Washington Real Estate Practices Exam Questions and Correct Answers | Graded A+ | Verified Answers | Brand New Version!

Washington Real Estate Practices Exam Questions
and Correct Answers | Graded A+ | Verified
Answers | Brand New Version!

What is a designated broker responsible for? ---------CORRECT ANSWER---------------
--responsible for all of the firms activities, the manager of a licensed real estate
firm,


if there are multiple firms, they are still the manager of all of them.




four categories to consider when choosing between firms? ---------CORRECT
ANSWER-----------------size of the firm, specialization of the firm, support services
of the firm, commission structure of the firm




how do you know when you are an independent contractor in real estate? ---------
CORRECT ANSWER-----------------1. if you set your own hours
2. your paid by commission not salary




someone who has been authorized by a person to represent that person in
dealings with third parties


agent
managing broker

,broker
principal
realestate brokerage relationships act
home mortgage disclosure act ---------CORRECT ANSWER-----------------Agent




a person who authorizes an agent to represent him:
agent
managing broker
broker
principal
realestate brokerage relationships act
home mortgage disclosure act ---------CORRECT ANSWER-----------------Principal




a person who performs brokerage services on behalf of a real estate firm under
someone elses supervision:
agent
managing broker
broker
principal
realestate brokerage relationships act
home mortgage disclosure act ---------CORRECT ANSWER-----------------broker

,a licensee who can assume supervisory duties for a real estate firm, though a
designated broker retains ultimate authority:


agent
managing broker
broker
principal
realestate brokerage relationships act
home mortgage disclosure act ---------CORRECT ANSWER-----------------managing
broker




this washington statute incorporated some of the common law of agency buy also
changed many aspects of an agents duties:
agent
managing broker
broker
principal
realestate brokerage relationships act
home mortgage disclosure act ---------CORRECT ANSWER-----------------real estate
brokerage relationships act




what is a fiduciary? ---------CORRECT ANSWER-----------------a person who occupies
a position of special trust in relation to someone else, like an agent

, what are a real estate agents duties that they owe to any party? 7 ---------
CORRECT ANSWER-----------------reasonable care and skill
honesty and good faith
present all written communications
disclose material facts
accounting
provide pamphlet and agency law
agency disclosure




what is reasonable care and skill as a duty owed to any party? ---------CORRECT
ANSWER-----------------you must work with the same degree of care and skill that
would be expected of any reasonably competent real estate agent




what is honesty and good faith in regards to duties owed to any party? ---------
CORRECT ANSWER-----------------you must not make inaccurate statements or
misrepresent the property or any other facts about the transaction




if a crime is committed on a property, do you have to disclose the information to
the buyer? what if they ask if any crimes were committed on the property? --------
-CORRECT ANSWER-----------------if a crime is committed, you dont have to disclose
the information unless they ask you if there were any crimes on the property,
then because of the duty of good faith and honesty.