30 HR WA Real Estate Practice Exam With Answers Latest 2023/2024 Graded A+

30 HR WA Real Estate Practice Exam With Answers Latest 2023/2024 Graded A+. You are recording an accrued expense for your seller client, Sam Bosworth. This represents an item that Sam ____________________. - Answer Has incurred but hasn't paid Because proper trust fund handling and record keeping is extremely important, the ________ conducts routine audits of real estate companies. - Answer Washington State Department of Licensing Karen would like to sell her own home. What's the minimum real estate license she must possess? - Answer None Carla is selling her house in Wenatchee to her sister. Neither party wants to be represented. They only want some assistance with handling the paperwork. Who should they consider engaging in this situation? - Answer Transaction coordinator Which designation may you not use in any marketing materials unless you belong to NAR? - Answer REALTOR What's part of the licensee's role in the closing process? - Answer Preparing clients for closing Cheryl Ann received a summary judgment from the DOL because she did not ______ within 20 days of receiving notice of a DOL investigation. - Answer Request a hearing. How are Washington commission members selected? - Answer Appointed by the governor. In Washington, the buyer usually pays for which of the following title insurance policies? - Answer Lender's title insurance Amendments to a Washington property management agreement must be ______. - Answer Written In Washington, a designated broker holds a ______ license. - Answer Managing broker's Which one of the following entities is responsible for creating Washington real estate laws and statutes? - Answer The legislature Licensee compensation is funneled through the broker. Who may pay the compensation that goes through the broker? - Answer A party to the transaction, a third party, or another broker Frank, a Washington broker, wants to open his own real estate firm. Which of the following statements is true? - Answer Frank must either hire a designated broker or be endorsed as one himself. In Washington, what kind of license is issued to a corporation that performs brokerage services? - Answer Firm In Washington, which agency is authorized to disseminate and enforce real estate licensing laws? - Answer Department of Licensing If a Washington real estate firm is closing, the firm's designated broker must provide an affidavit to the Washington DOL within ______ days. - Answer Five How does Washington define subagency? - Answer An agent appointed by another agent to assist the principal Charlie represents Sue, a buyer, in Redmond. Charlie is being paid by Claude, the seller, through his brokerage. What's true about this situation? - Answer This doesn't change the agency relationships. For which of the following expenses will a lender most likely require reserves? - Answer Homeowner's insurance and real estate taxes Robert has passed his Washington broker's licensing exam. How long does he have to apply for his license? - Answer One year In a real estate company office, the licenses of all brokers who are affiliated with the company must be displayed ________. - Answer In a public area Tomas, a listing agent, plans to share his commission with Marea, who served as a subagent and interpreter for his clients who spoke Portuguese. How will Marea receive her share of the commission? - Answer Tomas' company will provide Marea's commission. In Washington, what's it called when a licensee performs tasks for but doesn't represent a customer? - Answer Transaction coordinator Marcel has been engaging in some shady real estate practices, but no one has filed a complaint against him. However, the Washington DOL director heard about his actions. What option does the director have? - Answer Launch an investigation without a formal complaint. Which of the following areas would be considered a "closely related field" as a substitution for broker experience on the Washington managing broker's license application? - Answer Real property appraisal Candidates for a Washington commission seat must have five years of brokerage experience, or ______ years of experience in a related investigative position. - Answer Three Deana is a broker for North Washington Realty, LLC, and is the listing broker from a property. In this transaction, what kinds of compensation is Deana entitled to receive from payors other than her brokerage firm? - Answer All compensation must be paid through her broker. Washington licensees can maintain their licenses in inactive status as long as they want. Which of the following statements about the reactivation requirement is correct? - Answer Licensees with inactive licenses must continue to renew their licenses every two years. All new Washington licensees must submit fingerprint cards when applying for a real estate license. How often do licensees submit fingerprint cards after they receive their first license? - Answer Every three renewal periods If the Washington DOL director determines that a complaint has merit, must the DOL launch an investigation? - Answer No. The director may determine that the violation wasn't severe enough or doesn't pose a danger to consumers. What's the best way to create an agency relationship in Washington? - Answer Written agreement Jessie works for Tri-City Homes. She's the cooperating broker on a sale made through Golden Realty. Golden Realty issues Jessie a check for her portion of the commission. Which of the following statements about this situation is true? - Answer This is illegal because Jessie isn't licensed to work with Golden Realty. Which duty to clients in Washington generally survives termination of the agency relationship? - Answer Confidentiality Someone who has agency representation with a Washington licensee is a ______. - Answer Client What kind of research does WCRER perform? - Answer Affordable housing Some Washington real estate brokerage records may be kept offsite if they're for transactions that closed how long ago? - Answer One year or more Dontelle had a great experience with his apartment and landlord until about three months ago, when the plumbing in the unit above started leaking into his apartment. The landlord keeps saying he'll fix it but hasn't, and now Dontelle has mold growing on two walls. Dontelle is moving out before his lease has expired, due to ________. - Answer Constructive eviction Who delivers the evidence of a clear title at the closing? - Answer Title insurance representative Tamara is assisting a buyer who's making an offer on her client's listing in Renton. Tamara and the buyer develop a good rapport, and in her desire to be helpful, Tamara offers the buyer advice about how to structure her offer. What does Tamara risk being charged with? - Answer Undisclosed dual agency Ethan is a real estate licensee in Seattle. He's busy making last-minute preparations for an open house at his client's property. What type of agent is he? - Answer Seller's agent How will the buyer or seller know where and when the closing is being held? - Answer Their agents will inform them of the date once it's set. In a Washington real estate company, what must be displayed or available for viewing in a public area? - Answer Broker licenses Larry is assisting a buyer who's making an offer on his client's listing in Edmonds. If Larry is too helpful to the buyer, what might occur? - Answer Implied agency and undisclosed dual agency Washington's director has taken steps to restrict a managing broker from supervising other brokers until after the broker's hearing has taken place. What's the official term for this type of action? - Answer Summary Who requests authorization from the Washington Department of Licensing to establish a branch office? - Answer The designated broker Managing broker applicants in Washington must have three years' broker experience or ______ to qualify to take the exam. - Answer Five years' experience in a closely related field How often is the Washington Real Estate Commission required to meet? - Answer Four times a year In Washington, how many hours of coursework must an applicant complete before applying for a managing broker's license? - Answer 90 Which of the following activities must be specifically delegated in order for a Washington branch manager to perform it? - Answer Handling trust accounts In Washington, what does it mean to have a disciplinary action stayed? - Answer The action is suspended or delayed until a future date. Eleanor from X Realty in Lynnwood has a new listing, and, with the seller's permission, Eleanor appointed Trent from Target Realty as her subagent. Trent brings a buyer customer to the listing, and the customer ends up buying the property. What's true about the agency relationships in this situation? - Answer Trent owes his loyalty to the seller. If a real estate company in Washington moves to a new address, the designated broker has ________ to inform the Department of Licensing. - Answer 10 days Washington rules indicate that a designated broker may delegate to a branch manager the task of reviewing which of the following documents? - Answer Contracts Which of the following describes a statutory duty that's performed by a Washington managing broker? - Answer Provide increased supervision for new licensees. Robert's Washington real estate license was immediately restricted when he received notice that a complaint had been filed against him and an investigation would follow. What's the earliest that a hearing can be held after the notice is served? - Answer As soon as possible How is the physical license for a branch office handled in Washington? - Answer A duplicate of the primary firm's license, which displays both the primary firm's and the branch office's address, is issued. In Washington, what agency role involves a licensee working on behalf of another agent's principal? - Answer Subagent Jerry owns and operates his own real estate firm as a sole proprietor, and no other licensees working with him. He uses a trust account to deposit all earnest money. If the DOL audits him, which of the following would cause trouble for Jerry? - Answer The inability to show a clear audit trail of where the money in the trust account came from and where it went How frequently should property management commissions be disbursed from a Washington trust account? - Answer At least monthly 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. - Answer Censure Tina applied for a Washington broker's license after her license in Wyoming was revoked. The DOL denied her application, and Tina requested a review. If the director decides to review the matter, can a brief adjudicative hearing be used to resolve the issue? - Answer Yes. A brief hearing process can be used for licensee or applicant issues. In Washington real estate, DOL stands for ______. - Answer Department of Licensing Harrison is the buyer's agent for a transaction in which Mary, who works for a different Washington brokerage, is listing the house for seller Graham. From whom will Harrison receive his compensation? - Answer From his own brokerage 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? - Answer Detailed resume How much real estate practice experience must a Washington broker have to become a managing broker? - Answer Three years You're representing Abe and Burt in a dual agency situation. Abe tells you something that would give Burt a distinct advantage if he knew. Do you tell Burt? - Answer No, because you can't share one client's confidential information with another client. Golden Years Realty elects to use closing and title companies to manage earnest money deposits. Jessica, a broker with Golden Years, gets a receipt from Equity Title for an earnest money deposit from a buyer. What must she do with the receipt? - Answer Present it to the firm's designated broker for placement in the transaction file. Terry represents Farrah, the seller of a property in Seattle. Michael is representing Troy, the buyer. Who is/are the principal(s) in this transaction? - Answer Farrah and Troy A Washington managing broker is allowed to complete certain tasks related to licensee supervision, but only if those tasks are ______ by the designated broker. - Answer Delegated Tracy, a Washington broker, is working with buyers on two transactions. Both buyers want to look at houses all day on the coming Saturday. Tracy asks her brother, who's also a broker, to show homes to one of the buyers, saying she'll give him part of her commission as a referral fee when the buyers purchase a home. Which of the following statement about this is true? - Answer Tracy can pay a referral fee to her brother as long as the payment is processed through her brokerage firm. Which of these is an example of commingling in Washington? - Answer Mixing earnest money with personal funds How long must confidential information remain confidential? - Answer Forever In Washington, designated brokers may delegate some of their responsibilities, but these delegations must be ______. - Answer Made in writing Terrance is a managing broker in Washington. He's moving to a new firm. What does he have to do to transfer his license? - Answer Use the same process as a broker. What are the three primary acts that impact mortgage loan disclosure? - Answer RESPA, TILA, and Dodd-Frank Jenny is a Washington property manager who's preparing a budget for property repairs and improvements, which is a(n) ______ budget. - Answer Capital reserve 30 hr WA Real Estate Practice exam already graded A+ Kayleigh is closing on the house she's purchasing on Wednesday. Which of these statements is true? - Answer The lender must provide the Closing Disclosure by Friday of the week before closing. You decide to take the earnest money deposit you've been given and place it in your personal account until it is needed at the final closing. What violation have you committed? - Answer Mishandling funds What's true about broker responsibilities in Washington? - Answer They include but aren't limited to those in the regulations. Which of the following must always be disclosed to parties in a transaction in order to adhere to Washington standards of professional conduct? - Answer A broker's personal interest in a property Firm names in Washington must be unique, which means they can't be similar to the name of any other national firm or local firm in the same area, and they should not be misleading in any way. Which of the following would be most appropriate for a small, local firm? - Answer Perfectly at Home Real Estate The primary purpose of the Real Estate Settlement Procedures Act is to ensure that Washington buyers ______. - Answer Know all settlement costs up front Who provides real estate-specific information in a Washington disciplinary investigation? - Answer A member or members of the commission In Washington, an agency's duties are determined by ______. - Answer Statute In order for a licensed firm to share commissions with another firm, what must be true of the second firm? - Answer It must be licensed to do business with the original firm. Tera opened her own brokerage firm, and she's working within a strict budget. She opens a checking account that she uses for both operating funds and to hold earnest money deposits. This is an illegal practice called ______. - Answer Commingling Which of the following requirements would a Washington licensee renewing for the first time be required to complete that isn't required for a second renewal? - Answer 30 hours of advanced practice Which of the following statements about an expired real estate license in Washington is correct? - Answer Expired licenses are considered inactive until renewal is complete. Carlotta is performing brokerage duties in Washington though she doesn't yet have her real estate license. What provision in Washington's licensing law permits Carlotta to do this? - Answer If she's passed her licensing exam and submitted all application materials, she can work under a temporary license. 30 hr WA Real Estate Practice exam already graded A+ Howard is a managing broker in Spokane. His licensees, Jane and John, represent two sides in a single transaction. Jane represents the seller; John represents the buyer. What role does Howard play in this transaction? - Answer Howard is a dual agent for both the buyer and the seller. Jarvis is an expert negotiator. He's helping his colleague negotiate a multi-milliondollar Seattle commercial real estate development transaction with a commercial broker, and his colleague has agreed to pay Jarvis a percentage of the first year's profit if the deal comes together. Which of the following factors requires that Jarvis be licensed? - Answer The promise of compensation An administrative hearing in Washington may be held when a licensee appeals the decision from a brief adjudicative hearing. In what other situation is an administrative law hearing held? - Answer To respond to a licensing law complaint when the hearing is more complex than a brief adjudicative hearing will resolve. Where does Washington require brokerages to keep current records? - Answer In the licensed office address What's the minimum age requirement to qualify for a Washington managing broker's license? - Answer 18 Kevin and Marsha have both been through the real estate buying and selling process in Washington many times. They don't want representation, but they'd like Mark to facilitate their transaction. Mark is acting as a ______. - Answer Transaction coordinator Who, with the advice and support of the Washington Real Estate Commission, establishes rules and regulations and enforces real estate licensing law in Washington? - Answer DOL director Margaret initially showed a property to Trina, who decided not to make an offer at that time. Two weeks later, without notifying Margaret, Trina made an offer on the property through another brokerage firm. What term relates to the party (Margaret) who started the chain of events that led to this sale? - Answer Procuring cause Which of the following statements about trust account service charges, fees for checks, and other administrative charges for a pooled account is true? - Answer Bank charges are business expenses of the real estate firm and may not be funded through the accrued interest or trust funds deposited in a pooled account. Which of the following sanctions would be most appropriate for a Washington licensee who generally does a good job of following licensing laws, but has received several complaints about incorrectly completed contract forms? - Answer Satisfactory completion of prescribed training 30 hr WA Real Estate Practice exam already graded A+ If a listing agreement doesn't state that the listing broker is permitted to share compensation with a cooperating broker, which of the following statements is true about a cooperating (selling) broker's responsibility under Washington law? - Answer The cooperating brokerage firm may decline to show to the buyer any properties for which there is no compensation agreement with the listing broker. Roberto has been a managing broker for 15 years. He's been offered a position with the Washington State Department of Licensing. Which of these statements about this situation is true? - Answer In order to accept the DOL position, Roberto must inactivate his license. In Washington, brokers who supervise other brokers are called ______. - Answer Managing brokers 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. - Answer 30, 30, 27, 3 Jerry, a Washington licensee, is holding an open house for a property he's listing. He speaks to several visitors, but none of them discuss making an offer. What are these visitors called? - Answer Customers One of the following tasks is outside the scope of the Washington DOL director. Which is it? - Answer Pass laws and statutes related to real estate licensing laws. What is the maximum amount of time that can elapse between completing the required coursework and applying for a Washington managing broker's license? - Answer Three years In Washington, whose responsibility is it to supervise associated licensees? - Answer Managing broker Which document is signed and agreed to at closing and reconciles what the final financial obligations are for both the buyer and seller? - Answer Closing disclosure How many hours of unused CE credit may be carried over to the next license renewal period in Washington? - Answer 15 Jennifer is selling her property in Puyallup and hired Larry as her agent. After the property is listed, Jane brings her client, Andrew, to see the property, which Andrew is interested in purchasing. Who is Jane in this scenario? - Answer A buyer's agent Which of the following factors related to the property purchased will have the greatest impact on closing costs? - Answer Sales price 30 hr WA Real Estate Practice exam already graded A+ Select the statement that best describes how to handle a Washington tenant's security deposit. - Answer The landlord or property manager must deposit security deposits in a trust account. Joy, who has no experience in real estate, has passed her Washington broker's license exam. Which of the following is true about Joy's license? - Answer Joy must be affiliated with an actively licensed firm to apply for her license. In addition to routine audits, real estate company audits may be conducted under what circumstances? - Answer If a previous audit revealed violations