Washington Statutes And Rules Governing The Activities Of Licensees. Questions And Answers, Graded A+/| Latest Update 2024/25|

WASHINGTON STATUTES AND RULES GOVERNING THE ACTIVITIES OF LICENSEES. QUESTIONS AND ANSWERS, GRADED A+/ The Washington Administrative Code (WAC) compiles the broker's responsibilities and duties.Specific broker duties include: - -Holding a proper license Maintaining licensure requirements Delivering transaction-related contracts and documents to the designated or managing broker no later than two business days after all parties accept Managing consumer funds or property safely and according to license laws Adhering to advertising regulations Following license laws regarding altering or terminating the firm's service contracts Following the firm's policy on referring home inspectors Cooperating with audits or inquiries Reporting mailing address changes Managing broker responsibilities include: - -Supervising their licensed brokers Delivering and collecting client trust funds and brokerage records from the brokers they supervise Providing heightened supervision of licensees in their first two years of licensure Ensuring brokerage services are in accordance with the law Cooperating with DOL investigations Staying knowledgeable about real estate-related laws Keeping the state informed of their current mailing address Following the designated broker's policy on referring home inspectors Maintaining licensure Delivering contracts and other documents within two days of mutual acceptance Following laws and rules regarding the handling of funds, proper advertising, and brokerage service contracts Managing or designated broker also owes certain duties to affiliated licensees. These include: - - Honesty, fairness, and compliance with laws Confidentiality of both professional and personal information Accounting, including appropriate and timely commission payments Reasonable and adequate supervision Training on laws, market changes, and any license-related changes License maintenance (if a managing broker's license lapses, all affiliated licensees go on inactive status) Designated broker duties include: - -Complying with a DOL audit or inquiry Providing access to records and maintaining any required copies Keeping written and signed delegation agreements for managing brokers and branch managers. All delegation assignments must be made in writing. Maintaining procedures related to records management, trust accounting, contract review, advertising, supervision of newly licensed brokers, and broker employme