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WA State Brokers Exam with Verified
Questions and Answers.
- What happens to the interest earned on pooled Washington trust
accounts? - Answers: ✅The Washington State Treasurer's Office gets it
- Jon, a Washington managing broker, received an earnest money deposit check on Saturday. Which of the following statements best represents how Jon should handle this check after the offer's accepted? - Answers: ✅Jon must deposit this check into the firm's trust account no later than the next banking day.
- If a broker violates a Washington real estate law, and it's found that the managing broker didn't adequately supervise the broker, who may be held legally liable? - Answers: ✅Both the broker and managing broker
- Washington requires that real estate companies keep current transactional and trust account records in a specific location. Where must companies keep these records? - Answers: ✅At the office address identified as the primary license location
- In Washington, the buyer usually pays for which of the following
title insurance policies? - Answers: ✅Lender's title insurance
- What passing score must a candidate achieve on the Washington
broker's exam? - Answers: ✅ 70
- After completing the required coursework, a candidate has ______ year(s) to complete the Washington broker's exam. - Answers: ✅Two
- Accepting any ______ compensation is illegal in Washington. -
Answers: ✅Undisclosed
- Per Washington regulations, what's the primary function of a
property management accounting system? - Answers: ✅Document cash in and cash out
- What kind of research does WCRER perform? - Answers:
✅Affordable housing
- What's the best way to create an agency relationship in
Washington? - Answers: ✅Written agreement
- What's the term for a charge that either party has to pay at
closing for a Washington real estate transaction? - Answers: ✅Debit
- In Washington, designated brokers must ensure that all contracts are submitted for recordkeeping at the brokerage no more than ______ days after the parties sign the contract. - Answers: ✅Two
- In Washington, compensation from more than one party in a
single transaction is allowed if the broker ______. - Answers: ✅Discloses it to all parties in writing
- Selena is a buyer who hasn't signed a representation agreement with anyone. Before Howie, a Washington broker, shows Selena a property for sale, he discloses that he represents the seller. Howie then shows Selena several properties his brokerage has listed. Who is Howie's client? - Answers: ✅The seller
- What must a Washington real estate company establish in
order to keep track of trust accounts' accrued interest? - Answers: ✅A ledger titled "Housing Trust Account Interest"
- The primary purpose of the Real Estate Settlement Procedures
Act is to ensure that Washington buyers ______. - Answers: ✅Know all settlement costs up front
- 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? - Answers: ✅Joy must be affiliated with an actively licensed firm to apply for her license.
- What disciplinary action will occur if a Washington broker
disregards a child support order? - Answers: ✅License suspension
- When may a licensee receive compensation in Washington based on an appraisal result at or above a specific prearranged price? - Answers: ✅It's illegal in all circumstances.
- How is the Washington managing broker's exam presented? -
Answers: ✅As a simulation-based exam
- In Washington, which agency is authorized to disseminate and
enforce real estate licensing laws? - Answers: ✅Department of Licensing
- 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 she entitled to receive from payors other than her brokerage firm? - Answers: ✅All compensation must be paid through her broker
- With which entity is Washington's DOL director partnered in
order to create a real estate research center? - Answers: ✅The Runstad Center for Real Estate Studies
- 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
- 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? - Answers: ✅A similar license in good standing from another state
- In addition to passing a licensing exam and providing background qualifications and a credit report, Washington escrow agents must provide proof that they hold what type of insurance policy? - Answers: ✅Errors and omissions
- If a property management trust account in Washington bears
interest, to whom must the interest be distributed? - Answers: ✅The property owner
- In Washington, which agency is responsible for approving real
estate schools and education? - Answers: ✅Department of Licensing
- 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? - Answers: ✅Undisclosed dual agency
- After a Washington lease agreement expires and a tenant vacates the property, leaving it in good condition, how long does
the landlord have to return the security deposit? - Answers: ✅ 21 days
- Which of the following is a reason that a proposed real estate company name may be rejected by the Washington State Department of Licensing? - Answers: ✅The name implies affiliation with the government.
- Branch managers in Washington can supervise licensees and review their contracts if these duties are ______ by the designated broker. - Answers: ✅Delegated
- Which document is signed and agreed to at closing and reconciles what the final financial obligations are for both the buyer and seller? - Answers: ✅Closing statement
- In Washington, a designated broker ______. - Answers:
✅Holds a managing broker's license with a special DOL endorsement
- Cheryl Ann received a summary judgment from the DOL because she did not ______ within 20 days of receiving notice of a DOL investigation - Answers: ✅Request a hearing
- How often is the Washington Commission required to meet? -
Answers: ✅Four times a year
- What's the minimum financial penalty that can be imposed for
a violation of licensing law in Washington? - Answers: ✅No minimum
- Karen would like to sell her own home. What's the minimum
real estate license she must possess? - Answers: ✅None
- Which of the following factors related to the property purchased will have the greatest impact on closing costs? - Answers: ✅Sales price
- Which of the following do a Washington broker, managing broker, designated broker, and real estate firm have in common? - Answers: ✅Each is considered a licensee.
- Renee received notice of a complaint and investigation against her. She requests and agrees to a stipulated disposition. What does this mean in Washington? - Answers: ✅The hearing process won't take place, and Renee will accept the director's sanctions as outlined to her.
- Who's legally responsible for informing the Washington State
Department of Licensing if a real estate firm moves? - Answers: ✅Designated broker
- 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 for a few days before paying the developer. Which answer correctly identifies the violation(s) Jill has committed? - Answers: ✅Commingling and conversion
- Even without delegated authority from a designated broker, what is a Washington branch manager authorized to do relative to employed licensees? - Answers: ✅Hire
- What is the maximum amount of time that can elapse between completing the required coursework and applying for a Washington broker's license? - Answers: ✅Two years
- In Washington, what agency role involves a licensee working on
behalf of another agent's principal? - Answers: ✅Subagent
- In addition to the firm's physical location, which of the following addresses must be identified on the Washington firm license application? - Answers: ✅Bank holding the firm's trust account
- Martha, a Washington DOL staff member, worked diligently to gather evidence during the investigation phase of a disciplinary action. Can the director appoint her as the presiding officer for the hearing? - Answers: ✅No, because she participated in the investigation.
- Who is most likely to sue a property manager for mishandling
of funds, breach of contract, fraud, or theft? - Answers: ✅Owner
- What Washington document typically outlines the method and
amount of payment to the listing brokerage firm? - Answers: ✅The listing agreement
- For which of the following expenses will a lender most likely
require reserves? - Answers: ✅Homeowner's insurance and real estate taxes
- At the conclusion of a brief hearing in Washington, how are
parties informed of the presiding officer's decision? - Answers: ✅A written initial order will be served on both parties within 10 days of the hearing
- If Washington's director determines that a complaint has merit,
must the DOL launch an investigation? - Answers: ✅No. The director may determine that the violation isn't severe or doesn't pose a danger to consumers.
- Carmine met with a seller and left with a signed agency agreement. Before she submitted it to her managing broker, the client called and asked her to cancel it. She tore it up. Did Carmine act outside the scope of her authority? - Answers: ✅Yes. Carmine was acting as a sub-agent of her managing broker, and the agreement was between the firm and the seller.
- The Washington DOL director has reason to believe that a firm is in violation of licensing law. Can the director initiate a complaint for investigation? - Answers: ✅Yes. The director can initiate a complaint and begin the investigation process.
- In addition to or in lieu of print records, Washington real estate companies may also keep electronic records locally or ______. - Answers: ✅On remote devices
- How many members serve on the Washington Real Estate
Commission? - Answers: ✅Six
- Trinity's firm is thinking of storing some of its records electronically in order to conserve space. Which of the following statements is true? - Answers: ✅Records stored electronically must be indexed and available for immediate online viewing or printing.
- Richard is a member of the Washington Real Estate Commission. His primary role is to provide advice and support to the ______. - Answers: ✅Director of the DOL
- Which of the following actions would be considered
unprofessional conduct in Washington? - Answers: ✅Letting your clients believe you're a distressed property expert when you aren't.
- You call the closing agent at the title company to make arrangements for tomorrow's closing. As you're ending the call you say, "You know, I've been using your company quite frequently lately! I heard you guys have box seats at the arena; any chance I could get tickets?" The closing agent hesitates, but then quickly gets off the phone. You don't ever actually get any tickets, so why did you receive a letter of disciplinary inquiry from the DOL? - Answers: ✅You asked for a gift from a title company, even though the gift wasn't ever actually received.
- How does a property owner permit a property manager to
collect rents in Washington? - Answers: ✅By written authorization in a management agreement
- Shannon just helped Linda sell her property in northern Washington. When agency between Shannon and Linda terminates, can Shannon disclose confidential information that Shannon learned while Linda was a client? - Answers: ✅No, because an agent's duty of confidentiality never ends.
- Kennedy, a Washington broker, tends to be rather informal about her real estate business. Her daughter's teacher, Matthew, tells Kennedy that he'd like her help selling his house. Kennedy tells Matthew she'll perform all the tasks she'd perform for any listing, though she has no written agency agreement with Matthew. Do Matthew and Kennedy have a legal agreement? - Answers: ✅Yes. Express agreements may be verbal or written
- Designated brokers are required to cooperate with the Washington State Department of Licensing in any audits or ______. - Answers: ✅Investigations
- 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? - Answers: ✅Trent owes his loyalty to the seller.
