Real Estate Exam (state) Questions and Answers 100% Correct!

Can a non-licensed individual who is an employee of a licensed real estate property manager do any of the following items, even if the property manager signs a paper delegating their authority to a non-licensed office staff person? 1. Negotiate rental of lease agreements? 2. Check tenant and credit references? 3. Physically maintain the real estate?4. Conduct tenant relations? 5. Collect the rent?6. Supervise the premises' managers?7. Discuss financial matters relating to the management of the real estate with the owner8. Receive and disburse trust funds in a client's trust account? Answer: - ANSWER-Yes Do you have to be a licensed real estate agent to conduct a real estate auction? (i.e. the auctioneer) - ANSWER-Yes Do you have to be a licensed real estate agent sell campground sites? - ANSWER-No Do you have to open a separate client trust account for each individual client (transaction)? - ANSWER-No When you have to renew your license for the first time do you have to take a mandatory 3 hour Ethics course (you do in WA) OR do you have to take a mandatory 3 hour course in recent changes in real estate rule and law? In addition to the 27 hours. Answer: - ANSWER-Yes When a broker writes a letter of resignation to his principle broker, at what point does that principal broker become NOT responsible for that broker? (when he receives the resignation letter? when he signs off on the license? when he signs off on the license and puts it in the mail?) - ANSWER-A principal real estate broker with whom a licensee is associated remains responsible for the licensee's professional real estate activity until the agency receives one of the following: 1. An online inactivation application available through the Agency's website; or 2. An online license transfer form and fee. How long does a property manager have to refund a tenant's deposit after the end of their lease? - ANSWER-In order to claim all or part of any prepaid rent or security deposit, within 31 days after the tenancy terminates When does earnest money have to be deposited? when must all other funds be deposited? - ANSWER-st money must be deposited within 3 banking days. other funds must be deposited before the close of the 5th banking day following the date the real estate broker or principal receives the funds into a neutral escrow depository located within this state or into a client's trust account. Can a principal broker assign responsibility to an office manager to review and sign off on a real estate brokers advertisement? - ANSWER-Yes, but ultimately, it's the Principal broker that is responsible. A principal real estate broker may delegate direct supervisory authority and responsibility for advertising originating in a branch office to the principal broker who manages the branch office if such delegation is in writing. What is an Applicable Identifying Code? - ANSWER-"Identifying code" means a unique series of letters and/or numbers assigned by a property manager to a property management agreement at the time the agreement signed by the parties and used on all transactions and records to reference the agreement. Is a construction lien superior to a real estate tax lien? Even if the construction lien was filed BEFO