Washington State portion
(real estate exam) 87
Quizzes with Solutions/
2024
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 broker
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
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 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
George 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.
(real estate exam) 87
Quizzes with Solutions/
2024
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 broker
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
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 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
George 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.
