Real Estate Law (Wa) Exam Review Questions And Answers, Graded A+/| Latest Update 2024/25|

REAL ESTATE LAW (WA) EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ Human Rights Commission - -Ensures that persons are not discriminated against in residential real estate transactions Department of Licensing - -Ensures that persons in the real estate and appraisal businesses are licensed and regulated Department of Financial Institutions - -Regulates mortgage brokers and companies, consumer lending companies, and escrow companies Revised Code of Washington (RCW) - -Laws passed by the Washington Legislature and signed into law by the Governor are collected and published Rule for RE licensing: - -The rules and regulations relating to real estate licensees are created by the Director of the Department of Licensing (the Director), with the advice and approval of the Real Estate Commission. They provide specific criteria for adhering to the standards set in the statute. Although not actually law, these rules have the same force and effect as the law. A violation of a rule is a violation of the law. The Director has the authority to: - --Issue, with the Commission's advice, rules governing the licensing and activities of real estate licensees, including: --the licensing of persons licensed in other states; --criminal background checks for applicants; and permissible forms of advertising. -enforce all laws and rules relating to real estate licensing and real estate education, including: --granting or denying real estate licenses; --holding hearings; and --fixing the times, places and method of holding license exams. -institute educational programs for licensees and colleges. -certify prelicensing and continuing education courses and schools, including: --charging fees for certification; and --taking disciplinary action, including: ---reprimand or censure; ---suspension, withdrawal or denial of certification ---issuance or renewal; and ---fines of up to $1,000 per violation. A broker's responsibilities include: - --following licensing laws and rules regarding: --safe handling of customer/client funds and property; --timely delivery of transaction documents, brokerage service contracts, and customer/client funds or property; --proper and legal advertising; and --modifying or terminating brokerage service contracts on behalf of the firm. -following the written policy on the referral of home inspectors. -delivering transaction documents and brokerage service contracts to the designated broker or delegated managing broker *within two business days of mutu