Wa State Exam Review Questions And Answers, 100% Accurate, Verified.| Latest Update 2024/25|

WA STATE EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED. Jason is the designated broker for Stevenson Land and Homes in Yakima. The firm closes. What happens to Jason's license? It becomes inactive until he affiliates with another firm. Golden Years Realty elects to use closing and title companies to manage earnest money deposits. Jessica, a broker with Golden Years, gets a receipt from Equity Title for an earnest money deposit from a buyer. What must she do with the receipt? Present it to the firm's designated broker for placement in the transaction file Washington's statutory duties specify that licensees' duties are limited to those outlined under state statute. Based on this, which of the following statements is true? Caroline isn't prohibited by the outlined statutory duties Which of these is an example of commingling in Washington? Mixing earnest money with personal funds A(n) ______ budget helps property managers maximize profitability and avoid unforeseen major expenses and repairs. Operating Joan is one of the Washington Real Estate Commission's board members. She qualified for appointment by having seven years' brokerage experience. She's one of at least _____ commission member(s) from east of the Cascades. two The Washington managing broker's exam national questions are simulation-based. What are the components of each problem? A scenario, an information-gathering section, and a decision-making section In Washington, which agency is responsible for approving real estate schools and education? Department of Licensing What information is provided to the IRS on Form 1099-S after a real estate closing? Address or legal description of the property In Washington, what's it called when a licensee performs tasks for but doesn't represent a customer? Transaction coordinator Carlotta is performing brokerage duties in Washington though she doesn't yet have her real estate license. What provision in Washington's licensing law permits Carlotta to do this? If she's passed her licensing exam and submitted all application materials, she can work under a temporary license. In Washington, an agency's duties are determined by ______. statute Which of the following types of compensation is prohibited in Washington? Referral fees from settlement service providers to licensees Which of the following must always be disclosed to parties in a transaction in order to adhere to Washington standards of professional conduct? A broker's personal interest in a property If a Washington real estate company moves, who's responsible for informing the Washington State Department of Licensing about the new company address? designated broker Jeannette, a real estate professional in Washington, knows a good deal when she sees one, so she decides to make an offer on a house that just came on the market. When she contacts the listing agent to set up a showing, she mentions that she's representing herself. Which duty requires Jeannette to provide this information