Washington Real Estate Licensing Exam With Complete Solution

Director of the Department of Licensing (Director) - Answer May issue rules to govern the activities of real estate brokers, managing brokers, designated brokers, and real estate firms. Authorized to appoint a staff, but neither the Director nor any employees can be involved in any real estate business. The Director has many powers and duties, including: a. Issuing rules and regulations to govern the activities of real estate licensees b. Fixing the time, place, and method for the examination to license applicants c. Issuing rules requiring all applicants to submit to a criminal background check d. Enforcing all laws, rules, and regulations relating to the licensing of real estate licensees e. Imposing disciplinary sanctions f. Adopting rules and establishing standards relating to permissible forms of clear and conspicuous advertising by licensees g. Establishing standards for licensing applicants already licensed in other jurisdictions h. Instituting a real estate education program Revised Code of Washington (RCW) - Answer Compilation of all permanent laws currently in force in the state of Washington. Temporary laws such as appropriations acts are excluded. It is published by the Washington State Statute Law Committee and the Washington State Code Reviser which it employs and supervises. Washington Administrative Code (WAC) - Answer Regulations of executive branch agencies are issued by authority of statutes. Like legislation and the Constitution, regulations are a source of primary law in Washington State. The WAC codifies the regulations and arranges them by subject or agency. The online version of the WAC is updated twice a month. Washington Real Estate Commission (WREC) - Answer It's mission is to uphold, protect, and promote the public interest, which embraces both the interests or regulated licensees and entities and the interests of consumers, by the fair and impartial development and administration of the licensing laws and regulations. a. Advises the Director of the Department of Licensing Washington Real Estate Research Center - Answer The purpose is to provide credible research, value-added information, education services, and project-oriented research to real estate licensees, real estate consumers, real estate service providers, institutional customers, public agencies, and communities in Washington State and the PNW region. a. Funding for the research center is provided by a surcharge on real estate licensees, both new and renewed. Real estate broker - Answer A person licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services. a. Broker - an entry-level licensee who is affiliated with and supervised by a designated or managing broker. Real estate managing broker - Answer One who is qualified to act as a designated broker but instead works under the supervision of the designated broker. Real estate designated broker - Answer A managing broker who has been endorsed as the designated broker for the firm to which he or she is registered, the designated broker is responsible for supervising all of their affiliated licensees and the licensees conduct. Temporary broker's permit - Answer At discretion of the Director, may be issued to the legally accredited representative of a deceased/incapacitated designated broker, the senior qualified managing broker in that office, or other qualified representative of the deceased/incapacitated designated broker. Will be valid for a period not exceeding four months to allow the "temporary designated broker" to complete any pending transactions. Branch manager - Answer 1. Branch Manager: Is a managing broker authorized by the designated broker to perform the duties of a branch manager. Each branch office must have a branch manager, in which may sign for the designated broker for licenses to be issued to that branch office. a. Responsibilities include but are not limited to: assuring all real estate brokerage services are in accordance with chapters 18.85, 18.86, 18.235 RCW and the rules promulgated thereunder, cooperating with the department in an investigation, audit, or licensing matter, ensuring accessibility of the firm's offices and records to the Director's authorized representatives, and an ensuring that copies of required records are made available upon demand. Inactive status - Answer When a license has been returned to the Director for any reason. Affiliated licensees - Answer Are the natural persons licensed as brokers or managing brokers employed by a firm and who are licensed to represent the firm in the performance of any of the acts specified in RCW 18.85. Administrative Procedure Act (APA - Answer Is a statute that clearly spells out the specific process that state agencies have to follow to create and adopt rules. Significant legislative rules - Answer Which set out the requirements to apply laws and impose a penalty or sanction on violators. Procedural rules - Answer Which establish the procedures that apply to agency hearings, for applying for a license or permit, or that deal with the internal operations of an agency. Personal assistant - Answer A person that works for one or more real estate broker to provide mostly administrative support. May be either unlicensed or licensed, depending on tasks performed. Interpretive rules - Answer Are the agency's interpretation of laws it administers. Practice Activity: Washington Real Estate Commission Match the objects to the appropriate targets. 1) Number of years experience for members on the WREC 2) Minimum number of members on each side of Cascades 3) Length of term in years for member on the WREC 4) Minimum number of times the WREC meets each year A) 6 B) 4 C) 2 D) 5 - Answer 1) D = 5 years 2) C = 2 members/West & East of Cascades 3) A = 6 year terms 4) B = 4 meetings per year