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WA State RE Compucram Exam
Redone to Meet Your Study’s Needs.
Robyn has been a broker for many years. In her current two-year license period, she completes 45 hours of continuing education. For the next two-year license period, she may carry over a maximum of
__________ of the 45 hours. - Correct: ✅ 15
Nick lives in Utah but he would like to earn a Washington broker's license. If he has had an active license in Utah in the previous six
months, he will need to take and pass __________. - Correct:
✅Only pass the Washington State portion of the exam
Designated broker Suzanna receives a $20,000 earnest money check from a seller. The check must be deposited in __________. -
Correct: ✅A federally insured financial institution that provides service in Washington State.
-Real estate trust accounts must be deposited with a federally insured financial institution that services Washington State.
A residential property is listed for sale with a real estate firm. The
firm's compensation __________. - Correct: ✅May be based on the purchase price without breaching any duty owed to the buyer or the seller.
-firm may receive compensation based on the purchase price without breaching any duty to the buyer or seller.
Listing agent Cindy received an offer from Greg, a buyer's agent in the same firm. What part of the Agency Disclosure Statement would Cindy and Greg fill out?
a. section I
b. section II
c. section III
d. section IV - Correct: ✅b. section II
-A transaction involving two brokers is a section I transaction. An in- company transaction is a Section II type. A transaction where one licensee is selling his own listing would require filling out Section III. There is no section IV.
Before acting in a dual agency capacity, the brokerage must obtain the approval to represent both parties to the transaction by obtaining both clients' signatures on the Agency Disclosure
Statement. What notice must be included on the form? - Correct:
✅the brokerage may not share confidential information with either client about the other
-The state-required Agency Disclosure Statement lists a number of items that a brokerage in dual agency may and may not do or say, including a provision that the brokerage may not disclose information that is confidential or may have an adverse effect on one
puts a fresh coat of paint on the property, and then sells it for
considerably more. What has David done? - Correct: ✅Self-Dealing
-Self-dealing or making a secret profit violates the law. The agent must disclose his or her interest as soon as possible.
One reason licensees must provide disclosures up front to
prospective clients is to avoid unintended or undisclosed - Correct:
✅fiduciary relationship
Guarantee Fund - Correct: ✅Set up to reimburse members of the public who suffer an actual financial loss due to the unlawful behavior of a licensee.
Renewal Fees - Correct: ✅These are paid by licensees are used to cover the budget of the Real Estate Commission.
Fines - Correct: ✅These are paid by licensees and go to the general fund of the State
Escrow Funds - Correct: ✅Earnest money deposits for purchase of residential and commercial property and security deposits for rental of residential and commercial property.
Glenda is taking real estate classes and her sponsoring broker wants her to 'get her feet wet' so to speak. The broker invites her to a
listing appointment where she can do a presentation for the seller. Is this a permissible activity?
a. yes, assistants can do the same thing as sales persons
b. yes, listing are different from sales
c. no, not until Glenda gets her license - Correct: ✅c. no, not until Glenda gets her license
-No one can list, sell, lease, or negotiate in the real estate of others without a license.
The license law defines which of the following as a "sole proprietorship, partnership, limited liability partnership, corporation, limited liability company, or other legally recognized business entity conducting real estate brokerage services in Washington State?"
a. Managing broker
b. RE firm
c. RE entity
d. broker - Correct: ✅b. RE firm
-"Real estate firm," or simply "firm," means a sole proprietorship, partnership, limited liability partnership, corporation, limited liability company, or other legally recognized business entity conducting real estate brokerage services in Washington State and licensed by the Department of Licensing as a real estate firm.
Genevieve is a designated broker. For how many firms is she
permitted to serve as a designated broker? - Correct: ✅unlimited
Which of the following individuals would NOT need a real estate
license? - Correct: ✅A duly authorized attorney in fact acting under power of attorney w/out compensation
Roxie is an assistant to Cecil, a broker. Roxie submits a change to the multiple listing service on one of Cecil's listings. This means Roxie is __________.
a. an unlicensed assistant
b. a licensed assistant
c. neither
d. either an unlicensed assistant or a licensed assistant - Correct:
✅d. either an unlicensed assistant or a licensed assistant
-Either a licensed or an unlicensed assistant may submit changes to the multiple listing service.
Is an unlicensed assistant allowed to record and deposit earnest money?
a. yes
b. no - Correct: ✅yes
-Unlicensed assistants may record and deposit earnest money and security deposits.
Sylvia is an unlicensed assistant working for a property manager.
Which one of these tasks is legal for her to perform? - Correct:
✅execute lease agreements.
-Unlicensed assistants may execute lease agreements. They may not hold trust funds or market themselves as property managers.
The Washington license law changed in 2010. One of the changes
resulted in _______. - Correct: ✅a salesperson license becoming a brokers license
-A salesperson's license became a broker's license. The associate broker, branch manager, and designated broker licenses all became managing broker licenses.
Broker Mike asks his assistant Dawn to check on the progress of his buyer's loan. Is Dawn permitted to do this if she is unlicensed? -
Correct: ✅yes unlicensed assistants may check on the progress of a buyers loan
-Unlicensed assistants may check on the progress of a loan.
A seller tells the listing agent that "when it rains, a little trickle happens in the basement." The listing agent writes in the ad,
Written Listing Contract - Correct: ✅A contract between a broker and an owner in which the owner grants to the broker the right to find a purchaser for a designated property.
Broker Vince tells a home buyer that "there's no way this basement will flood" even though he knows that the home's basement has experienced flooding recently and that flooding basements is common on the home's street. The Director of the Real Estate
Commission __________. - Correct: ✅May sanction/fine Vince
Landlord Ken would like to enter a tenant's apartment so that he can replace the furnace filter. Before entering the apartment, Ken must
give the tenant at least __________. - Correct: ✅2 days of written notice
In the state of WA unlicensed assistants may not.......
(7) - Correct: ✅1. Show properties, answer questions, or interpret information about the property, price, or condition
- Interpret information about listings titles, financing, contracts, closing, or other information relating to a transaction
- Fill in legal forms but may only write words dictated by the property owner, designated broker, or managing broker
- Negotiate price or terms
- Hold or distribute trust funds
- Perform any act with the intent to circumvent, or which results in the circumvention of real estate licensing laws
- Advertise that they are engaged in the property management business
Licensees must submit their transaction documents to their designated broker, branch manager, or delegated managing broker
within __________ of mutual acceptance. - Correct: ✅2 business days
-Designated brokers must ensure that affiliated licensees submit their transaction documents to their designated broker, branch manager, or delegated managing broker within two business days of mutual acceptance.
Property manager Josephine rents an apartment to three sisters, each of whom signs the lease. Josephine must give a copy of the
lease to __________. - Correct: ✅all 3 sisters
A broker's real estate license may be suspended for __________. -
Correct: ✅defaulting on a federally guaranteed education loan
How soon after receipt must rent be deposited in a trust account?
a. 10 business days
b. w/in 48 hours
c. before the end of the month
d. the next business day - Correct: ✅b. w/in 48 hours
-As with other trust funds, rental receipts must be deposited in a trust account within 48 hours of receipt.
Which of the following is legal in property management?
(think trust accounts) - Correct: ✅depositing a security deposit into a non-interest bearing trust account
-Trust bank accounts for property management transactions are exempt from the interest-bearing requirement.
A real estate licensee must not perform property management
without __________. - Correct: ✅approval of the designated broker
-The designated broker has responsibility for all of the licensee's real estate activities including property management.
To be in compliance with the "one click away" policy, where should the name of a licensee's broker, contact information, and license
status appear? - Correct: ✅on the licensees main profile page which is linked in the ad
-A licensee is in compliance with the "one click away" policy if the required information appears no more than one click away from the advertisement. The information is not required in personal correspondence.
As a broker, what is one drawback to accepting a dual agency situation?
a. lack of control
b. increased risk - Correct: ✅b. increased risk
-Dual agency situations increase the risk for brokers.
Dual agency in Washington requires a listing agreement and a
a. primary client form
b. separate buyer agency agreement
c. non-agency agreement
d. subagency agreement - Correct: ✅b. separate buyer agency agreement
-Dual agency requires separate agency agreements with both the buyer and the seller.
(d) Providing information about a rental unit, a lease, an application for lease, or a security deposit and rental amounts to any prospective tenant; or
Disciplinary action—Order—Appeal - Correct: ✅-In such event the director shall enter an order to that effect and shall file the same in the director's office and immediately mail a copy to the affected party at the address of record with the department.
-Upon instituting appeal in the superior court, the appellant shall give a cash bond to the state of Washington, which bond shall be filed with the clerk of the court, in the sum of one thousand dollars to be approved by the judge of said court, conditioned to pay all costs that may be awarded against an appellant in the event of an adverse decision, the bond and notice to be filed within thirty days from the date of the director's decision.
-The appellant is notified of the filing of the transcript and the cost thereof and shall within fifteen days thereafter pay the cost of said transcript. If the cost is not paid in full within fifteen days the appeal is dismissed.
Dual agency in Washington requires __________. - Correct:
✅separate agency agreements w/ both the buyer and seller
In Washington, an agency relationship is created under a written agreement between __________ and a buyer and/or seller relating to the performance of real estate brokerage services.
a. RE firm
b. broker
c. an associate broker
d. a salesperson - Correct: ✅a. RE firm
-The agreement is between a buyer and/or seller and a real estate firm.
While you are on floor time, a buyer asks you to run the MLS and let him know what's available. You tell him that you need to ask him some questions in order to know what price range he's in, and he agrees. You pre-qualify him yourself and pull up a number of listings. You schedule some showings, and sell him a home that weekend.
The law requires you to - Correct: ✅give the client a consumer guide to agency relationship, which outlines you're brokerage policy, before you start working w/ him as a client
-The Consumer Guide and summary of company policy must be given to a client before you start working with him. The buyer could go to a lender for pre-approval while you are working with him. If you ask any financial questions before you show homes, then you must give the disclosure prior to asking those questions.
A consumer guide to agency relationships form must be provided for all of the following except
A real estate licensee must not perform property management
without __________. - Correct: ✅approval from licensee's broker
-The designated broker has responsibility for all of the licensee's real estate activities including property management.
How soon after receipt must rent be deposited in a trust account?
a. w/in 48 hours
b. before the end of the month
c. w/in one business day
d. w/in 10 business days - Correct: ✅a. w/in 48 hours
-As with other trust funds, rental receipts must be deposited in a trust account within 48 hours of receipt.
Legacy - Correct: ✅Receiving money by will.
Habendum Clause - Correct: ✅Clause included after granting clause in many deeds; begins 'to have and to hold,' describing the type of estate granted.
Probate - Correct: ✅A judicial proceeding in which the validity of a will is established and the executor is authorized to distribute the
estate property; or, when there is no valid will, a judicial proceeding in which an administrator is appointed to distribute the estate to heirs according to the laws of intestate succession.
A tax levied upon the sales price of an automobile would termed a:
a. acceleration tax
b. ad valroem tax
c. flat rate tax
d. hypothecation tax - Correct: ✅b. ad valroem tax
-The term Ad Valorem refers to the Latin word meaning "according to valuation". A sales tax would be a prime example of an Ad Valorem tax based upon the sale price of either an automobile or real property.
A buyer insists that a seller sign a document that states there are no unrecorded liens against the property and that the seller is the rightful and lawful owner. The buyer would ask the seller to sign:
a. property disclosure statement
b. agency disclosure statement
c. hypothecation clause
d. affidavit of title - Correct: ✅d. affidavit of title
