Washington State portion (real estate exam)
Study online at https://quizlet.com/_8jbsl7
1. Rebecca receives an earnest money deposit in the **Rebecca may deposit it
amount of $12,000. Which of the following statements in the firm's regular trust
best describes the deposit of this trust money? account.
Rebecca may deposit it in the firm's regular trust ac-
count.
Rebecca must deposit it in an individual trust account
set up for just this client.
Rebecca must deposit the funds in a non-interest bear-
ing trust account.
Rebecca must deposit the funds into a DOL special
trust fund account.
2. In Washington, licensees renewing for the first time 30, 30, 27, 3
will complete ______ hours in advanced practice course-
work, ______ 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
3. In addition to the required education and experience Detailed resume
to request a substitution, what must applicants for
a Washington managing broker's license submit with
the application?
An additional licensing fee
, Washington State portion (real estate exam)
Study online at https://quizlet.com/_8jbsl7
Detailed resume
Recommendation from designated broker
Three reference letters
4. When are real estate brokers allowed to work for the Once their licenses are in-
Washington State Department of Licensing? activated
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 desig-
nated brokers
5. Who may supervise a managing broker in Washing- A managing broker
ton?
A broker
A managing broker
The DOL director
The real estate commission
6. George is a buyer closing on a home purchase for To detail the estimated
which he's obtaining financing. He receives a Loan closing costs for George's
Estimate from his lender. What's the purpose of this loan
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
, Washington State portion (real estate exam)
Study online at https://quizlet.com/_8jbsl7
7. Licensee Len receives an offer for his seller client's Len must inform his sell-
property. It's a good offer that Len thinks his client will er client of the form of
accept. The only wrinkle is that it includes a one-quar- earnest money before the
ter interest in a local hunting club as the earnest mon- seller signs the purchase
ey deposit. Which of the following statements is true? contract.
It's Len's responsibility to research the title to the inter-
est 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.
8. In order for a licensed firm to share commissions with It must be licensed to do
another firm, what must be true of the second firm? business with the original
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.
Study online at https://quizlet.com/_8jbsl7
1. Rebecca receives an earnest money deposit in the **Rebecca may deposit it
amount of $12,000. Which of the following statements in the firm's regular trust
best describes the deposit of this trust money? account.
Rebecca may deposit it in the firm's regular trust ac-
count.
Rebecca must deposit it in an individual trust account
set up for just this client.
Rebecca must deposit the funds in a non-interest bear-
ing trust account.
Rebecca must deposit the funds into a DOL special
trust fund account.
2. In Washington, licensees renewing for the first time 30, 30, 27, 3
will complete ______ hours in advanced practice course-
work, ______ 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
3. In addition to the required education and experience Detailed resume
to request a substitution, what must applicants for
a Washington managing broker's license submit with
the application?
An additional licensing fee
, Washington State portion (real estate exam)
Study online at https://quizlet.com/_8jbsl7
Detailed resume
Recommendation from designated broker
Three reference letters
4. When are real estate brokers allowed to work for the Once their licenses are in-
Washington State Department of Licensing? activated
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 desig-
nated brokers
5. Who may supervise a managing broker in Washing- A managing broker
ton?
A broker
A managing broker
The DOL director
The real estate commission
6. George is a buyer closing on a home purchase for To detail the estimated
which he's obtaining financing. He receives a Loan closing costs for George's
Estimate from his lender. What's the purpose of this loan
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
, Washington State portion (real estate exam)
Study online at https://quizlet.com/_8jbsl7
7. Licensee Len receives an offer for his seller client's Len must inform his sell-
property. It's a good offer that Len thinks his client will er client of the form of
accept. The only wrinkle is that it includes a one-quar- earnest money before the
ter interest in a local hunting club as the earnest mon- seller signs the purchase
ey deposit. Which of the following statements is true? contract.
It's Len's responsibility to research the title to the inter-
est 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.
8. In order for a licensed firm to share commissions with It must be licensed to do
another firm, what must be true of the second firm? business with the original
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.
