Washington State portion (real estate exam)
Questions With Correct Answers
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. |- |CORRECT
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 |- |CORRECT |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 |- |CORRECT |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 |- |CORRECT |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 |- |CORRECT |ANSWER✔✔-A |managing |broker
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 |- |CORRECT |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. |- |CORRECT |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. |- |CORRECT |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. |- |CORRECT |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. |- |CORRECT |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?
Questions With Correct Answers
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. |- |CORRECT
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 |- |CORRECT |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 |- |CORRECT |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 |- |CORRECT |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 |- |CORRECT |ANSWER✔✔-A |managing |broker
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 |- |CORRECT |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. |- |CORRECT |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. |- |CORRECT |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. |- |CORRECT |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. |- |CORRECT |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?
