Washington Real Estate Exam - State Portion Questions With Verified Answers

Who is responsible for administration of real estate license law? - Answer Washington State Department of licensing Who is in charge of the divisions with the department? - Answer The Director, and the department of licensing Who employs the Director and all Real Estate Division Staff? - Answer The State What are the Director or staff of the Real Estate Division not allowed to do? - Answer To own interest in any real estate firm Who appoints the director? - Answer The Governor What does the Director do? - Answer They are charged with enforcing all laws, rules, and regulations relating to the licensing of real estate brokers and salespersons. The term "Real Estate License Law" refers to what? - Answer the statutory provisions adopted by the state legislature, and regulations issued by the director as well. Directors Regulations - Answer Licensees must keep a copy of these and remain informed of changes in the regulations. Real Estate Commission - Answer Made up of the Director and six Commissioners Who appoints Commissioners? - Answer The Governor. Why are Commissioners important? - Answer They advise the Director on the real estate industry and profession. Requirements of a Commissioner? - Answer 5 years of real estate experience, serves on a part-time basis for a 6 year term. Commissioner's responsibilities - Answer Prepares and conducts the real estate license examinations, and holds educational conferences for the benefit of the real estate industry. The Real Estate Research Center - Answer Was created to study real estate economics and concerns, such as affordable housing. They also advise the commission about real estate education and related matters. Who created to Real Estate Research Center - Answer The Commission, it was funded through a surcharge imposed on real estate license renewals. Directors Legal advisor on matters relating to license law - Answer State attorney general Real Estate Broker is defined as - Answer Anything related to transfer of property, rental of property, lease of property, and procuring prospects/ negotiating or closing any transaction which results in or is calculated to result in any of these acts. The sale or acquisition of a business - Answer Business Opputunity No License required for - Answer -buying/leasing a property for himself, a group in which they belong, or disposing of owned property. -Authorized attorney in fact acting WITHOUT compensation. -Attorney at law, performing they duties -Trustee (bankruptcy, executor, administrator, guardian, trustee selling under a deed of trust) -Secretary/bookkeeping -Owner/family of rental property -managers of residential property on an incidental basis, cant advertise as property manager -Resident manager of an apartment complex -Owner manager of a self storage facility -Someone acting on behalf of another without compensation Out of State Licensees - Answer -May handle commercial real estate transactions without a Washington license (must obtain written agreement with and work in cooperation with a broker who is licensed in Washington. -Washington broker's name included on all ads, must have custody of records for the out of state broker's Washington transactions. -An out of state salesperson can handle commercial real estate transactions here w/o a WA license, as long as they are affiliated with an out of state broker who's working in cooperation with a Washington broker. Commercial real estate - Answer Any property other than residential with up to four residential units. A Broker License - Answer May be issued to an individual, or a business entity License authorizes a broker to - Answer operate a brokerage business and represent clients in real estate transactions A broker can - Answer employ associate brokers and salespersons. Typically referred to as affiliated licensees. Commission or other monies by clients or other brokers go to - Answer The broker Associate brokers and salespersons may only be paid by - Answer Their own broker Temporary brokers permit may be issued by the Director to - Answer the most qualified senior salesperson, in the event of the death or incapacitation of a broker. Permit is valid for no more than 4 months. Salespersons - Answer License may only be issued to an individual, authorized to work w/ and represent his/her broker. Business entities - Answer License names the firm and one member of the firm (corporate officer, general partner) as its designated broker License Qualifications (Broker, Associate broker) - Answer -18 years -High school -2 years of experience w/in last 5 as a RE salesperson in this state or one with similar licensing requirements -120 hour course, 30 broker management, 30 business management, 30 elective -Applicant may satisfy the experience requirement by showing they were engage in real estate related activities full time, or they were primary source of income, continuously for a 2 year period. License Qualifications (Salesperson) - Answer -18 years -60 hour course fundamentals -Salesperson Examination -60 hour requirement waived by director for equivalent -High school not required License Application - Answer -Pass exam -Exam results valid for 1 year -criminals submit fingerprints