Docsity
Log inSign up
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search Store documents

The best documents sold by students who completed their studies

Search through all study resources
Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

University Rankings

Discover the best universities in your country according to Docsity users

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

From our blog

Exams and Study
Go to the blog

Washington Real Estate Practices and License Unit 22 Exams with Answers, Exams of Real Estate Management

DeVry University - WashingtonReal Estate Management

A series of multiple-choice questions and answers related to washington real estate practices and licensing. It covers topics such as licensing requirements, broker responsibilities, fiduciary duties, and agency relationships. Designed to help individuals preparing for the washington real estate license unit 22 exam.

Typology: Exams

2024/2025

Available from 01/23/2025

Martin-Ray-1
Martin-Ray-1 🇺🇸

5

(8)

6.1K documents

1 / 58

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
1 | P a g e
Washington Advanced Real Estate
Practices and Washington Real Estate
License Unit 22 Exams with Answer
1. Which of the following is NOT required to be licensed when
practicing real estate activity?
A) An attorney-in-fact who is receiving compensation for
selling the principal's property
B) A person who drafted a Broker's Price Option for a client
C) A city employee finalizing an eminent domain seizure of
private property
D) A limited liability company who manages rental
properties for a fee - Correct Ans: ✅C) A city employee
finalizing an eminent domain seizure of private property
2. What information has to be included in a real estate
advertisement?
A) The price for the property being advertised
B) The listing agreement commission rate
C) The broker's email address
D) The firm's licensed or assumed business name - Correct
Ans: ✅D) The firm's licensed or assumed business name
3. All funds received by a broker on behalf of their principal must
be deposited into an escrow or trust account no later than
__________ following receipt of the funds.
A) the fifth banking day
B) the third working day
C) the next banking day
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15
pf16
pf17
pf18
pf19
pf1a
pf1b
pf1c
pf1d
pf1e
pf1f
pf20
pf21
pf22
pf23
pf24
pf25
pf26
pf27
pf28
pf29
pf2a
pf2b
pf2c
pf2d
pf2e
pf2f
pf30
pf31
pf32
pf33
pf34
pf35
pf36
pf37
pf38
pf39
pf3a

Partial preview of the text

Download Washington Real Estate Practices and License Unit 22 Exams with Answers and more Exams Real Estate Management in PDF only on Docsity!

Washington Advanced Real Estate

Practices and Washington Real Estate

License Unit 22 Exams with Answer

  1. Which of the following is NOT required to be licensed when practicing real estate activity? A) An attorney-in-fact who is receiving compensation for selling the principal's property B) A person who drafted a Broker's Price Option for a client C) A city employee finalizing an eminent domain seizure of private property D) A limited liability company who manages rental properties for a fee - Correct Ans: ✅C) A city employee finalizing an eminent domain seizure of private property
  2. What information has to be included in a real estate advertisement? A) The price for the property being advertised B) The listing agreement commission rate C) The broker's email address D) The firm's licensed or assumed business name - Correct Ans: ✅D) The firm's licensed or assumed business name
  3. All funds received by a broker on behalf of their principal must be deposited into an escrow or trust account no later than __________ following receipt of the funds. A) the fifth banking day B) the third working day C) the next banking day

D) one working day - Correct Ans: ✅C) the next banking day

  1. A licensee who is as an independent contractor: A) can have their income tax withholdings paid by the firm. B) is required to pay all income tax witholdings. C) is not required to pay an income tax. D) is required to pay only select portions of income tax witholdings. - Correct Ans: ✅B) is required to pay all income tax witholdings.
  2. An unlicensed assistant may NOT legally perform the following: A) Gather information for a CMA B) Schedule appointments to show listings C) Deliver documents D) Negotiate prices and terms - Correct Ans: ✅D) Negotiate prices and terms
  3. Julie is an unlicensed employee of Gary. Gary is a licensed real estate broker. Julie distributes door hangers on all the homes in a particular neighborhood and then makes follow-up solicitation calls to find Gary potential sellers or buyers. This activity by Julie is: A) unlawful for Julie, but not for Gary. B) an acceptable business practice. C) unlawful for Gary, but not Julie. D) unlawful for both Julie and Gary. - Correct Ans: ✅D) unlawful for both Julie and Gary.

C) Must be authorized by the designated broker D) Cannot hold an active contractor's license - Correct Ans: ✅B) Must hold a managing broker's license

  1. A branch office must be managed by a: A) sole proprietor designated broker. B) licensed personal assistant. C) branch manager. D) managing broker. - Correct Ans: ✅C) branch manager.
  2. One way a brokerage firm can outline what it expects of its brokers is by using: A) confidential information and privacy rooms. B) a policy and procedures manual. C) legal counsel. D) the DOL's mediation services. - Correct Ans: ✅B) a policy and procedures manual.
  3. A designated broker can be associated with how many brokerage firms at one time? A) There is no limit B) One C) Five D) Two - Correct Ans: ✅A) There is no limit
  4. When applying for a firm license, the Department of Licensing may reject a firm's name if it: A) is too similar to an existing brokerage firm. B) does not meet the minimum 10-character length.

C) will be used by franchisees. D) doesn't include "LLC," "Corp," or another legal entity designation. - Correct Ans: ✅A) is too similar to an existing brokerage firm.

  1. Which of the following is an unacceptable form of payment to an unlicensed assistant? A) Hourly rate B) Monthly salary C) Flat fee basis D) Commission - Correct Ans: ✅D) Commission
  2. All real estate transaction funds controlled by a licensee must be kept separate from: A) any Washington state depository. B) the licensee's own funds. C) funds controlled by the firm. D) the pooled interest-bearing account. - Correct Ans: ✅B) the licensee's own funds.
  3. A registered Washington real estate brokerage firm must have: A) at least one website or blog. B) at least one designated broker. C) an assumed business name or DBA. D) a branch office and a main office. - Correct Ans: ✅B) at least one designated broker.

A) A fiduciary B) An agent C) A broker D) A non-agent - Correct Ans: ✅D) A non-agent

  1. Which duty requires the agent to act in the interest of the principal? A) Obedience B) Loyalty C) Exclusivity D) Confidentiality - Correct Ans: ✅B) Loyalty
  2. Property Manager Jeff entered into a one-year property management agreement to manage John Klump's 96-unit Everett apartment complex. John is now dissatisfied with Jeff's management services, so Jeff and John agree to terminate the agreement three months prior to its expiration.
  3. The agency relationship was terminated by: A) unilateral discharge. B) mutual agreement. C) change in the law. D) death. - Correct Ans: ✅B) mutual agreement.
  4. Dean, the President of Fast Food Corporation, entered into a buyer agency agreement with agent Broker Brian. Dean informed Brian that it was very important to locate a suitable property within 90 days so he can open his newest fast food restaurant. After 60 days, Brian had not presented any properties to Dean. Because Dean is dissatisfied with Brian's

performance, he has decided to terminate his relationship with Brian.

  1. This is an example of termination by: A) unilateral discharge. B) change in the law. C) death. D) mutual agreement. - Correct Ans: ✅A) unilateral discharge.
  2. An __________ is created when the principal agrees to accept the previously unauthorized actions of the agent. A) implied agency B) agency by estoppel C) agency by ratification D) express agency - Correct Ans: ✅C) agency by ratification
  3. What is a broker required to give to anyone prior to entering into a contract for real estate brokerage services? A) A 10% discount coupon for new carpet installation B) Contact information for prior clients who will act as the broker's personal references C) A Law of Real Estate Agency pamphlet D) The telephone number to the DOL consumer information hotline - Correct Ans: ✅C) A Law of Real Estate Agency pamphlet
  4. A remedy which is NOT available in personal service contract disputes is A) unilateral discharge. B) termination by mutual agreement.

C) Loyalty D) Accounting - Correct Ans: ✅A) Care

  1. How does split agency or assigned agency fix the dual agency problem as it applies to two brokers of the same firm representing clients on different sides of a transaction? A) The agents are considered single agents and the firm is a dual agent B) The agents and the firm are all treated as single agents C) The agents are considered dual agents D) The agents and the firm are all treated as dual agents - Correct Ans: ✅A) The agents are considered single agents and the firm is a dual agent
  2. The most common agency relationship that a licensee has with the principal is as a A) special agent. B) general agent. C) secret agent. D) de facto agent. - Correct Ans: ✅A) special agent.
  3. A contract that employs one person to act on behalf of another person and to represent the interests of that person to third parties creates A) an agency. B) a fee simple defensible relationship. C) an owelty. D) a lis pendens if recorded in the time specified. - Correct Ans: ✅A) an agency.
  1. Which fiduciary duty remains even after the termination of the agency relationship? A) Disclosure B) Confidentiality C) Obedience D) Care - Correct Ans: ✅B) Confidentiality
  2. If a broker accepts an earnest money check made out to the broker, deposits it in their own checking account, and immediately transfers the funds to a clients' trust account, the broker is in violation of the the fiduciary duty of: A) Accounting B) Loyalty C) Obedience D) Disclosure - Correct Ans: ✅A) Accounting
  3. Which of these situations creates a dual agency? A) A licensee collecting compensation from both buyer and seller B) A licensee acting as an agent for their client and for their firm C) A licensee representing one buyer in a multiple-offer situation D) A licensee representing the seller and the buyer in a transaction - Correct Ans: ✅D) A licensee representing the seller and the buyer in a transaction
  4. Which of the following does NOT terminate an agency relationship? A) An implied agency.
  1. What is the main purpose of a buyer broker agreement? A) To comply with Revised Code of Washington (RCW) 18.86. B) To ensure the buyer's broker will earn a commission for his or her efforts C) To permit the broker to list and market the buyer's property D) To prevent the buyer from working with a competing brokerage firm - Correct Ans: ✅B) To ensure the buyer's broker will earn a commission for his or her efforts
  2. Which type of listing allows the seller to hire a number of brokers at the same time, but not necessarily have to pay any of them? A) Exclusive right to sell B) Open C) Net D) Exclusive agency - Correct Ans: ✅B) Open
  3. Jenny has toured several houses with her agent, Fred and they have found a house Jenny wants to purchase. What is Fred's next activity? A) Assist in closing the transaction B) Make sure that necessary inspections are performed C) Help Jenny evaluate whether she really wants the house D) Help Jenny determine an offer price - Correct Ans: ✅D) Help Jenny determine an offer price
  4. Which listing type is NOT legal in Washington?

A) Exclusive agency B) Net C) Exclusive right to sell D) Open - Correct Ans: ✅B) Net

  1. Which type of listing limits the seller to hiring one broker at a time and guarantees that if the property is sold, that broker will be paid a commission? A) Open B) Exclusive right to sell C) Net D) Exclusive agency - Correct Ans: ✅B) Exclusive right to sell
  2. Phil, as Jack's agent, has been searching through the database to locate properties matching Jack's specifications. Phil has located three to show Jack. After arranging for Jack to tour all three properties, what should Phil do next? A) Show Jack more properties B) Call each listing agent to see which seller will take less than asking price C) Prepare an offer to purchase for Jack D) Help Jack evaluate the properties - Correct Ans: ✅D) Help Jack evaluate the properties
  3. Through his real estate agent, Jeremy, Walter negotiated a $340,550 sales price with a seller. What is Jeremy's next step in the purchase process? A) Prepare a counter offer B) Prepare an offer to purchase

B) A clause that allows the seller to only receive offers from non-foreign buyers C) Authorization from the seller to place a sale sign and/or lock boxes on the property D) A carryover clause that ensures a commission is earned if the property sells shortly after the listing expires - Correct Ans: ✅B) A clause that allows the seller to only receive offers from non-foreign buyers

  1. When trying to solicit a listing from a property owner, a broker tells the owner that he can get at least $10,000 more for the property than any other broker could. What is this unethical practice called? A) Buying the listing B) Sales and marketing C) Brokerage buyout D) Puffing - Correct Ans: ✅A) Buying the listing
  2. The amount of commission on a real estate transaction is: A) determined by the federal Truth in Lending Law. B) agreed to between the designated broker and the seller. C) specified by the National Association of REALTORS®. D) always 8% of the selling price. - Correct Ans: ✅B) agreed to between the designated broker and the seller.
  3. Which of the following statements about listing agreements for residential properties is NOT correct? A) The listing agreement must be in writing to be enforceable

B) All listing agreements must contain a definite termination date C) A legible copy of the signed listing agreement must be given to the client D) The listing agreement is a contract for the sale of real estate - Correct Ans: ✅D) The listing agreement is a contract for the sale of real estate

  1. When a client asks for referrals, how should the real estate agent respond? A) Recommend only their favorite inspector B) Offer no referrals and remind the client that it is against the law for an agent to offer referrals. C) Suggest two or three inspectors and let the client decide between them D) Randomly pick an inspector from a list of inspectors found on the internet - Correct Ans: ✅C) Suggest two or three inspectors and let the client decide between them
  2. When specifying who must act, which contingency is drafted correctly? A) The buyer may have the property inspected within a week after this agreement is signed B) A professional inspector will inspect the property within a week after this agreement is signed C) The property will be professionally inspected within a week after this agreement is signed D) The property may be professionally inspected within a week after this agreement is signed - Correct Ans: ✅A) The buyer may have the property inspected within a week after this agreement is signed

D) The condition can be voided, waived, or redefined - Correct Ans: ✅C) The transaction can be voided, the condition waived, or the agreement redefined

  1. The Statute of Frauds is the law that: A) Requires real estate contracts to be in writing in order for them to be valid B) Mandates seller disclosure C) Forbids licensees from misrepresenting property details D) Requires that all material facts be verified by the real estate agent - Correct Ans: ✅A) Requires real estate contracts to be in writing in order for them to be valid
  2. What is the maximum penalty for violation of the lead- based paint disclosure law? A) A fine, at least five years in prison, and trebel damages B) A fine, and five times the damages sustained C) A fine, plus one year in prison, and up to three times the damages sustained D) A fine, and real estate license revocation - Correct Ans: ✅C) A fine, plus one year in prison, and up to three times the damages sustained
  3. This agreement is for an office space where the tenant pays a fixed amount of rent to the landlord, along with some additional operating costs. A) Variable lease B) Gross lease C) Net lease D) Graduated lease - Correct Ans: ✅C) Net lease
  1. Seller Sam listed his property for $479,000. Buyer Bruce tendered an offer for the property through his agent, Broker Betty. Bruce's offer was an all-cash offer for $479,000 to close in 20 days. Sam was ecstatic and immediately agreed to the offer, but changed the closing to 23 days. Sam's offer would best be described as: A) an addendum. B) a counter offer. C) a minor adjustment. D) an amendment. - Correct Ans: ✅B) a counter offer.
  2. Words and phrases, such as "subject to," "on the condition that," and "unless," indicate that the contract term is A) a contingency clause. B) a time is of the essence clause. C) an appendix. D) an addendum. - Correct Ans: ✅A) a contingency clause.
  3. What changes a buyer's condition into an affirmative duty? A) Making an earnest money deposit B) The ripening of the condition C) When the condition cannot be met because the seller is blocking performance D) The event specified in the condition has not yet happened - Correct Ans: ✅B) The ripening of the condition