Washington Real Estate Broker Exam — All Questions

All Property Ownership Land Use Controls and Regulations Valuation and Market Analysis Financing Contracts Agency Property Disclosures Transfer of Title Practice of Real Estate Property Management Real Estate Calculations Washington License Law (RCW 18.85)Washington Agency Law (RCW 18.86)Washington Practice & Closing Washington Licensing Requirements

2 questions

Contracts

A contract in which only one party makes an enforceable promise, performed by the other party's act, is called a:

a.Bilateral contract
b.Unilateral contract✓
c.Void contract
d.Executed contract

In a unilateral contract only one party is obligated, and the other party accepts by performing the requested act (for example, an open listing where the broker is paid only if they procure a buyer). A bilateral contract exchanges mutual promises.

Contracts

A buyer and seller agree to replace their original purchase contract with an entirely new contract, discharging the old one. This substitution is called:

a.Assignment
b.Rescission by mistake
c.Estoppel
d.Novation✓

Novation is the substitution of a new contract or new party for an existing one, with the intent to discharge the original obligation. Assignment transfers rights under the existing contract but does not necessarily release the original party.