WA Real Estate Practice Exam Missed Qs Questions and Answers correct

WA Real Estate Practice Exam Missed Qs Questions and Answers correct In addition to real estate-specific knowledge, what does the Washington licensing exam test for? Adequate knowledge of the English language Though Washington Administrative Code does allow the DOL director to develop written recognition agreements with other states, in practice, what qualifies licensees from other states to take only the state portion of the Washington licensing exam? A similar license in good standing from another state Joan is one of the Washington Real Estate Commission's six board members. She qualified for appointment by having seven years' brokerage experience. She's one of at least _____ commission member(s) from east of the Cascades. two. At least two members must be from west of the Cascades, and at least two from east of the Cascades. What is the maximum amount of time that can elapse between completing the required coursework and applying for the Washington broker's licensing exam? 2 years What's the relationship between the Loan Estimate and the Closing Disclosure used in Washington transactions? Lenders issue the Loan Estimate within three days of receiving an application, and Closing Disclosure figures should be similar to the loan estimate. The Washington Department of Licensing cancelled Karen's license after one year because she didn't renew it. Another six months has passed since her license was cancelled. What does Karen have to do to get her license back? Complete 60 clock hours of continuing education coursework and and pay all accumulated renewal fees, penalties, and a reinstatement fee. Clint has always had an interest in real estate. He's helped a few friends determine the asking price for their properties, and now he's considering going into business doing this kind of work. Will Clint need a real estate license? Yes, he will. Which of the following information must appear on the firm's records for a trust account deposit? The source of funds The firm must include the source of funds, transaction identification, the date, the amount, and the reason for the deposit. Corliss, a Washington licensee, is the subject of an investigation and has requested a hearing. The complaint is complex and involves multiple individuals. The director wants to hear testimony from several witnesses in order to make a decision. What kind of hearing will be used? An administrative hearing is used in cases when witnesses other than the complainant and the licensee will be called, and more than a review of documents is required to reach a decision. Which of the following describes a statutory duty that's performed by a Washington managing broker? Provide increased supervision for new licensees. The director has decided that Marty's infraction wasn't serious, but Marty needs to be put on notice that his actions aren't acceptable. The director can issue a letter of ________ or reprimand. censure. In addition to the firm's physical location, which of the following addresses must be identified on the Washington firm's license application? Bank holding the firm's trust account Business is brisk, and Justin's firm is running out of room to store records. Which of these options isn't allowed by the DOL? Store records in the firm's out-of-state storage facility. With which entity is Washington's DOL director partnered in order to create a real estate research center? The Runstad Center for Real Estate Studies At the conclusion of a brief hearing in Washington, how are parties informed of the presiding officer's decision? A written initial order will be served on both parties within 10 days of the hearing. Which of these is an example of conversion of funds in Washington? Monica used funds from the firm's trust account to pay her firm's rent. A client's earnest money deposit will be more than $10,000. Which one of the following statements about this deposit is true? The buyer has the option of placing the funds in a separate interest-bearing account. The ________ Division oversees all licensed professions in Washington. Business and Professions When homebuyers agree to open an escrow account for their mortgage, the mortgage lender uses that money to pay ______. Taxes and insurance After completing the required coursework, a candidate has ______ year(s) to complete the Washington broker's exam. two Jill needs to pay the web developer who created a new website for her brokerage, but her checking account is low, so she floats herself a loan from earnest money kept in the brokerage's escrow account to pay the developer. Which answer correctly identifies the violation(s) Jill has committed? Commingling and conversion Carmine met with a seller and left the meeting with a signed agency agreement. Before Carmine submitted it to her managing broker, the client called and asked her to cancel the agreement, so Carmine tore it up. Did Carmine act outside the scope of her authority? Yes. Carmine was acting as a sub-agent of her managing broker, and the agreement was between the firm and the seller. How frequently should property management commissions be disbursed from a Washington trust account? atleast monthly Which of the following must always be disclosed to parties in a transaction in order to adhere to Washington standards of professional conduct? A broker's personal interest in a property What passing score must a candidate achieve on the Washington broker's exam? 70 Licensees may be disciplined for violating Washington compensation laws. Which of the following options describes the possible penalties for doing so? Censure, fines, probation How are Washington commission members selected? Appointed by the governor. Reggie is a real estate licensee and a licensed cosmetologist in Washington. The DOL revokes Reggie's cosmetology license. Which of these statements about Reggie's real estate license is true? The DOL may revoke Reggie's real estate license. In Washington, the revocation of any business license may result in the revocation of a real estate license. RCW statutes specifically address a licensee's responsibilities for providing referrals to what type of third party? Home inspection companies RCW 18.85.035 requires the commission to establish, and the director to adopt, procedures for brokers to follow when providing home inspection referrals to buyers. In Washington, how many hours of continuing education coursework must new licensees take before renewing for the first time? 27 What is the maximum amount of time that can elapse between completing the required coursework and applying for a Washington managing broker's license? 3 years Even without delegated authority from a designated broker, what is a Washington branch manager authorized to do relative to employed licensees? hire