Washington State portion (real estate exam) questions and answers 2023 graded A
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Course
Washington
Institution
Washington
Washington State portion (real estate exam) questions and answers 2023 graded A
Rebecca receives an earnest money deposit in the amount of $12,000. Which of the following statements best describes the deposit of this trust money?
Rebecca may deposit it in the firm's regular trust account.
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Washington State portion (real estate exam) questions and
answers 2023 graded A
Rebecca receives an earnest money deposit in the amount of $12,000. Which of
the following statements best describes the deposit of this trust money?
Rebecca may deposit it in the firm's regular trust account.
Rebecca must deposit it in an individual trust account set up for just this client.
Rebecca must deposit the funds in a non-interest bearing trust account.
Rebecca must deposit the funds into a DOL special trust fund account.
**Rebecca may deposit it in the firm's regular trust account.
In Washington, licensees renewing for the first time will complete ______ hours in
advanced practice coursework, ______ hours in real estate law, ______ hours of
continuing education coursework, and a ______-hour core course.
15, 15, 27, 4
30, 30, 27, 3
30, 30, 30, 4
90, 90, 30, 3
30, 30, 27, 3
In addition to the required education and experience to request a substitution,
what must applicants for a Washington managing broker's license submit with
the application?
An additional licensing fee
Detailed resume
Recommendation from designated broker
Three reference letters
Detailed resume
When are real estate brokers allowed to work for the Washington State
Department of Licensing?
After they disclose any potential conflicts of interest
After they've been practicing five years
Once their licenses are inactivated
When they have written permission from their designated brokers
Once their licenses are inactivated
Who may supervise a managing broker in Washington?
A broker
A managing broker
,The DOL director
The real estate commission
A managing broker
George is a buyer closing on a home purchase for which he's obtaining financing.
He receives a Loan Estimate from his lender. What's the purpose of this
document?
To detail the amount George needs to bring to closing
To detail the estimated closing costs for George's loan
To disclose the interest rates available on this lender's various loan programs
To disclose the lender's source of loan funds
To detail the estimated closing costs for George's loan
Licensee Len receives an offer for his seller client's property. It's a good offer that
Len thinks his client will accept. The only wrinkle is that it includes a one-quarter
interest in a local hunting club as the earnest money deposit. Which of the
following statements is true?
It's Len's responsibility to research the title to the interest being offered as
earnest money deposit, to ensure that it has value, before presenting the offer to
his client.
Len must inform his seller client of the form of earnest money before the seller
signs the purchase contract.
Len must inform the DOL if his seller client accepts this earnest money deposit
since the DOL must approve any earnest money agreements for items other than
cash or cash equivalents.
Len should advise his seller client that only cash or cash equivalents may be
used as earnest money.
Len must inform his seller client of the form of earnest money before the seller signs the
purchase contract.
In order for a licensed firm to share commissions with another firm, what must be
true of the second firm?
It must be licensed to do business with the original firm.
It must employ at least two licensed individuals.
It must have been in business at least three years.
It must share its financial records with the original firm.
It must be licensed to do business with the original firm.
Charlie represents Sue, a buyer, in Redmond. Charlie is being paid by Claude, the
seller, through his brokerage. What's true about this situation?
, Charlie is Claude's agent.
Sue is Claude's customer.
This doesn't change the agency relationships.
This is undisclosed dual agency.
This doesn't change the agency relationships.
Thomas, a Washington broker, received a notice of violation for having failed to
provide records properly upon request. If he chooses to ignore the notice of
violation, what may occur?
He may be subject to arrest.
His license may be automatically revoked.
The case may be automatically moved to be heard in superior court.
The director may issue a default judgment and impose sanctions based on
whatever evidence is available.
The director may issue a default judgment and impose sanctions based on whatever
evidence is available.
In Washington, how many hours of coursework must an applicant complete
before applying for a managing broker's license?
120
30
60
90
90
The Washington legislature has passed new licensing legislation designed to
change the amount and type of education required for licensing. The director has
proposed additional licensing rules to support the new legislation. What's the
commission's role in this process?
The commission has no responsibilities related to this new legislation.
The commission must approve the new legislation before it can be signed into
law.
The commission will provide advice to the director regarding the necessary rules
to support the new laws.
The commission will serve as the legislature's ambassadors in gaining
acceptance from those in the real estate industry.
The commission will provide advice to the director regarding necessary rules to support
the new laws.
In Washington, new licensees must complete a three-hour ______ course before
their first renewal.
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