WA State RE Compucram
Study online at https://quizlet.com/_93tk4k
1. Karen and David Self-Dealing
Carpenter are a
team. They have -Self-dealing or making a secret profit violates the law. The agent must disclose
one employee and his or her interest as soon as possible.
four sales agents;
they also enjoy
flipping properties.
David asks one of
the sales agents
to write an offer
for him but to
use the company
name instead of
his first and last
name. David's of-
fer is accepted, he
puts a fresh coat
of paint on the
property, and then
sells it for consid-
erably more. What
has David done?
2. One reason li- fiduciary relationship
censees must pro-
vide disclosures up
front to prospec-
tive clients is to
avoid unintended
or undisclosed
3. Guarantee Fund
, WA State RE Compucram
Study online at https://quizlet.com/_93tk4k
Set up to reimburse members of the public who suffer an actual financial loss
due to the unlawful behavior of a licensee.
4. Renewal Fees These are paid by licensees are used to cover the budget of the Real Estate
Commission.
5. Fines These are paid by licensees and go to the general fund of the State
6. Escrow Funds Earnest money deposits for purchase of residential and commercial property
and security deposits for rental of residential and commercial property.
7. Glenda is taking c. no, not until Glenda gets her license
real estate classes
and her sponsoring -No one can list, sell, lease, or negotiate in the real estate of others without a
broker wants her to license.
'get her feet wet'
so to speak. The
broker invites her
to a listing appoint-
ment where she
can do a presenta-
tion for the seller.
Is this a permissible
activity?
a. yes, assistants
can do the same
thing as sales per-
sons
b. yes, listing are dif-
ferent from sales
c. no, not until Glen-
da gets her license
, WA State RE Compucram
Study online at https://quizlet.com/_93tk4k
8. The license law b. RE firm
defines which of
the following as -"Real estate firm," or simply "firm," means a sole proprietorship, partnership,
a "sole propri- limited liability partnership, corporation, limited liability company, or other
etorship, partner- legally recognized business entity conducting real estate brokerage services
ship, limited liabili- in Washington State and licensed by the Department of Licensing as a real
ty partnership, cor- estate firm.
poration, limited li-
ability company, or
other legally recog-
nized business en-
tity conducting real
estate brokerage
services in Wash-
ington State?"
a. Managing bro-
ker
b. RE firm
c. RE entity
d. broker
9. The Washington a director and 6 commission members
Real Estate Com-
mission is com- -The Real Estate Commission consists of the Director, who is the chair of the
posed of __________. Commission, and six Commission members, who act in an advisory capacity to
the Director.
10. As defined by the 1-4 residential units
license law, "com-
mercial real estate"
is any parcel of real
, WA State RE Compucram
Study online at https://quizlet.com/_93tk4k
estate other than
real estate contain-
ing __________.
11. An "inactive li- Not expired and not affiliated w/ a firm
cense," as defined
by the license law,
means the status
of a license that is
__________.
12. The first renewal of 90 hrs
a broker's license
requires the com-
pletion of __________
of courses pre-
scribed by the
Director of the
Real Estate Com-
mission.
13. With how many 1
firms is a manag-
ing broker permit-
ted to be licensed
at any one time?
14. A difference be- Licensed assistants may perform RE brokerage services, unlicensed assistants
tween licensed as- may not
sistants and unli-
censed assistants is
that ________.
Study online at https://quizlet.com/_93tk4k
1. Karen and David Self-Dealing
Carpenter are a
team. They have -Self-dealing or making a secret profit violates the law. The agent must disclose
one employee and his or her interest as soon as possible.
four sales agents;
they also enjoy
flipping properties.
David asks one of
the sales agents
to write an offer
for him but to
use the company
name instead of
his first and last
name. David's of-
fer is accepted, he
puts a fresh coat
of paint on the
property, and then
sells it for consid-
erably more. What
has David done?
2. One reason li- fiduciary relationship
censees must pro-
vide disclosures up
front to prospec-
tive clients is to
avoid unintended
or undisclosed
3. Guarantee Fund
, WA State RE Compucram
Study online at https://quizlet.com/_93tk4k
Set up to reimburse members of the public who suffer an actual financial loss
due to the unlawful behavior of a licensee.
4. Renewal Fees These are paid by licensees are used to cover the budget of the Real Estate
Commission.
5. Fines These are paid by licensees and go to the general fund of the State
6. Escrow Funds Earnest money deposits for purchase of residential and commercial property
and security deposits for rental of residential and commercial property.
7. Glenda is taking c. no, not until Glenda gets her license
real estate classes
and her sponsoring -No one can list, sell, lease, or negotiate in the real estate of others without a
broker wants her to license.
'get her feet wet'
so to speak. The
broker invites her
to a listing appoint-
ment where she
can do a presenta-
tion for the seller.
Is this a permissible
activity?
a. yes, assistants
can do the same
thing as sales per-
sons
b. yes, listing are dif-
ferent from sales
c. no, not until Glen-
da gets her license
, WA State RE Compucram
Study online at https://quizlet.com/_93tk4k
8. The license law b. RE firm
defines which of
the following as -"Real estate firm," or simply "firm," means a sole proprietorship, partnership,
a "sole propri- limited liability partnership, corporation, limited liability company, or other
etorship, partner- legally recognized business entity conducting real estate brokerage services
ship, limited liabili- in Washington State and licensed by the Department of Licensing as a real
ty partnership, cor- estate firm.
poration, limited li-
ability company, or
other legally recog-
nized business en-
tity conducting real
estate brokerage
services in Wash-
ington State?"
a. Managing bro-
ker
b. RE firm
c. RE entity
d. broker
9. The Washington a director and 6 commission members
Real Estate Com-
mission is com- -The Real Estate Commission consists of the Director, who is the chair of the
posed of __________. Commission, and six Commission members, who act in an advisory capacity to
the Director.
10. As defined by the 1-4 residential units
license law, "com-
mercial real estate"
is any parcel of real
, WA State RE Compucram
Study online at https://quizlet.com/_93tk4k
estate other than
real estate contain-
ing __________.
11. An "inactive li- Not expired and not affiliated w/ a firm
cense," as defined
by the license law,
means the status
of a license that is
__________.
12. The first renewal of 90 hrs
a broker's license
requires the com-
pletion of __________
of courses pre-
scribed by the
Director of the
Real Estate Com-
mission.
13. With how many 1
firms is a manag-
ing broker permit-
ted to be licensed
at any one time?
14. A difference be- Licensed assistants may perform RE brokerage services, unlicensed assistants
tween licensed as- may not
sistants and unli-
censed assistants is
that ________.
