Washington State Real Estate Practice Exam 2026 – All-in-One Guide to Master Your Real Estate License!

The other choices are incorrect because they are not related to mortgages or interest rates. B Agreement of Sale is a legal document used in real estate transactions, C: Administrator is a person or organization responsible for managing the affairs of an estate or trust, and D: Agent is a person who acts on behalf of another person or entity. None of these choices have anything to do with mortgages or interest rates. Option A: Adjustable-rate Mortgage is the correct answer because it is specifically designed to have its interest rate change at predetermined intervals, usually based on market conditions. This is in contrast to fixed-rate mortgages which have a set interest rate for the entire duration of the loan.