Washington State Real Estate Exam with complete solutions

Washington State Real Estate Exam with complete solutions License Law - Ans ️️ -The state statue the governs the licensing and business practices of real estate agents, along with the regulations issued by the Director of the Department of Licensing to implement that statute. Real Estate Commission - Ans ️️ -A commission made up of the Director of the Department of Licensing and six commissioners who advise the Director. Real estate firm - Ans ️️ -A business entity, such as a corporation or partnership, that is licensed to perform real estate brokerage activities in Washington. Managing broker - Ans ️️ -A person who is licensed to represent a firm in real estate transactions and to supervise other licensees or a branch office. Broker - Ans ️️ -A person who is licensed to work for and represent a firm in real estate transactions. Affiliated Licensee - Ans ️️ -A broker or managing broker who is licensed under a particular firm. Designated broker - Ans ️️ -person authorized to have full legal responsibility for a licensed real estate firm and its affiliated licensees. Business opportunity - Ans ️️ -a business (including inventory and goodwill) that is for sale, where the transaction includes real property Interim license - Ans ️️ -The completed application form for a broker's license, which serves as a temporary license until the permanent license is issued. Inactive License - Ans ️️ -A license in the possession of the Director of the Department of Licensing.