Finance
Washington State does NOT have which of the following taxes?
AReal Estate Excise Tax (REET)
BProperty tax
CState income tax✓ Correct
DBusiness and Occupation (B&O) tax
Explanation
Washington State does not have a personal state income tax, making it one of a few states without this tax. It does have a Real Estate Excise Tax, property tax, and B&O tax.
People Also Study
Related Washington Questions
- In Washington State, 'personal property' in real estate is best defined as:Property Ownership
- Washington is a community property state. A married person wants to purchase investment property using their separate property funds without including their spouse's interest. To clearly establish separate property status, the purchaser should:Property Ownership
- Washington's State Environmental Policy Act (SEPA) categorical exemptions allow certain small projects to proceed without a SEPA threshold determination. Which of the following is typically categorically exempt under SEPA?Land Use & Zoning
- Washington's Real Estate Excise Tax (REET) is paid by:Finance
- Title insurance is especially important in Washington because the state uses a:Finance
- Washington's Real Estate Excise Tax (REET) uses a tiered rate structure. For sales above $3 million, the rate is:Finance
- A Washington borrower's monthly principal and interest payment is $2,100. The lender requires the housing expense ratio not to exceed 28%. What minimum monthly gross income is required?Finance
Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Study This Topic
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →