WA STATE PORTI ON EXAM REVIEW QUEST IONS AN D ANSWERS, 100% ACCURATE. Business Opprtunity includes (4) - ✅✅ -1 Business 2 Business Entity 3 Good Will 4 Interest in real property Difference between Residential and Commercial Real Estate - ✅✅ -1-4 units -- Residential 5 and over -- Commercial Designated Broker (2) - ✅✅ -1. Natural person 2. Owns RE firm or controlling inter est Inactive license (2) - ✅✅ -1. Not expired 2. Not affiliated with firm Managing Broker is a (3): - ✅✅ -1. Natural person 2. Under supervision of Designated broker 3. May supervise other brokers or man broker In rental properties, a person employed by t he owner does not need to be licensed, if they (4) - ✅✅ -a) delivering/receiving lease applications; b) Showing rental units; c) providing info about rent; d) assistant of property manager. WA RE Commission (6) - ✅✅ -1. Meet 4 times a year 2. Appointed b y governor 3. At least 2 from east, 2 from west 4. Term 6 years 5. Vice chair elected annually 6. Director + 6 members Experience needed to be a member of WA RE Commission (2) - ✅✅ -1. 5 years in RE 2. 3 in investigation Duties of Director of RE Commission (3) - ✅✅ -1. Enforces laws of licensing 2. Sets Standards for education 3. Suspends licenses To whom all the fees are paid - ✅✅ -State Treasurer Can a person be Director's employee and RE agent at the same time? - ✅✅ -No. License inactive while employed. Can a person work for city, county and be RE agent at the same time? - ✅✅ -Yes. Not responsible before their managing broker while doing transaction for the city. Requirements for RE Firm (8) - ✅✅ -1. Designated broker 2. Active license 3. Unique name. Not confused with nonprofit. 4. Trust account 5. Business ID 6. address 7. Website/email (optional) 8. Application fee paid
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| Latest Update 2024/25|Wa State Portion Exam Review Questions And Answers, 100% Accurate.
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WA STATE PORTION EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE. Business Opprtunity includes (4) - -1 Business 2 Business Entity 3 Good Will 4 Interest in real property Difference between Residential and Commercial Real Estate - -1-4 units -- Residential 5 and over -- Commercial Designated Broker (2) - -1. Natural person 2. Owns RE firm or controlling interest Inactive license (2) - -1. Not expired 2. Not affiliated with firm Managing Broker is a (3): - -1. Natural person 2. Under supervision of Designated broker 3. May supervise other brokers or man broker In rental properties, a person employed by the owner does not need to be licensed, if they (4) - -a) delivering/receiving lease applications; b) Showing rental units; c) providing info about rent; d) assistant of property manager. WA RE Commission (6) - -1. Meet 4 times a year 2. Appointed by governor 3. At least 2 from east, 2 from west 4. Term 6 years 5. Vice chair elected annually 6. Director + 6 members Experience needed to be a member of WA RE Commission (2) - -1. 5 years in RE 2. 3 in investigation Duties of Director of RE Commission (3) - -1. Enforces laws of licensing 2. Sets Standards for education 3. Suspends licenses To whom all the fees are paid - -State Treasurer Can a person be Director's employee and RE agent at the same time? - -No. License inactive while employed. Can a person work for city, county and be RE agent at the same time? - -Yes. Not responsible before their managing broker while doing transaction for the city. Requirements for RE Firm (8) - -1. Designated broker 2. Active license 3. Unique name. Not confused with nonprofit.
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