Washington State Portion Real Estate Exam

Washington State Portion Real Estate Exam When a Washington broker makes a deposit into a trust account, the broker's records should show the date and payer of the deposit, and ______. How much interest it will accrue The associated brokerage transaction The bank account on which it was drawn The name of the bank employee who received it Margaret initially showed a property to Trina, who decided to wait to buy a house after all. But two weeks later, without notifying Margaret, Trina made an offer on the property through another brokerage firm. What term relates to the party (Margaret) who started the chain of events that led to this sale? Compensation cause Procuring cause Reasonable cause Sale cause Which of the following areas would be considered a "closely related field" as a substitution for broker experience on the Washington managing broker's license application? Home inspection Real estate accounting Real property appraisal Title insurance underwriter How often are audits typically conducted on Washington brokerage transactional and accounting records? Every seven years Every three years Every two years Every year Joan is one of the Washington Commission's six board members. She qualified for appointment by having seven years' brokerage experience. She's one of at least _____ commission member(s) from east of the Cascade mountains. Four One Three Two After beginning the investigation process into a complaint against a managing broker, the director is concerned that additional harm may be caused by waiting for the hearing process to take place. Which of the following options does the director have? Arrange for an immediate hearing. Have the broker arrested. Issue an emergency license suspension. Wait for the regularly scheduled hearing to take place. How do you create implied agency? Through agency disclosure Through express written agreement Through oral agreement Through the parties' actions Which of the following statements about trust account service charges, fees for checks, and other administrative charges for a pooled account is true? Bank charges are business expenses of the real estate firm and may not be funded through the accrued interest or trust funds deposited in a pooled account. Banks offer trust accounts free of service and other charges. Brokers collect an additional fee when the contract is signed to offset bank service charges. Ordinary service charges may be deducted from the interest earned on or trust funds deposited into a pooled trust account. Washington licensees can maintain their licenses in inactive status as long as they want. Which of the following statements about the reactivation requirement is correct? A fee is required to reactivate an inactive license. Licensees whose licenses have been inactive for more than three years must complete 27 hours of coursework to reactivate. Licensees with inactive licenses aren't required to complete any coursework until they're ready to reactivate. Licensees with inactive licenses must continue to renew their licenses every two years. Which of the following represents the Washington real estate industry's flow of governance from most authority to least authority? Commission, DOL, legislature Governor, DOL, commission Legislature, commission, DOL Real Estate Division, DOL, legislature Juanita holds an active broker's license in a state that has a written recognition agreement with Washington. She's worked as a managing broker for several years. Her license is in good standing. She moves to Washington. Which of the following is correct? She's eligible for a broker's license. She's eligible for a managing broker's license. She's eligible to take a 30-hour Washington course and then get her broker's license. She's eligible to take the state exam. How many total hours of coursework must a Washington licensee renewing for the first time have taken? What must a Washington designated broker do with a trust account every month? Close it if there are no active transactions. Perform reconciliation of the bank account statements. Send a copy of the bank statement to the Washington state treasurer. Use the interest to pay the account service fees. The Washington Residential Landlord-Tenant Act establishes responsibilities for both landlords and tenants. How are the property manager's duties addressed by this act? The property manager is required to understand and abide by the owner's legal responsibilities to tenants. The property manager's duties are outlined in a separate section of the Washington Residential Landlord-Tenant Act. The property manager's duties to tenants are prescribed in the Washington Residential Property Management Act. The property manager works under the property management agreement with the landlord and isn't responsible for duties designated for the landlord.