Content: Seattle real estate, real estate quiz, Washington state real estate disclosure
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FIND YOUR DREAM HOME. Browse all real estate listings in Washington State.
Check your Real Estate IQ!
Answers are in the form of “True” or “False.” Hint: “True” is the answer to only three of the statements. See the quick answers (True or False) or read the answers with explanations.
- The selling agent represents the seller.
- Anyone can search the database of MLS listings just the way a Realtor® can.
- The person performing a general property inspection has to be licensed.
- At the closing of a transaction, the agent representing the buyer gets paid a commission by the buyer.
- In Washington, every actively practicing real estate agent has to be licensed with a brokerage.
- After receiving a full-price offer a seller can counter with a higher price.
- By law, if the agent who represents the buyer knows that a sex offender lives in the neighborhood, she or he must tell the buyer.
- The agent for the seller is responsible for filling out the Washington State Real Estate “Seller Disclosure Statement” (Form 17).
- A pre-approval letter from a mortgage broker or lender is a guarantee that the buyer will get the necessary financing.
- A listing agreement between seller and agent/broker can be cancelled by either party at any time.
See the quick answers (True or False) or read the answers with explanations.
Confusing Industry Jargon
Real Estate is full of industry jargon that can be confusing to the consumer. For example, the agent helping the buyer to find a home is called the “Selling Agent”, the broker of that agent is called the “Selling Broker” and the commission the “Selling Broker” receives from the “Listing Broker” is called the “Selling Office Commission”, commonly abreviated as SOC. The word “Selling” is often confused by the consumer with the Listing broker and agent who SELL the property. It would be better to refer to the parties representing the buyer as the “Buyer’s Broker”, the “Buyer’s Agent”, and call the commission the Buyer’s Broker receives from the Listing Broker the “Buyer’s Broker Commission”.
Do you have other questions? Send me an email or call me at 425-891-8213.
My first responsibility is to give you the official pamphlet on Washington State Agency Law.
This website is not soliciting the owners of any homes currently listed on the NWMLS.
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Website content © 1995 - 2007, Gerhard N Ade. Information from reliable sources, but not guaranteed. Created and maintained by Gerhard N Ade.
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