Washington State Portion Real Estate Exam with Guaranteed Accurate Answers

Rebecca receives an earnest money deposit in the amount of $12,000. Which of the following statements best describes the deposit of this trust money? Rebecca may deposit it in the firm's regular trust account. Rebecca must deposit it in an individual trust account set up for just this client. Rebecca must deposit the funds in a non-interest bearing trust account. Rebecca must deposit the funds into a DOL special trust fund account. - correct answer **Rebecca may deposit it in the firm's regular trust account. 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 - correct answer 30, 30, 27, 3 In addition to the required education and experience to request a substitution, what must applicants for a Washington managing broker's license submit with the application? An additional licensing fee Detailed resume Recommendation from designated broker Three reference letters - correct answer Detailed resume When are real estate brokers allowed to work for the Washington State Department of Licensing? 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 designated brokers - correct answer Once their licenses are inactivated Who may supervise a managing broker in Washington? A broker A managing broker The DOL director The real estate commission - correct answer A managing broker George is a buyer closing on a home purchase for which he's obtaining financing. He receives a Loan Estimate from his lender. What's the purpose of this document? To detail the amount George needs to bring to closing To detail the estimated closing costs for George's loan To disclose