WA-STATE-RECIPROP Flashcards
In Washington, a designated broker holds a ______ license.
* Managing broker’s
The designated broker holds a managing broker’s license that has a special endorsement from the
DOL.
- Broker’s
- Designated broker’s
- Firm’s
* Managing broker’s
What must a Washington broker disclose to all parties in writing prior to signing a purchase offer?
* Whether the broker represents one or more of the parties
Washington brokers must disclose in writing whether they represent the buyer, the seller, both parties, or neither party.
- How many clients the broker currently represents
- How much the cooperating broker will earn
* Whether the broker represents one or more of the parties - Whether the property appraised at the list price
Shannon just helped Linda sell her property in northern Washington. When agency between Shannon and Linda terminates, can Shannon disclose confidential information that Shannon learned while Linda was a client?
* No, because an agent’s duty of confidentiality never ends.
Even after agency terminates, Shannon owes Linda the duty of confidentiality.
- No, because agency continues between Shannon and Linda after the sale.
* No, because an agent’s duty of confidentiality never ends. - Yes, because agency has been terminated.
- Yes, if the information is helpful to a future client.
In Washington, what’s the pre-licensing education requirement for brokers?
* 90 hours
Brokers must complete 90 hours of coursework, including 60 hours of Real Estate Fundamentals and 30 hours of Real Estate Practices.
- 120 hours
- 160 hours
- 60 hours
* 90 hours
What’s the relationship between the Loan Estimate and the Closing Disclosure used in Washington transactions?
* Lenders issue the Loan Estimate within three days of receiving an application, and Closing Disclosure figures should be similar to the loan estimate.
Lenders first issue the Loan Estimate; borrowers can compare the Closing Disclosure, issued before closing, to the estimate’s figures.
- Lenders issue the Loan Estimate to verify the figures detailed on the Closing Disclosure.
* Lenders issue the Loan Estimate within three days of receiving an application, and Closing Disclosure figures should be similar to the loan estimate. - Loan Estimate figures should match Closing Disclosure figures exactly.
- The Closing Disclosure outlines the lender’s responsibilities to the borrower.
What’s the maximum fine the director can impose on a Washington licensee for a single violation?
** $5,000**
The director can impose a fine of as much as $5,000 per violation.
$1,500
$2,500
$3,000
** $5,000**
In a Washington real estate company, what must be displayed or available for viewing in a public area?
* Broker licenses
Broker licenses must be displayed in a public area of the real estate firm.
- Branch office information
* Broker licenses - Current listings
- Recent area sales
An administrative hearing in Washington may be held when a licensee appeals the decision from a brief adjudicative hearing. In what other situation is an administrative law hearing held?
* To respond to a licensing law complaint when the hearing is more complex than a brief adjudicative hearing will resolve.
When the necessary hearing requires calling witnesses to testify and is more complex than a brief hearing and review of documentation will resolve, the director orders an administrative law hearing.
- To address criminal charges against a licensee or applicant.
- To enforce specific performance of a contract.
- To resolve earnest money complaints between buyers and sellers.
* To respond to a licensing law complaint when the hearing is more complex than a brief adjudicative hearing will resolve.
After a Washington lease agreement expires and a tenant vacates the property, leaving it in good
condition, how long does the landlord have to return the security deposit?
- 10 days
- 14 days
- 30 days
* 30 days
The security deposit must be returned or accounted for within 30 days.
- 10 days
- 14 days
- 30 days
* 30 days
How often are audits typically conducted on Washington brokerage transactional and accounting records?
- Every seven years
* Every three years - Every two years
- Every year
Washington audits are conducted routinely, typically every three years.
- Every seven years
* Every three years - Every two years
- Every year
Jon, a Washington managing broker, received an earnest money deposit check on Saturday. Which of the following statements best represents how Jon should handle this check after the offer’s accepted?
* Jon must deposit this check into the firm’s trust account no later than the next banking day.
Washington law requires that brokers deposit trust funds no later than the next banking day.
* Jon must deposit this check into the firm’s trust account no later than the next banking day.
* Jon must use the night depository to ensure that the check is deposited by the next day.
* Jon should deposit this in the firm’s operating account until it can be transferred to the trust account.
* Jon shouldn’t have accepted the check until the bank was open so he could deposit it immediately.
Which of the following would be considered unprofessional real estate licensee conduct in Washington?
* Leaving the real estate firm’s name off of any advertisements
All real estate ads must include the licensee’s affiliated real estate company. Neglecting to include the company name is considered unprofessional.
- Advertising on social media
- Advertising too frequently
* Leaving the real estate firm’s name off of any advertisements
Washington’s director has taken steps to restrict a managing broker from supervising other brokers until after the broker’s hearing has taken place. What’s the official term for this type of action?
* Summary
Summary action takes place without a hearing and is implemented by the director when an investigation uncovers acts that the director feels should be stopped immediately.
- Permanent
* Summary - Temporary
- Urgency
How do brokers in Washington help fund the Washington Center for Real Estate Research?
- Fee billed quarterly to all licensees
- Fines paid for licensing law violations
* Portion of license fee - Voluntary contributions
Current Washington law requires that all applicants for a new license, a renewed license, or a reactivated license pay a $10 fee that helps to fund the center.
- Fee billed quarterly to all licensees
- Fines paid for licensing law violations
* Portion of license fee - Voluntary contributions
In Washington, which of the following closing costs are typically split equally between the buyer and the seller?
* Escrow fees
* Homeowner’s title insurance
* Recording fees
* Seller’s agent commission
In Washington, escrow fees are typically split equally between the buyer and the seller.
* Escrow fees
* Homeowner’s title insurance
* Recording fees
* Seller’s agent commission
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
New licensees complete 30 hours of advanced practice, 30 hours of real estate law, 27 hours of CE, and the three-hour core course to renew. Subsequent license renewal requires 27 hours of CE and the core course.
- 15, 15, 27, 4
* 30, 30, 27, 3 - 30, 30, 30, 4
- 90, 90, 30, 3
Which of the following is a required element in a Washington property management agreement?
* Property manager’s compensation
The property manager’s compensation must be outlined in the management agreement.
- Complete list of renters
- Legal property description
* Property manager’s compensation - Property tax amount
One of the following tasks is outside the scope of the Washington DOL director. Which is it?
* Pass laws and statutes related to real estate licensing laws.
Only the legislature is authorized to pass laws or statutes. The director is charged with administering licensing law through the implementation of rules, regulations, and standards that support existing licensing laws.
- Enforce all laws and rules related to real estate licensing and education.
* Pass laws and statutes related to real estate licensing laws. - Refer complaints against licensees to a higher jurisdiction if warranted.
- Take disciplinary action for licensing law violations.
Which licensees may a Washington broker supervise?
* None
Brokers may not supervise any other licensees. “Only managing brokers and designated brokers are permitted to supervise other real estate licensees in Washington.
- A designated broker
- A managing broker
- Another broker
* None
Washington’s statutory duties specify that licensees’ duties are limited to those outlined under state statute. Based on this, which of the following statements is true?
* Caroline isn’t prohibited by the outlined statutory duties from performing value-added services for her clients.
Washington law states that the required statutory duties are limited to certain tasks, which doesn’t preclude licensees from performing value-added tasks for clients or customers.
- Bonnie and her client Charles agreed in writing that Bonnie would prepare a detailed comparison sheet of all the offers made on Charles’s house. Washington statutory duties prohibit her from doing so.
* Caroline isn’t prohibited by the outlined statutory duties from performing value-added services for her clients. - Colvin, a managing broker, owes a certain set of statutory duties to the licensees who
- report to him, including the duty of confidentiality.
- Jeannie is required to provide statutory duties only to Robert, who’s her client, not to Tim, who’s a customer.
In which of these scenarios does the consumer need a real estate license?
* Jessie is searching for a new home for a friend moving into town, who will compensate her 2% of the sale price for her time and effort.
In general, unlicensed consumers can’t perform real estate activities for others for a fee. Jessie is receiving compensation and would need to be licensed to accept this without breaking any laws.
* Jessie is searching for a new home for a friend moving into town, who will compensate her 2% of the sale price for her time and effort.
* Mickey is selling his own home and isn’t using the services of a listing agent.
* Peter is helping his sister, Kristen, find a new apartment and will not be compensated
in any way.
* Ronald is acting as executor of his uncle’s estate, which includes selling the property his uncle owned.
In Washington, which of the following duties does a licensee owe to all parties to a transaction?
* Exercise reasonable care and skill
Exercising reasonable care and skill is a duty licensees owe to all parties, not just to their clients. The standard of care expected of licensees is that of a competent real estate professional.
* Exercise reasonable care and skill
* Negotiate counter-offers
* Obey all lawful instructions
* Serve the best interests of the parties
Darnell is the buyer’s agent for a Washington transaction in which Maddie, who works for a different brokerage, was the listing agent on Henry’s property. From whom will Darnell receive his compensation?
* From his own broker
Brokers in Washington may receive compensation for real estate services only from their own brokers.
- From Henry
* From his own broker - From Maddie’s broker
- It depends
How much real estate practice experience must a Washington broker have to become a managing broker?
* Three years
Brokers must have either three years of real estate practice experience or experience in other DOLapproved areas.
- Five years
- Four years
* Three years - Two years