale agreement lacking an adequate description of the property is considered:
• In a contract involving agency by estoppel, the principal is responsible for:
• What does the term "executory contract" refer to?
• What is the primary distinction between gross profit and net profit?
• What are tenants responsible for in a net lease?
• How is the rent determined in a percentage lease?
• Why can't corporations hold property as joint tenants?
• After signing a contract for deed, what does the buyer immediately receive?
• What does a graduated lease's periodic rent increase typically relate to?
• What does a Quitclaim Deed signify?
• What does the doctrine of estoppel prevent a principal from doing?
• What is NOT a function of the Real Estate Brokerage Relationships Act?
• One of the major advantages of a REIT is:
• What is a primary advantage of private mortgage insurance from the borrower's perspective?
• A life estate will last until what event occurs?
• What is the primary focus of an interpleader action?
• What is the primary purpose of the Home Mortgage Disclosure Act?
• Which of the following accurately describes Tenancy in Common?
• What is meant by the Doctrine of Relation Back?
• When using credit cards for startup expenses, what is a recommended action?
• In a gross lease, what expenses does the landlord typically cover?
• A broker with an inactive license may still receive a commission if they:
• What are the three requirements for a valid deed?
• Which entity is responsible for writing real estate exam questions?
• What key pieces of information does an appraiser need to determine a property's capitalization rate?
• Which type of tax is classified as ad valorem?
• Which types of loans are exempt from Truth in Lending Act disclosure requirements?
• What is the best definition of market price?
• If a listing agent leaves a firm before a buyer is found, does the firm owe the agent a commission?
• What is a Pure Percentage Lease?
• What is Superfund money primarily used for?
• What type of points do lenders use to reduce interest rates on loans?
• A REIT is best described as:
• What is reproduction cost?
• What does RESPA stand for?
• What does it mean if a property is under a Ground Lease?
• In a situation where a lease is marked as a net lease, which costs is the tenant most likely required to pay?
• What is a quiet title action used for?
• Which benefit is NOT associated with print advertising?
• REIT stands for:
• What role does the SBA fulfill in relation to loans?
• Licensees are required to notify the Director of changes in which of the following?
• Who is defined as the lender in a mortgage agreement?
• In Washington State, a General Partnership does not require what to form?
• If a lease doesn't specify when rent is to be paid, when is it considered due?
• What must institutional lenders with assets over ten million dollars do under the Home Mortgage Disclosure Act?
• Under what condition must a real estate licensee notify the Real Estate Program Manager of a civil judgment?
• What defines an encroachment in real estate?
• For how long should real estate transaction records be kept?
• What does the Real Estate Brokerage Relationships Act pertain to?
• What does NEPA stand for?
• What is replacement cost in property appraisal?
• A licensee must notify the Real Estate Program Manager within how many days of learning about a criminal complaint or indictment?
• What does an assignee represent in a mortgage?
• What does the SBA NOT do in regard to business financing?
• If a licensee is convicted of a crime, within how many days must they notify the Department of Licensing (DOL)?
• How does an executed contract differ from an executory contract?
• Which of the following describes a key feature of joint tenancy?
• What does the 13th Amendment prohibit?
• What is the purpose of an interpleader action?
• What type of ownership do individuals gain in a cooperative housing development?
• What is another name for general ledger accounting?
• For what purpose are reports made under the Home Mortgage Disclosure Act?
• If a licensee is named as a defendant in a civil suit, how soon must they notify the Real Estate Program Manager after learning of a verdict against them?
• What are ad valorem taxes based on?
• What is a key characteristic of a corporation owning property?
• What does SEPA stand for?
• What defines a General Partnership?
• Which of the following is not a requirement for a valid deed?
• Agency by implication occurs when:
• What does a net lease typically require from a tenant?
• Both a mortgage and the associated mortgage note are classified as:
• How do appraisers demonstrate their qualifications for FHA appraisals?
• Which of the following best describes a civil suit in real estate?
• What does the term "defeasible" mean?
• How does a specific lien differ from a general lien?
• What does "In severalty" mean in property ownership?
• In the context of real estate, what is a Ground Lease?
• What practice does RESPA aim to eliminate?
• What is the term for the right of a grantor to reacquire property in a Fee Simple Subject to Condition Subsequent?
• What is a characteristic of a General Partnership?
• True or False: An option agreement must clearly state all terms and conditions of the sale.
• Which types of courts have concurrent jurisdiction over misdemeanors in Washington State?
• Which of the following accurately describes the purpose of a health savings account?
• What is a lis pendens?
• What characterizes debt financing?
• What is the total area of 640 acres in square miles?