WA State 3 Real Estate Exam
RCW - ANSWER (Revised Code of Washington) current permanent laws
WAC - ANSWER (Washington Administrative Code) - regulates real estate licensing
additionally to RCW
What powers does a Govenor have with a bill? - ANSWER He can veto or sign the
bill. If the govenor does nothing, then the bill becomes a law. (pocket veto)
Who administers the real estate license law for WA? - ANSWER Washington State
Department of Licensing
Who appoints the Director? - ANSWER the Governor, with the advice and approval
of the real estate commission
Main objective of Director - ANSWER issue rules to govern the activities of real
estate brokers, managing brokers, designated brokers, and real estate firms
Directors powers and duties - ANSWER -issuing rules and regulations of real estate
licensees;
-fixing the time, place, and method for the examination to -license applicants;
-issuing rules requiring all applicants to submit to a criminal background check;
-enforcing all laws, rules, and regulations relating to the licensing of real estate
licensees;
-granting or deny licenses;
-holding disciplinary hearings and imposing disciplinary sanctions;
-adopting rules and establishing standards relating to permissible forms of clear and
conspicuous advertising by licensees;
-establishing standards for licensing applicants already licensed in other jurisdictions;
and
-instituting a real estate education program
Who serves as the Director's legal advisor? - ANSWER WA Attorney General
What is the mission of the Washington Real Estate Commission (WREC)? -
ANSWER promote the public interest, which protects brokers, entities and
consumers by the fair administration of the licensing laws and regulations.
How many members of the WREC? - ANSWER the director and six commissioners
appointed by the Governor
How many years are the Director and WREC terms? - ANSWER six-year terms
What is the geographic restrictions of the WREC? - ANSWER At least two of the
commissioners must reside west of the Cascade Mountains and at least two must
reside east of the Cascade Mountains
What are the commissioner experience qualifications? - ANSWER -at least five
years' experience in the sale, operation, or management of real estate in Washington
, - or at least three years' experience in investigative work of a similar nature
What happens when there is a vacancy on the commission? - ANSWER The
govenor appoints an individual for the unexpired term
How often does the commission meet? - ANSWER at least four times a year
What are two duties of the Commission? - ANSWER -holds educational
conferences
-prepares and administers the real estate licensing examination
What is a broker? - ANSWER -an entry-level licensee who is supervised by a
designated broker or managing broker.
-may be affiliated with only one firm at a time.
What is a managing broker - ANSWER -One who is qualified to act as a designated
broker but instead works under the supervision of the designated broker.
-may supervise other brokers or managing brokers licensed to the firm.
-affiliated with only one firm at a time.
What is a real estate firm? - ANSWER -legally recognized business entity
conducting real estate brokerage services
-Each firm must have a managing broker
All of a broker or managing broker's activities must be what? - ANSWER -performed
in the name of the firm
-under the supervision of the designated broker.
What type of license does a home inspector need in WA? - ANSWER Home
Inspector License
Who can receive compensation for an appraisal? - ANSWER state-certified or state-
licensed real estate appraiser
Who established the minimum education requirements for appraiser license? -
ANSWER The Appraiser Board of the Washington Department of Licensing
Who can receive compensation for providing a price opinion? - ANSWER real estate
broker
What do real estate brokerage services include? - ANSWER Listing, selling,
purchasing, exchanging, optioning, leasing, renting of real estate
Examples of people who do not need a real estate license. - ANSWER -power of
attorney who is not compensated
-secretary/bookkeeper/accountant
-person selling own property
When does a real estate license in Washington expire? - ANSWER Every two
years, on the date of issuance
RCW - ANSWER (Revised Code of Washington) current permanent laws
WAC - ANSWER (Washington Administrative Code) - regulates real estate licensing
additionally to RCW
What powers does a Govenor have with a bill? - ANSWER He can veto or sign the
bill. If the govenor does nothing, then the bill becomes a law. (pocket veto)
Who administers the real estate license law for WA? - ANSWER Washington State
Department of Licensing
Who appoints the Director? - ANSWER the Governor, with the advice and approval
of the real estate commission
Main objective of Director - ANSWER issue rules to govern the activities of real
estate brokers, managing brokers, designated brokers, and real estate firms
Directors powers and duties - ANSWER -issuing rules and regulations of real estate
licensees;
-fixing the time, place, and method for the examination to -license applicants;
-issuing rules requiring all applicants to submit to a criminal background check;
-enforcing all laws, rules, and regulations relating to the licensing of real estate
licensees;
-granting or deny licenses;
-holding disciplinary hearings and imposing disciplinary sanctions;
-adopting rules and establishing standards relating to permissible forms of clear and
conspicuous advertising by licensees;
-establishing standards for licensing applicants already licensed in other jurisdictions;
and
-instituting a real estate education program
Who serves as the Director's legal advisor? - ANSWER WA Attorney General
What is the mission of the Washington Real Estate Commission (WREC)? -
ANSWER promote the public interest, which protects brokers, entities and
consumers by the fair administration of the licensing laws and regulations.
How many members of the WREC? - ANSWER the director and six commissioners
appointed by the Governor
How many years are the Director and WREC terms? - ANSWER six-year terms
What is the geographic restrictions of the WREC? - ANSWER At least two of the
commissioners must reside west of the Cascade Mountains and at least two must
reside east of the Cascade Mountains
What are the commissioner experience qualifications? - ANSWER -at least five
years' experience in the sale, operation, or management of real estate in Washington
, - or at least three years' experience in investigative work of a similar nature
What happens when there is a vacancy on the commission? - ANSWER The
govenor appoints an individual for the unexpired term
How often does the commission meet? - ANSWER at least four times a year
What are two duties of the Commission? - ANSWER -holds educational
conferences
-prepares and administers the real estate licensing examination
What is a broker? - ANSWER -an entry-level licensee who is supervised by a
designated broker or managing broker.
-may be affiliated with only one firm at a time.
What is a managing broker - ANSWER -One who is qualified to act as a designated
broker but instead works under the supervision of the designated broker.
-may supervise other brokers or managing brokers licensed to the firm.
-affiliated with only one firm at a time.
What is a real estate firm? - ANSWER -legally recognized business entity
conducting real estate brokerage services
-Each firm must have a managing broker
All of a broker or managing broker's activities must be what? - ANSWER -performed
in the name of the firm
-under the supervision of the designated broker.
What type of license does a home inspector need in WA? - ANSWER Home
Inspector License
Who can receive compensation for an appraisal? - ANSWER state-certified or state-
licensed real estate appraiser
Who established the minimum education requirements for appraiser license? -
ANSWER The Appraiser Board of the Washington Department of Licensing
Who can receive compensation for providing a price opinion? - ANSWER real estate
broker
What do real estate brokerage services include? - ANSWER Listing, selling,
purchasing, exchanging, optioning, leasing, renting of real estate
Examples of people who do not need a real estate license. - ANSWER -power of
attorney who is not compensated
-secretary/bookkeeper/accountant
-person selling own property
When does a real estate license in Washington expire? - ANSWER Every two
years, on the date of issuance
