Washington State portion (real
estate exam)/87 Accurate Q’s and A’s
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. - -
**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 - -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 - -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 - -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 - -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 the interest rates available on this lender's various loan programs
To disclose the lender's source of loan funds - -To detail the estimated
closing costs for George's loan
- Licensee Len receives an offer for his seller client's property. It's a good
offer that Len thinks his client will accept. The only wrinkle is that it includes
a one-quarter interest in a local hunting club as the earnest money deposit.
Which of the following statements is true?
It's Len's responsibility to research the title to the interest being offered as
earnest money deposit, to ensure that it has value, before presenting the
offer to his client.
Len must inform his seller client of the form of earnest money before the
seller signs the purchase contract.
Len must inform the DOL if his seller client accepts this earnest money
deposit since the DOL must approve any earnest money agreements for
items other than cash or cash equivalents.
Len should advise his seller client that only cash or cash equivalents may be
used as earnest money. - -Len must inform his seller client of the form of
earnest money before the seller signs the purchase contract.
- In order for a licensed firm to share commissions with another firm, what
must be true of the second firm?
It must be licensed to do business with the original firm.
It must employ at least two licensed individuals.
, It must have been in business at least three years.
It must share its financial records with the original firm. - -It must be
licensed to do business with the original firm.
- Charlie represents Sue, a buyer, in Redmond. Charlie is being paid by
Claude, the seller, through his brokerage. What's true about this situation?
Charlie is Claude's agent.
Sue is Claude's customer.
This doesn't change the agency relationships.
This is undisclosed dual agency. - -This doesn't change the agency
relationships.
- Thomas, a Washington broker, received a notice of violation for having
failed to provide records properly upon request. If he chooses to ignore the
notice of violation, what may occur?
He may be subject to arrest.
His license may be automatically revoked.
The case may be automatically moved to be heard in superior court.
The director may issue a default judgment and impose sanctions based on
whatever evidence is available. - -The director may issue a default judgment
and impose sanctions based on whatever evidence is available.
- In Washington, how many hours of coursework must an applicant complete
before applying for a managing broker's license?
120
30
60
90 - -90
- The Washington legislature has passed new licensing legislation designed
to change the amount and type of education required for licensing. The
director has proposed additional licensing rules to support the new
legislation. What's the commission's role in this process?
The commission has no responsibilities related to this new legislation.
The commission must approve the new legislation before it can be signed
into law.
estate exam)/87 Accurate Q’s and A’s
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. - -
**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 - -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 - -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 - -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 - -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 the interest rates available on this lender's various loan programs
To disclose the lender's source of loan funds - -To detail the estimated
closing costs for George's loan
- Licensee Len receives an offer for his seller client's property. It's a good
offer that Len thinks his client will accept. The only wrinkle is that it includes
a one-quarter interest in a local hunting club as the earnest money deposit.
Which of the following statements is true?
It's Len's responsibility to research the title to the interest being offered as
earnest money deposit, to ensure that it has value, before presenting the
offer to his client.
Len must inform his seller client of the form of earnest money before the
seller signs the purchase contract.
Len must inform the DOL if his seller client accepts this earnest money
deposit since the DOL must approve any earnest money agreements for
items other than cash or cash equivalents.
Len should advise his seller client that only cash or cash equivalents may be
used as earnest money. - -Len must inform his seller client of the form of
earnest money before the seller signs the purchase contract.
- In order for a licensed firm to share commissions with another firm, what
must be true of the second firm?
It must be licensed to do business with the original firm.
It must employ at least two licensed individuals.
, It must have been in business at least three years.
It must share its financial records with the original firm. - -It must be
licensed to do business with the original firm.
- Charlie represents Sue, a buyer, in Redmond. Charlie is being paid by
Claude, the seller, through his brokerage. What's true about this situation?
Charlie is Claude's agent.
Sue is Claude's customer.
This doesn't change the agency relationships.
This is undisclosed dual agency. - -This doesn't change the agency
relationships.
- Thomas, a Washington broker, received a notice of violation for having
failed to provide records properly upon request. If he chooses to ignore the
notice of violation, what may occur?
He may be subject to arrest.
His license may be automatically revoked.
The case may be automatically moved to be heard in superior court.
The director may issue a default judgment and impose sanctions based on
whatever evidence is available. - -The director may issue a default judgment
and impose sanctions based on whatever evidence is available.
- In Washington, how many hours of coursework must an applicant complete
before applying for a managing broker's license?
120
30
60
90 - -90
- The Washington legislature has passed new licensing legislation designed
to change the amount and type of education required for licensing. The
director has proposed additional licensing rules to support the new
legislation. What's the commission's role in this process?
The commission has no responsibilities related to this new legislation.
The commission must approve the new legislation before it can be signed
into law.
