Washington State portion (real estate exam)Perfectly Solved 100% Correct!!

Rebecca receives an earnest money deposit in the amount of $12,000. Which of the following statements best describes the deposit of this trust money? Rebecca may deposit it in the firm's regular trust account. Rebecca must deposit it in an individual trust account set up for just this client. Rebecca must deposit the funds in a non-interest bearing trust account. Rebecca must deposit the funds into a DOL special trust fund account. - Answer **Rebecca may deposit it in the firm's regular trust account. In Washington, licensees renewing for the first time will complete ______ hours in advanced practice coursework, ______ hours in real estate law, ______ hours of continuing education coursework, and a ______-hour core course. 15, 15, 27, 4 30, 30, 27, 3 30, 30, 30, 4 90, 90, 30, 3 - Answer 30, 30, 27, 3 In addition to the required education and experience to request a substitution, what must applicants for a Washington managing broker's license submit with the application? An additional licensing fee Detailed resume Recommendation from designated broker Three reference letters - Answer Detailed resume When are real estate brokers allowed to work for the Washington State Department of Licensing? After they disclose any potential conflicts of interest After they've been practicing five years Once their licenses are inactivated When they have written permission from their designated brokers - Answer Once their licenses are inactivated Who may supervise a managing broker in Washington? A broker A managing broker The DOL director The real estate commission - Answer A managing brokerGeorge is a buyer closing on a home purchase for which he's obtaining financing. He receives a Loan Estimate from his lender. What's the purpose of this document? To detail the amount George needs to bring to closing To detail the estimated closing costs for George's loan To disclose the interest rates available on this lender's various loan programs To disclose the lender's source of loan funds - Answer To detail the estimated closing costs for George's loan Licensee Len receives an offer for his seller client's property. It's a good offer that Len thinks his client will accept. The only wrinkle is that it includes a one-quarter interest in a local hunting club as the earnest money deposit. Which of the following statements is true? It's Len's responsibility to research the title to the interest being offered as earnest money deposit, to ensure that it has value, before presenting the offer to his client. Len must inform his seller client of the form of earnest money before the seller signs the purchase contract. Len must inform the DOL if his seller client accepts this earnest money deposit since the DOL must approve any earnest money agreements for items other than cash or cash equivalents. Len should advise his seller client that only cash or cash equivalents may be used as earnest money. - Answer Len must inform his seller client of the form of earnest money before the seller signs the purchase contract. In order for a licensed firm to share commissions with another firm, what must be true of the second firm? It must be licensed to do business with the original firm. It must employ at least two licensed individuals. It must have been in business at least three years. It must share its financial records with the original firm. - Answer It must be licensed to do business with the original firm. Charlie represents Sue, a buyer, in Redmond. Charlie is being paid by Claude, the seller, through his brokerage. What's true about this situation? Charlie is Claude's agent. Sue is Claude's customer. This doesn't change the agency relationships. This is undisclosed dual agency. - Answer This doesn't change the agency relationships.Thomas, a Washington broker, received a notice of violation for having failed to provide records properly upon request. If he chooses to ignore the notice of violation, what may occur? He may be subject to arrest. His license may be automatically revoked. The case may be automatically moved to be heard in superior court. The director may issue a default judgment and impose sanctions based on whatever evidence is available. - Answer The director may issue a default judgment and impose sanctions based on whatever evidence is available. In Washington, how many hours of coursework must an applicant complete before applying for a managing broker's license? 120 30 60 90 - Answer 90