THE CE SHOP QUESTIONS AND ANSWERS GRADED A+

THE CE SHOP QUESTIONS AND ANSWERS GRADED A+ Which entity creates regulations governing real estate activities in Washington? Real Estate Commission Brokers must deliver transactional documents and contracts to their managing or designated brokers within how many business days? Two Firm financial management is a designated broker responsibility in Washington, but financial oversight can be delegated to ______. Managing brokers If a Washington real estate firm has a branch office, who's responsible for ensuring that the affiliated licensees maintain their licenses? Branch manager Designated brokers are required to cooperate with the Washington State Department of Licensing in any audits or ______. Investigations Jean is a branch manager in Washington. For which of the following tasks must Jean have specific permission from her designated broker? Completing monthly trust account reconciliations If a Washington real estate firm is closing, the firm's designated broker must provide an affidavit to the Washington State Department of Licensing within ______ days. Five Relative to real estate contracts, for which of the following tasks related to her branch office is a broker responsible? Following license laws for terminating service contracts with her clients. Washington rules indicate that a designated broker may delegate to a branch manager the task of reviewing which of the following documents? Contracts In Washington, designated brokers must ensure that all contracts are submitted for recordkeeping at the brokerage no more than ______ days after the parties sign the contract. Two Carmine met with a seller and left with a signed agency agreement. Before she submitted it to her managing broker, the client called and asked her to cancel it. She tore it up. Did Carmine act outside the scope of her authority? Yes. Carmine was acting as a sub-agent of her managing broker, and the agreement was between the firm and the seller. Licensees in Washington must have at least two years of ______ to apply for a managing broker license. Real estate broker experience Jonathan, the branch manager for Lonetree Realty, developed and implemented a creative advertising campaign for his branch. Based on Washington law, which statement about this is true? The designated broker must delegate authority to Jonathan for advertising activities. A managing broker is allowed, by Washington rules, to do certain tasks related to licensee supervision, but only if those tasks are ______ by the designated broker. Delegated Which of the following statements best describes Washington regulatory power? Regulations created by Washington administrative agencies are codified and published and are enforced as law. A branch manager in Washington must be licensed as a ______. Managing broker What's codified and often carries the force of law without being a law? Regulation Washington brokers must follow license laws and rules relative to the handling of customer funds and ______. Property During a legal seminar at your brokerage firm, you hear your broker mention Washington's RCW. What does this mean? Revised Code of Washington What is created and codified by the Washington Legislature? The Revised Code of Washington The Washington legislature passes a law requiring that any firm that accepts wire transfers for closing funds provide a warning regarding potential wire fraud to customers and clients. What steps does the real estate commission take? Creates and adopts regulations to indicate how firms are to implement the law. Which of the following must be specifically delegated in order for a Washington branch manager to perform it? Handling trust accounts What type of agency or organization creates and adopts Washington state regulations? Washington state administrative agencies, such as the real estate commission Which of the following must be specifically delegated in order for a Washington branch manager to perform it? Handling trust accounts What type of agency or organization creates and adopts Washington state regulations? Washington state administrative agencies, such as the real estate commission The Washington legislature passes a law requiring that any firm that accepts wire transfers for closing funds provide a warning regarding potential wire fraud to customers and clients. What steps does the real estate commission take? Creates and adopts regulations to indicate how firms are to implement the law. Which of the following must be specifically delegated in order for a Washington branch manager to perform it? Handling trust accounts What type of agency or organization creates and adopts Washington state regulations? Washington state administrative agencies, such as the real estate commission The Washington legislature passes a law requiring that any firm that accepts wire transfers for closing funds provide a warning regarding potential wire fraud to customers and clients. What steps does the real estate commission take? Creates and adopts regulations to indicate how firms are to implement the law. Which of the following must be specifically delegated in order for a Washington branch manager to perform it? Handling trust accounts What type of agency or organization creates and adopts Washington state regulations? Washington state administrative agencies, such as the real estate commission The Washington legislature passes a law requiring that any firm that accepts wire transfers for closing funds provide a warning regarding potential wire fraud to customers and clients. What steps does the real estate commission take? Creates and adopts regulations to indicate how firms are to implement the law. Which of the following must be specifically delegated in order for a Washington branch manager to perform it? Handling trust accounts