WA 60-Hour Fundamentals Course Exam Prep Licensing, Rules, Real Estate Commission Flashcard Set Questions with Answers

WA 60-Hour Fundamentals Course Exam Prep Licensing, Rules, Real Estate Commission Flashcard Set Questions with Answers Real estate firm May operate as any legal form of business (sole proprietor, LLC, etc.); must be licensed with Department of Licensing and have an active designated broker; license renews every two years Broker Works under the supervision of a managing broker, designated broker, or branch manager Designated broker Managing broker endorsed by the Department of Licensing and authorized to act on the firm's behalf in day-to-day operations; sole proprietors must have designated broker endorsement Broker licensure requirements 18+; high school diploma or equivalent; fingerprinting/background check; 90 hours real estate pre-licensing education; pass broker's exam Managing broker licensure requirements Same as broker requirements, plus: three years' full-time broker experience or other DOL-approved qualification; 90 hours coursework including real estate brokerage management, business management, and advanced real estate law; pass managing broker's exam Ways a license can be involuntarily deactivated Affiliated firm closes or fails to maintain active license; designated broker leaves or fails to maintain active license; licensee doesn't renew license; licensee goes to work for the Department of Licensing First broker's license renewal requirements Three-hour course on current issues in WA real estate; 27 hours approved continuing education; 30 hours advanced practice; 30 hours real estate law Second (and subsequent) broker's license and managing broker's license renewal requirements Three-hours course on current issues in WA real estate; 27 hours approved continuing education Out-of-state licensees May perform certain WA brokerage services if they: hold an active equivalent license in their state and provide a copy of it; work with a WA designated broker; consent to WA jurisdiction in any legal proceedings that arise from the transaction Written recognition agreements Also known as reciprocal agreements; allows out-of-state licensees to gain WA licensure by only taking the state portion of the licensing exam; Licensee must be in good standing in her state, active within the last six months, and in the same or greater license category. Process to change firms (broker) Decide which firm you'd like to join; separate from current firm; new firm issues invitation; accept new firm's invitation. License is inactive until you affiliate with the new firm. Replace process (designated brokers and branch managers) New designated broker or branch manager must be in place before current one leaves, or all associated licenses will become inactive until a replacement is found. License laws Designed to protect consumers who are parties to real estate transactions Regulation Also known as a rule; created and enforced differently from laws, but carry the force of law Conduct standard Behavior expected of licensees across all professions, as well as real estate-specific behavior Managing broker An experienced broker with special licensure who reports to the firm's designated broker and has supervisory responsibilities Branch manager A managing broker who oversees a branch office for a real estate firm Trust account A separate bank account used to hold trust monies Delegated duty Duty a designated broker assigns to a managing broker or a branch manager Audit Conducted to check for adherence to all rules regarding record keeping and trust fund handling Washington State Department of Licensing (DOL) director Oversees licensure of all licensed professions in Washington; governs Washington's real estate industry and licensing law in cooperation with the Washington Real Estate Commission Washington Real Estate Commission Governs Washington's real estate industry and licensing law in cooperation with the DOL Natural person Individual human being, not a legal entity such as a corporation Legal person An entity such as a limited liability company, limited liability partnership, or corporation Stipulated disposition DOL proposes sanctions against a licensee against whom a complaint was filed; involves no hearing Brief adjudicative hearing Held to resolve licensing law violation complaints and applicant or educational provider issues