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Washington State Specific Real Estate Quick Test Exam with All the Answers., Exams of Real Estate Management

DeVry University - WashingtonReal Estate Management

Washington State Specific Real Estate Quick Test Exam with All the Answers. How long does a managing broker have to keep records of any real estate transaction? - Correct Ans: ✅3 years following the submission of records to the firm Within what time frame does the commission need to be notified of a broker's move to a different firm? - Correct Ans: ✅30 days, in writing

Typology: Exams

2024/2025

Available from 01/23/2025

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Washington State Specific Real Estate
Quick Test Exam with All the Answers.
1. How long does a managing broker have to keep records of any
real estate transaction? - Correct Ans: ✅3 years following the
submission of records to the firm
2. Within what time frame does the commission need to be notified
of a broker's move to a different firm? - Correct Ans: ✅30 days,
in writing
3. True or false: the commission budget is part of the state budget -
Correct Ans: ✅False
4. What's the maximum fine the commission may impose for a
violation ? - Correct Ans: ✅$1,000
5. How long do brokers have to notify the Real Estate Commission
that they've opened a trust account? - Correct Ans: ✅Within
one month
6. How long does a licensee have to remove ads after a sale or
expiration? - Correct Ans: ✅Ten days
7. Which government entity enforces Fair Housing Law? - Correct
Ans: ✅Washington Commission on Equal Opportunity
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Washington State Specific Real Estate

Quick Test Exam with All the Answers.

  1. How long does a managing broker have to keep records of any real estate transaction? - Correct Ans: ✅3 years following the submission of records to the firm
  2. Within what time frame does the commission need to be notified of a broker's move to a different firm? - Correct Ans: ✅30 days, in writing
  3. True or false: the commission budget is part of the state budget - Correct Ans: ✅False
  4. What's the maximum fine the commission may impose for a violation? - Correct Ans: ✅$1,
  5. How long do brokers have to notify the Real Estate Commission that they've opened a trust account? - Correct Ans: ✅Within one month
  6. How long does a licensee have to remove ads after a sale or expiration? - Correct Ans: ✅Ten days
  7. Which government entity enforces Fair Housing Law? - Correct Ans: ✅Washington Commission on Equal Opportunity
  1. Under BRRETA, adverse physical conditions must be disclosed if within what distance of the property? - Correct Ans: ✅One mile
  2. How long do managing brokers have to review contracts by independent contractors? - Correct Ans: ✅30 days
  3. Is dual agency legal in WA state? - Correct Ans: ✅Yes, with written consent from both parties
  4. Organization established by the commission to compensate people damaged through actions of a licensee - Correct Ans: ✅Real estate education and recovery fund
  5. What's the maximum payout one can receive from the recovery fund after all conventional avenues for compensation are exhausted? - Correct Ans: ✅$15K
  6. What's the maximum payout from the fund per licensee, regardless of how many people they've defrauded? - Correct Ans: ✅45K
  7. How often are fingerprint cards and background checks required of licensees? - Correct Ans: ✅Every 6 years
  1. How often does the commission meet per year? - Correct Ans: ✅4 times a year or at the call of the director
  2. Can director and their employees have an active license while employed by the department? - Correct Ans: ✅No, while employed with the department the director and employees who administer, regulate or enforce real estate law must relinquish interest in any real estate business regulated by this chapter. Licenses placed on inactive status until cessation of employment by the director
  3. Can licensees employed by a town, city or county hold active licenses? - Correct Ans: ✅Yes and their managing brokers aren't responsible for their transactions in behalf of their town, city or county employer
  4. What are requirements for a broker's license? - Correct Ans: ✅18+, high school diploma or equivalent, 90 hours of instruction in real estate within two years before applying for a license, pass the exam,
  5. Managing Broker's license requirements - Correct Ans: ✅18+, high school diploma or equivalent, 3 years of licensed real estate experience or equivalent in Washington or another state, pass exam, 90 hours of instruction -- at least 30 have to be clock hours.
  1. How long must a licensee be suspended before the Real Estate Commission posts said licensee's name on their website? - Correct Ans: ✅60 days
  2. What's the maximum fine for violating the Sherman Anti Trust Act? - Correct Ans: ✅$1,000,000 for individuals and $100,000,000 for corporations
  3. What act allowed homeowners the option of creating or submitting a plan for a homeowners association? - Correct Ans: ✅Washington Property Owners Association Act
  4. How much money can a community association have before fidelity insurance is purchased? - Correct Ans: ✅60K
  5. How often does a licensee need to renew their license? - Correct Ans: ✅Every 2 years by completing the minimum required 30 clock hours of instruction
  6. The holder of an inactive license is prohibited from conducting real estate brokerage services - Correct Ans: ✅True
  7. When must brokers deposit all funds into their firm's trust fund account in relation to a sale/transaction? - Correct Ans: ✅The next banking day following receipt of funds