Washington State Real Estate Practice Exam

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Prepare for the Washington State Real Estate Exam with detailed flashcards and multiple choice questions, each with hints and explanations. Master the material and ace your exam!

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What is an Agreement of Sale?

A mortgage in which the interest rate changes at predetermined intervals
A tax levied according to value
A written agreement where the purchaser agrees to buy and the seller agrees to sell, upon the terms and conditions set forth in the agreement
Express information or fact; that which is know; actual knowledge

The correct answer is: A mortgage in which the interest rate changes at predetermined intervals

An Agreement of Sale is a written contract between the buyer and seller of a property, outlining the terms and conditions of the sale. Option A, a mortgage with a changing interest rate, is incorrect because it does not involve a sale or purchase of property. Option B, a tax based on value, is incorrect because it does not involve an agreement between a buyer and seller. Option D, a definition of "knowledge," is unrelated to the topic of an Agreement of Sale.