How many years of experience in real estate is required for appointment as a real estate commissioner?
5
The Real Estate Commission does all of the following, EXCEPT:
Set real estate transaction fees
Who is responsible for preparing and conducting real estate license examinations?
The Real Estate Commission
Which of the following is NOT a purpose of the Center for Real Estate Research?
Establish listing prices for properties
J is selling real estate without a license. J is guilty of a:
Gross misdemeanor
A real estate license is needed for all of these individuals, except:
Home inspector
Under the Washington real estate license law, someone must have a license in order to:
Cold call listing prospects and offer to perform brokerage services
L owns a bookstore and the lot it sits on. He hires M, a high school English teacher, to find a buyer for the business and property. He agrees to pay her $5,000. M finds a buyer and L pays her $5,000. Has M violated the real estate license law?
Yes, because selling a business opportunity that includes real estate for pay requires a license
Which one of the following people does NOT need a real estate license?
A building contractor (developer)
When may an unlicensed attorney in fact, while acting on behalf of her principal, engage in an activity that would otherwise require a real estate license?
When acting without compensation
An attorney at law is exempt from real estate licensing laws when:
Arranging the sale of real property while settling a client's estate
An unlicensed real estate assistant may do which of the following without a license?
Receive referral fees in some cases
An unlicensed assistant will be compensated when a transaction closes. Is this permissible?
No, because an unlicensed assistant's compensation may not be contingent on sales being completed
An out-of-state real estate licensee (who is licensed in another state) may enter Washington to engage in which real estate activity?
Commercial sales or leasing
A real estate agent from Oregon is involved in a commercial property transaction in Washington. The agent from Oregon must do all of the following EXCEPT:
Register with the Department of Licensing at least 20 days before engaging in brokerage activities
Broker Linda obtains a listing from a seller that she has never previously worked with. However, when she tells Mel, her designated broker, about it, Mel says that he's had bad dealings with that seller before and tells Linda to cancel the listing. Which
Linda must renounce the listing, because it belongs to the brokerage, not to her
In Washington, a person licensed to act on behalf of a real estate brokerage is called a/an:
Affiliated licensee
A Washington real estate broker takes a listing for a waterfront bungalow while working for Firm A. However, before a purchase agreement is signed, she terminates her affiliation and begins working for Firm B. Which of the following statements is true?
The listing belongs to the firm, and will remain with Firm A
A licensee hires another licensee, who works for the same firm, to be an assistant for negotiating and selling properties. The supervising licensee in this relationship must:
Be a managing broker
A licensee is considering an employment offer from a brokerage firm. The position would involve control over the firm's operational and financial decisions. The level of licensure required would be:
Managing broker, with a designated broker endorsement
A company that is organized as an LLC wants to represent clients in real estate transactions. Who must be licensed?
The company and a person with control over operational and financial decisions
Which of the following would be true regarding the designated broker for a real estate company? He must:
Have absolute supervisory responsibility for all brokerage activities
Which of the following qualifications is required for a licensee to be eligible to be a designated broker?
Control over the firm's operational and/or financial decisions
An individual can sell another's real estate without holding a valid real estate license if she is that other person's attorney in fact and acting without compensation?
True
The Attorney General is the legal advisor for the Director of the Department of Licensing?
True
The licensees who work for a real estate brokerage are referred to as associated licensees?
False
An individual who sells business opportunities, including good will, real property, inventory, and other business assets, is required to obtain a business opportunity endorsement to his real estate license?
False
Anyone who engages in the practice of negotiating the purchase, sale or exchange of a mobile home, in conjunction with the purchase or lease of land where the mobile home will be located, must hold a real estate license?
True
Someone who performs minor property management tasks for a landlord does not need a real estate license?
True
A real estate commissioner is required to be a licensed real estate agent with at least 3 years of experience in real estate sales or property management?
False
The Director of the Department of Licensing is an elected public official who serves a four-year term?
False
Real estate commissioners are appointed to their positions by the Director of the Department of Licensing?
False
The holder of a managing broker's license is authorized to act as a branch manager on behalf of a real estate firm?
True
To be qualified to take the managing broker's examination in Washington, an applicant must have:
Been licensed as a full time broker for at least three years within the five years preceding the application
To be eligible to take the real estate broker's exam, an applicant must have:
Completed a 60 clock hour course in Real Estate Fundamentals and 30 clock hours in Real Estate Practices
Which of the following is not a requirement for a broker's license in the state of Washington?
College diploma
Pamela would like to get a Washington broker's license. Which requirement must she meet?
Complete a course in Fundamentals
J passes the license exam on March 20. How much time does J have to apply for his license, before being required to retake the license examination?
12 months
A license applicant who passes the exam:
Must apply for a license within one year
Real estate license fees are put into the:
Real Estate Commission Account
An applicant passes the broker's examination. At what point can she legally begin selling real estate?
When the application is submitted to the Department of Licensing
L's broker's license is issued on October 16. L's license will expire at the end of:
2 years, on October 16
Licensees are required to keep the Director notified of changes in their:
Mailing address
Prior to a licensee's first license renewal, she must complete how many hours of education in courses approved by the Director?
90
If an agent fails to renew a license within one year after expiration, the license is considered:
Canceled
S's real estate license is inactive. This is because:
Her license has been delivered to the Director of the Department of Licensing
When does an active license become inactive?
When it is delivered to the Director for any reason
Which of the following is TRUE about the holder of an inactive license? This person:
May not perform any acts that require a real estate license
In Washington, an inactive licensee may:
Be an unlicensed assistant to a real estate licensee
Who needs to submit continuing education credits with each license renewal?
All active licensees
It is not necessary to complete 30 hours of continuing education in order to renew a/an:
Inactive license
At what minimum point must an inactive licensee take a 30 clock-hour course in order to reactivate her license?
3 years
There are additional education and experience requirements for a managing broker to become a designated broker?
False
A license applicant doesn't have to submit fingerprint identification if he hasn't committed a crime for more than 10 years?
False
A broker's application for a license can serve as an interim license for up to 45 days?
True
A licensee whose license is inactive is deemed to be unlicensed?
True
A designated broker must have the ability to control the operational and financial decisions of the firm?
True
If an individual license has been inactive for more than 3 years, she must take approved 30 hour course before she can activate the license?
True
The first license issued to an individual expires on the licensee's next birthday after it was issued?
False
If a licensee fails to renew the license by its renewal date, the license is automatically canceled?
False
To be eligible for a real estate license, a broker applicant must be at least 18 years of age, have a high school diploma or its equivalent, complete a 60 hour real estate fundamentals course and a 30 hours real estate practices course, and also pass the
True
If an applicant doesn't become licensed within one year after the exam date, he may have to pass the exam again in order to obtain a license?
True
In Washington, an agency relationship is created between a buyer's agent and the buyer when:
The agent preforms brokerage services for the buyers
Under Washington's real estate agency law, an agency relationship begins when a:
Licensee undertakes to provide real estate brokerage services to a principal
A real estate licensee would automatically enter into a buyer agency relationship when she:
Agrees to show the buyer another agent's listings
T represents J, a buyer. A week after J purchases a home, he decides to resell it. What role can T play in the resale transaction?
T could act as a dual agent for the two parties, or represent either of them
K, an agent for ABC Realty, lists M's home for sale. J, who also works for ABC Realty, writes an offer from the Zs to purchase M's home, which M accepts. Which of the following statements is NOT true?
K, J, and ABC Realty are all agents for the seller
Washington's Real Estate Brokerage Relationships Act:
Requires a pamphlet on agency relationships to be given to all parties before any written agreement
When making the required agency disclosure, a licensee must always:
Conduct herself in conformity with the agency disclosure she has made
The pamphlet on agency law:
Must be given to parties before a written agreement is signed
Which of the following regarding responsibilities of a licensee is NOT true?
The agency disclosure affirms that the licensee has made an independent inspection of the property
A licensee who knows that there's an encroachment on the seller's property is discussing the property with a buyer. Which of the following statements is true?
The licensee should mention the encroachment and tell the buyer to consult an attorney before making an offer on the property
What does the principle of vicarious liability refer to? A liability:
That arises from the acts or omissions of one's agent
An agent's knowledge, which is binding upon his principal because of the agency relationship between them, is known as:
Imputed knowledge
Branch manager K has a bookkeeper, who is a licensed real estate agent. K gives an earnest money check in the amount of $3,000 to the bookkeeper for deposit. The bookkeeper records it as a $1,000 deposit, and then deposits the balance of the earnest money
The designated broker, the branch manager, and the bookkeeper
A designated broker's supervisory duties do NOT include supervising:
Licensees affiliated with other brokerages in the same multiple listing service
A broker pays a desk fee each month and receives 100% of commissions. The broker commits an act that is grounds for disciplinary action. The designated broker could be subject to disciplinary action:
Because the designated broker is responsible for all of the firm's brokerage activities
A property manager handling a vacant building fails, for several months, to keep out vagrants who damage the property. Who is liable?
The property manager as well as the designated broker (for failing to properly supervise the licensee)
If a designated broker wishes to terminate an affiliated licensee, or an affiliated licensee wants to terminate employment with a brokerage, which of the following statements is true?
Either party may act unilaterally to end the relationship
Broker T explains to her designated broker that she is leaving the firm for a better opportunity with another brokerage. What must T's designated broker do?
Immediately send her license to the Director of the Department of Licensing
When a licensee is terminated, the date of termination is the:
Postmark date or the date the license is hand-delivered to the Department of Licensing
An affiliated licensee requests that her designated broker release her license and her listings so that she can open her own brokerage. The designated broker must surrender the license:
Immediately
H quits a broker position with XYZ Realty. When must H's designated broker return her license to the Director?
Immediately
A managing broker asks his brokerage firm to release his license and listings so he can form his own firm. The firm must:
Surrender the license immediately, but not the listings
In Washington, a property owner generally doesn't have vicarious liability for the harm caused by an act or omission of her real estate agent?
True
In Washington, the general rule is that a licensee who works with a buyer becomes the agent of that buyer?
True
A licensee owes a duty to inspect the property he has listed, regardless of the claims made by the property owner in the property disclosure statement?
False
When a brokerage terminates a licensees employment, the affiliation is formally terminated as soon as the Department of Licensing is notified online?
True
According to Washington real estate agency law (the Real Estate Brokerage Relationships Act), a buyer or seller is assumed to have imputed knowledge of facts known by his agent, unless he and his agent agreed otherwise in writing?
False
If the seller's agent and the buyer's agent in the same transaction are employed by the same brokerage, the firm becomes a dual agent?
True
The written disclosure about whom the licensee represents in a transaction must occur before anyone signs an offer in a transaction handled by the licensee?
True
If the seller pays the entire commission, compensating both the buyers agent and the listing agent, a dual agency will result?
False
It is not necessary to notify the Department of Licensing about the circumstances of a licensees termination, if she was terminated for a violation of the license law?
False
A brokerage office must have a sign:
That states the firm's name as it appears on its license
A licensee is about to change her business location. Which of the following should she do?
Surrender her license and apply for an updated license with the correct location
A dual-state brokerage firm doing business in Washington must:
Maintain a trust account in Washington if holding any funds in trust
Which of the following statements about a blind ad is true?
It fails to identify the advertiser as a real estate agent
A licensee, with permission from his designated broker, sets up his own subsection S corporation, which he calls M Team. He then rents a billboard and advertises a listing on it, using only the M Team name. Is this legal?
No, because ads must give the name of the firm
A group of affiliated licensees form a team, the XYZ Team, within the brokerage they work for (ABC Real Estate). ABC has a firm license, but XYZ does not. Whose name must appear in all the advertising of those affiliated licensees?
ABC Real Estate
An Internet website operated by a licensee displays the properties he has listed. The site must give the:
Brokerages licensed name
A firm licensed in Washington must store records at a licensed office in this state or at a central depository (for older records)?
True
A blind ad is any ad that does not reveal the true address of the property being advertised?
False
Real estate firms that are actively licensed in another state as well as in Washington must maintain an office in Washington?
False
A branch office license is required any time a real estate firm has full time sales activity in a model home within a particular subdivision or tract?
False
A real estate brokerage is allowed to operate two businesses out of the same office?
True
A real estate licensee can advertise property that she owns without disclosing the name of her brokerage?
True
In a multi branch real estate firm, the brokerage's license and the licenses of all of the company's affiliated licensees must be prominently displayed in the company's home office?
False
Every branch office is required to have a branch manager with a managing broker's license?
True
A firm cannot do business under any name other than the one on the original license for its main office?
False
A brokerage firm's trust accounts must be opened:
In the firm's name, and must be designated as trust accounts
A real estate agent took a $3,000 cash earnest money deposit on Friday morning. She had another appointment on Friday afternoon and didn't want to misplace the money over the weekend, so she deposited it into her personal bank account. First thing on Mond
Commingled funds
Which of the following would NOT be considered a nominal earnest money deposit, subject to the pooled interest-bearing account requirement?
$11,000 in the form of a cashier's check
Which of the following statements regarding pooled interest-bearing trust accounts is true?
Earnest money deposits over $10,000 can be placed in separate trust accounts
Which of the following is EXEMPT from the pooled interest-bearing account requirement?
Property management trust funds
In the course of business, a firm earns property management fees that are to be paid out of the trust account. The fees must be taken out of the account:
Monthly
Trust funds received by a designated broker must be deposited in a trust account no later than the first banking day after receipt (with certain exceptions for earnest money deposits)?
True
Trust accounts must be opened in the brokerage's name, as licensed, and they must be specifically designated as trust accounts?
True
Illegally mixing trust funds with personal funds is called conversion?
False
With the exception of property management trust accounts, a brokerage's trust accounts must be interest-bearing?
True
The license law requires brokerages to put all deposits of $10,000 or less into a pooled, interest-bearing trust account?
True
All property management trust accounts up to $10,000 must be placed in a pooled, interest-bearing trust account?
False
An agent can pay personal expenses from a trust account in an amount up to but not exceeding any sum owed to him by a client whose money he is holding in trust?
False
A brokerage may pay an affiliated licensee's share of commission directly out of the trust account?
False
Real estate transaction records should be kept for a minimum of:
3 years
Addenda to a purchase and sale agreement must be:
Kept in the brokerage's transaction file
A firm's transaction file should include all of the following, except:
The buyer's preapproval letter
If Licensee D works out of a home office, for how long is she required to maintain records of closed transactions?
Affiliated licensees are not required to maintain records of closed transactions
A real estate firm's records must be available for inspection:
On the Director's request
A brokerage manages a property. The property management records must be kept in:
A location where the firm is licensed to have an office
An affiliated licensee rarely works in the firm's main office. The records for the licensee's transactions must be kept in:
The firm's office
An affiliated licensee operates out of her home office. Where does a legible copy of each transaction's purchase and sale agreement need to be kept?
In the licensee's firm's office
A real estate agent sold a home for $275,000. Prior to closing, the agent's license was revoked on grounds of moral turpitude. With respect to his eligibility for the commission, which of the following statements is true?
He is eligible for the commission because he was duly licensed when the sale was made
A broker arranges a transaction while working for ABC Realty. Before the transaction closes, the broker's license becomes inactive. Which statement about the broker's commission is true?
ABC Realty can pay the commission to the broker
An affiliated licensee owns a wholly owned S corporation called "A Team." He instructs an escrow agent to issue a commission check directly to A Team. How has he violated the real estate license law?
Commissions can be paid to licensees only via their firm
Licensee A and Licensee B form a team working together within the brokerage that employs them. Licensee A is listed as the agent on a purchase and sale agreement, but it was Licensee B who negotiated the transaction. Which of the following is true?
Licensee B must receive payment (if any) from the brokerage
Broker Q is licensed under Designated Broker K. Q negotiated an unusually complex transaction that worked to the advantage of both the buyer and the seller. The buyer and seller agreed to pay Q a bonus for the services rendered. Q can accept the bonus fro
K
A broker may accept compensation for the services he provides in a given transaction from:
The broker's designated broker only
Clarence Johnson is the listing designated broker and Alison Takahashi is the selling designated broker. Broker Samantha, who works for Alison, procured the sale of the property. Who writes the check to Samantha for her commission?
Alison
A licensee writes a successful transaction while working for Designated Broker X. Before the transaction closes, though, the licensee starts working for Designated Broker B. How is the licensee's commission handled?
Designated Broker X may pay the commission to Designated Broker B, who will pay the licensee
When can an earnest money deposit be held by someone other than the firm that the check is made out to?
When both parties agree in writing
Who is ultimately responsible for the delivery of the earnest money?
Designated broker
Unless the purchase agreement or other contract states differently, an earnest money check given to a real estate licensee shall be made out to the:
A licensee's firm, as licensed
The selling agent must NOT accept a promissory note as an earnest money deposit:
Unless the purchase and sale agreement discloses that the deposit is a note
A broker can serve as a closing agent for a fee in the state of Washington, if the:
Broker is a licensed escrow officer
A licensee manages a property for one of her friends for a fee of $70 per month. Which of the following is true?
A written agreement is required between the licensee's firm and the property owner
According to Washington license law, a licensee who is acting as a property manager must give the owner a summary statement for all of the following, except:
Property condition
Q is a property manager. Q also owns a carpet cleaning company. Q's carpet cleaning company provides services for all of the properties managed by Q. This is permissible if Q:
Discloses the arrangement in writing to all affected property owners
A property manager would like to have his son perform maintenance duties on the managed property. The manager needs to provide all of the following to the owner, EXCEPT:
Proof that the son is a licensed and bonded contractor
When negotiating an offer, the licensee is prohibited from giving the buyer a copy of the offer before the seller has accepted it?
False
A real estate agent who wants to act as the closing agent in connection with his own transactions can do so, and he may charge an escrow fee, so long as it would not exceed fees charged by other closing agents for the same kind of transaction?
False
Earnest money in the form of a promissory note is valid consideration and may be treated as the equivalent of cash when preparing the purchase and sale agreement?
False
If the seller accepts an offer, the licensee must give the seller a copy of the signed purchase and sale agreement right away. But she does not have to promptly deliver the signed agreement to the buyer, because the buyer already has a copy of the agreeme
False
A brokerage can share a commission with any brokerage in the United States or Canada, with the brokerage's own affiliated licensees, and with licensees affiliated with any brokerage in the United States or Canada?
False
A property management agreement does not need to specify the property manager's compensation?
False
It is legal for a real estate brokerage providing property management services to also own a janitorial supply company that sells janitorial supplies for the buildings managed by the brokerage?
True
A purchase and sale agreement may be written to allow the broker to deposit the earnest money funds into a trust account within three days of receipt or mutual acceptance of the purchase and sale agreement?
True
A summary statement is a brief report on the property's financial status during a certain period of time, such as one month or one quarter?
True
All the documents relevant to a transaction, such as correspondence, a listing agreement, a purchase and sale agreement, and any modifications or addenda to agreements, should be kept in the transaction folder?
True
Under the Uniform Regulation of Business and Professions Act (URBPA), which of the following actions by a licensee would constitute unprofessional conduct?
Failure to provide a buyer with a completed property disclosure form
When a broker attempts to renew his license, he intentionally lists a 3-hour course twice in order to reach 30 hours. The Director can:
Charge him with misrepresentation in obtaining or reinstating a license and suspend the license
A seller obtained listing presentations from three different agents. The first one proposed a price of $700,000. The second one proposed a price of $800,000. The third agent didn't perform a CMA and simply set the price at $900,000. The property eventuall
Negligence
A licensee hires an unlicensed assistant. While the licensee is on a two-week vacation, the assistant helps negotiate contract addenda. The licensee could be disciplined under the Uniform Regulation of Business and Professions Act for:
Aiding and abetting unlicensed practice
Washington State's real estate agency law does not address which of the following?
Penalties for not disclosing agency status
A licensee would not be disciplined for:
Offering to advertise a property, for a fee, for a "For Sale by Owner" seller
Q falls behind on his child support payments. The matter is forwarded to the Director of the Department of Licensing. What action is available to the Director? She can:
Suspend Q's license
Z, a real estate licensee, has been certified by the Department of Social and Health Services as not in compliance with his court-ordered child support payments. What disciplinary action is available to the Director of the Department of Licensing?
Suspend Z's license
A licensee fails to attend a scheduled disciplinary hearing. What happens?
The hearing is held without the licensee present
If the licensee requests a hearing after receiving a statement of charges, the Director will order a hearing to be held. How much notice of this hearing must be given to the licensee, starting with the date of the statement of charges?
30 days notice
The Director may impose all of the following penalties on a licensee for violating the license law, EXCEPT:
Requiring licensee to pay for costs of formal hearing
S's license is temporarily suspended by the Director for a violation of the license law. S is also fined $500. The money collected as a result of the fine is:
Deposited in the real estate education account, to be used solely for education for the benefit of licensees
The Director of the Department of Licensing has revoked S's license. Which of the following is TRUE?
S must stop acting in the capacity of licensee as of the date S receives the order of revocation
The Director of the Department of Licensing has the authority to take which of the following disciplinary actions against a licensee?
Suspend a license
The cost of an appeal from a final decision made by the Director of the Department of Licensing in an adjudicative proceeding is paid by the:
Appellant
If, at the conclusion of a disciplinary hearing, the Director rules against a licensee and revokes her license, the licensee can appeal to the:
Superior court
As a result of a license disciplinary hearing, the Director revokes a broker's license. The broker decides to appeal. Which of the following statements is true?
The Director must prepare a certified copy of the hearing transcript at the licensees expense
When a licensee appeals the Director's disciplinary decision to the superior court, which of the following is true?
The sanctions imposed by the Director remain in effect throughout the appeals process
How many days does a licensee who has been disciplined by the Director have in which to appeal the decision?
30
In preparation for a licensee's appeal proceedings, the Director of the Department of Licensing prepares a full transcript of the original disciplinary hearing and, per the law, submits it to the court along with the cost to prepare the materials. Who is
Licensee/appellant
In a disciplinary action, the Director of the Department of Licensing can do any of the following, EXCEPT:
Award damages to individuals defrauded by real estate licensees
A licensee is a defendant in a civil suit stemming from real estate activities. When must the licensee notify the Real Estate Program Manager?
Within 20 days of learning of a verdict or judgement against her
A licensee is criminally charged for stealing prescription drugs on July 2. He tells his designated broker about the charges on July 5. Who must notify the Real Estate Program Manager?
The licensee must provide notice by July 22
At the conclusion of a disciplinary action, the Director orders the revocation of an agent's license. If the agent disputes the decision, he must file an appeal within 30 days?
True
After the appeal is filed, the license remain revoked during the appeal process?
True
When the Director's decision to revoke a license is received by the licensee, the licensee must stop performing any acts that require a license immediately?
True
The maximum fine the Director can impose on a licensee as a result of a disciplinary hearing is $10,000 for each offense?
False
Selling real estate without a license is a gross misdemeanor?
True
If a licensee is sued in connection with any of her real estate activities, she has 20 days from the date of a judgement against her to notify the Department of Licensing?
True
When the Director decides to schedule a disciplinary hearing regarding the activities of a licensee, the licensee is entitled to a minimum of 15 days written notice?
False
Although a disciplinary hearing is usually required before sanctions can be imposed on a licensee, under certain circumstances the Director can issue a cease and desist order before a hearing is held?
True
The Director has the power to file an action in superior court asking for a temporary injunction to stop an agent's continued violation of the license law?
True
Fines resulting from disciplinary actions go into the Real Estate Education Account?
True
When a real estate agent advertises his own property for sale, the advertisement must disclose?
The fact that the seller is a licensed real estate agent
The duties of the Director of the Department of Licensing include all of the following except?
Appointing the commissioners
Every applicant for a brokers license:
-Must provide fingerprint identification at the time of submitting an initial application
-Can work with an interim license for a maximum of 45 days
-Must have a job lined up before submitting the application for an active license
Glenn's brokers license was first issued on March 10, 2019, and his birthday is August 26. The expiration date for his license is:
March 10, 2021
Which of the following is NOT true of a brokerage's trust account?
A brokerage can maintain only one trust account
To pass the brokers license exam, an applicant must?
Score at least 70% on each portion of the exam
Which of the following persons would require a real estate license?
A person who arranges the sale of a business opportunity that includes the sale of a building
An unlicensed real estate assistant may do which of the following without a license?
Show units in an apartment building to prospective tenants
At what minimum point, following expiration, must an inactive licensee take a 30 clock hour course in order to reactivate her license?
3 years
When may a branch office be managed by someone with a broker's license?
Never
Betty allowed her real estate license to expire ten months ago. In order to engage in real estate activities, she must:
Pay a penalty in order to be able to renew her license
The selling agent is required to tell the buyer whom she is representing?
In writing before the buyer signs an offer to purchase
A brokerage can disburse funds directly from a trust account to pay?
A commission share owed to a cooperating brokerage
When a broker renews her license for the first time, she must submit proof of completion of?
-3o clock hours in real estate law
-A 30 clock hour course in advanced real estate practices
-The usual 30 hour continuing education requirement that includes a core course
Agent George is licensed in Oregon. If George wants to handle residential transactions in Washington, he will be required to?
Obtain a Washington real estate license
Which of the following persons is required to have a real estate license?
One who sells property for a family member and keeps a small percentage of the selling price as compensation
A designated broker may put her own funds into the firm's trust account?
None of the above
-If the client gives consent in writing
-In order to prevent the account from being overdrawn in case of a significant deficit
-For a maximum of 30 days
After it has been proved in a disciplinary hearing that the accused licensee has violated the license law, the Director decides to suspend her license. The suspension takes effect?
As soon as the licensee receives the Director's order
When an applicant has been notified that she has passed the broker's license exam, she may begin working as a real estate agent:
As soon as she submits her license application
Which of the following actions by a designated broker does not require a delegation agreement?
Hiring a new broker
An applicant would be most likely to apply for a managing broker's license because she:
Wanted to work as a branch office manager
An agent is supposed to give a $3,000 earnest money check to the escrow agent, but neglects to do so. When she realizes her error, what should she do?
Notify the principals
A civil judgement has been entered against a real estate licensee. The licensee is:
Required to notify the Department of Licensing within 20 days if the case involved the licensees real estate or business activities
A brokerage's transaction file should include all of the following, except?
The buyer's preapproval letter
A broker arranges a transaction. Before the transaction closes, the brokers license becomes inactive. What should the brokerage do with the broker's share of the commission?
Pay it to the broker
To become the designated broker for a real estate firm, an individual must:
Have the ability to control the operational and financial decisions of the firm
If an agent is one year late renewing, the license is considered?
Canceled
A licensee is criminally charged for stealing prescription drugs on July 2. He tells his brokerage about the charges on July 5. Who must notify the real estate program manager?
The licensee must provide notice by July 22