Real Estate Final Exam Prep 2024:
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Both brokers and managing brokers must take continuing education courses, so long as they are actively
licensed. Inactive licensees do not need to comply with the continuing education requirement, although
a 30-hour class is required in order to reactivate a license that has been inactive for more than 3 years.
A Washington Real Estate broker takes a listing for a waterfront bungalow while working for Firm A.
However, before a purchase agreement is signed she terminates her affiliation and beings working for
Firm B. Which of the following statements is true?
A. the listing belongs to Firm A, but Firm A will still owe a commission to the original broker
B. The listing belongs to the firm, and will remain with Firm A
C. The listing belongs to the licensee, and will go with her to Firm B
D. The listing is canceled automatically, and the seller must re-list with the broker - ANS B. The listing
belongs to the firm, and will stay with Firm A
Listing agreements are the property of a firm, not a licensee. If a licensee leaves a firm mid-transaction,
the listing will belong to the firm and will not follow the licensee to a new firm. Here, the agent left
before a ready willing and able buyer was found. (Generally, whether the firm owes a commission to the
licensee is a matter of the licensee's employment agreement with the firm, not of law).
The cost of an appeal from a final decision made by the director of the department of licensing in an
adjudicative proceeding is paid by the:
A. appellant
B. appellant's real estate brokerage
C. Real Estate Commission
D. state Attorney General - ANS A. appellant
,A licensee appealing the outcome of a disciplinary hearing must post a $1,000 appeal bond to cover
court costs. In case the superior court judge decides against the licensee. Even if the licensee wins the
appeal, the licensee will still be responsible for the cost of a transcript of the hearing.
Who is ultimately responsible for the delivery of the earnest money?
A. Purchaser
B. Designated Broker
C. Listing licensee
D. Licensee who receives the funds - ANS B. Designated broker
While the licensee who receives the funds has initial responsibility for handling the deposit in
compliance with the license law, as with all brokerage activities, the designated broker has ultimate
responsibility.
A licensee is criminally charged for stealing prescription drugs on July 2. He tells his designated broker
about the charges on July 5. Who must notify the Real Estate Program Manager?
A. The licensee must provide notice within 20 days of conviction
B. The licensee must provide notice by July 22
C. The licensee must provide notice by July 25
D. the designated broker must provide notice by July 25 - ANS B. the licensee must provide notice by July
22
A licensee must notify the Real Estate Program Manager within 20 days of learning of any criminal
complaint or indictment in which the licensee is named as a defendant. (A conviction has yet to occur in
this situation so answer A doesn't apply. if the licensee is eventually convicted, he will also have to notify
the DOL of conviction within 20 days.)
Unless the purchase agreement or other contract states differently, an earnest money check given to a
real estate licensee shall be made out to the:
,A. licensee's firm, as licensed
B. closing or escrow agent
C. seller
D. appropriate multiple listing association - ANS A. licensee's firm, as licensed
The question and answer correctly stat the law, however it is common practice for the buyer to name an
escrow agent in the offer and make out the check to that person.
If a real estate agent is sending out emails offering his services, the federal CAN-SPAM Act requires the
agent to:
A. avoid mailing persons on the "do not call list"
B. include the brokerage firm's name as licensed
C. make sure that the licensee, not an unlicensed person, was responsible for the content
D. tell recipients how to opt out of receiving future emails - ANS D. tell recipients how to opt out of
receiving future emails
The CAN-SPAM Act is a federal law that places limits on unsolicited emails. One requirement is that an
email must give information on how recipients can avoid receiving further emails.
To be entitled to sue for a commission, a person must be able to prove that at the time the real estate
activities were performed, she:
A. was licensed
B. had passed the real estate exam
C. had at least a verbal promise of comparison
D. was under the supervision of a mentor - ANS A. was licensed
A person must have been validly licensed at the time she engaged in the real estate activities for which a
commission is claimed
, It is not necessary to complete 30 hours of continuing education in order to renew a/an:
A. active license
B. broker's license
C. inactive license
D. managing broker's license - ANS C. inactive license
The renewal fee must be paid every two years, but as long as the license remains inactive, there is no
education requirement. However, after three years of inactive status, reactivating the license -as
opposed to renewing it- does require a 30 hour course.
If a designated broker wishes to terminate an affiliated licensee, or an affiliated licensee wants to
terminate employment with a brokerage, which of the following statements is true?
A. Either party ay act unilaterally to end the relationship
B. An affiliated licensee may terminate only after she pays all debts uncured to the brokerage
C. A designated broker may terminate an affiliated licensee only if there is good cause for termination
D. Only the affiliated licensee can terminate employment - ANS A. Either party may act unilaterally to
end the relationship
Either a designated broker or an affiliated licensee may act unilaterally in order to terminate their
employment relationship
A licensee with permission from his designated broker, sets up his own subsection S corporation, which
he calls M reality. He then rents a billboard and advertises a listing on it, using only M realty name, is this
legal?
A. No, because ads must give the name of the firm
B. No, because the firm must be the one that rents the billboard
C. Yes, because he had the designated brokers consent
