do so without needing to retest within how long after

Real Estate Law(WA) Flashcards A person who wants to reinstate a real estate license may do so without needing to retest within how long after cancellation of the license for nonpayment of the renewal fee?

• years

A licensee must:-Keep the Director informed of his current mailing

address.-Regardless of any pending appeal, notify the Real Estate Program within 20 days after service or knowledge

of:--any criminal complaint, information, indictment or

conviction (including a plea of guilty or nolo contendere) in which the licensee is named as a defendant; or--entry of a civil court order, verdict or judgment against the licensee involving any real estate- or business-related activity by the licensee.-upon demand, disclose any information or produce any document, book or record in his possession for inspection by the Director or his representatives.Human Rights CommissionEnsures that persons are not discriminated against in residential real estate transactions In Washington, an out-of-state licensee who does not also hold a Washington license may render licensed services for commercial real estate (i.e., any real estate other than real estate containing one to four residential units) only if he does so under a written cooperation agreement with a licensed Washington designated broker who holds an active managing broker's license. The agreement must

include:

-the terms of cooperation.-oversight by the Washington broker.-compensation.-a statement that the out-of-state licensee and its agents will agree to adhere to Washington laws.Inactive LicenseWhenever a license is returned to the Director, it becomes an inactive license. A person holding an inactive license cannot conduct real estate brokerage services. However, he is subject to denial, suspension, or revocation of the license as a penalty for violation of the real estate law.A broker's price opinion:Is an oral or written report of property value by a real estate licensee After the license becomes inactive, the licensee may apply

and pay a fee to:

-have a new active license issued for the unexpired term of his license.-renew the license as an inactive license, without any continuing education.-have a new active license issued within one year after placing the license on inactive status and renewing it as an inactive license, showing completion of continuing education requirements.-have a new active license issued more than three years after the license had been made inactive, in which case he must complete an approved 30-hour real

estate course within the 12 months prior to applying for an active license.An affiliated licensee (i.e., a broker or managing broker) must deliver or transmit complete copies of all transaction records and brokerage agreements and must physically deliver all funds, negotiable instruments or items of value to the appropriate managing broker, branch manager or

designated broker:

-within two business days (i.e., days other than Saturdays, Sundays or legal holidays); or-sooner, if the terms of the client/customer contract necessitate quicker delivery.

Late RenewalA renewal application may be submitted up to one year after the expiration date by paying an additional penalty fee($100). After one year, the license is canceled.A heightened degree of supervision includes a review of the licensee's brokerage service contracts and documents within five business days of mutual acceptance.- Department of Financial InstitutionsRegulates mortgage brokers and companies, consumer lending companies, and escrow companies Continuing Education/Renewal-A minimum of 15 clock hours must be completed within 24 months of the licensee's current renewal date (i.e., up to 15 clock hours of instruction in excess of the 30 clock hours submitted for one license renewal may be used for credit for the next renewal).-At least three of the 15 hours completed within the current renewal period must be in "current issues in Washington real estate" (residential, commercial or property management), either as a separate course or within another course.A broker's responsibilities include:-following licensing laws and rules regarding:--safe handling of customer/client funds and property;--timely delivery of transaction documents, brokerage service contracts, and customer/client funds or property;--proper and legal advertising; and--modifying or terminating brokerage service contracts on behalf of the firm.-following the written policy on the referral of home inspectors.-delivering transaction documents and brokerage service contracts to the designated broker or delegated managing brokerwithin two business days of mutual acceptance.Rule for RE licensing:The rules and regulations relating to real estate licensees are created by the Director of the Department of Licensing (the Director), with the advice and approval of the Real Estate Commission. They provide specific criteria for adhering to the standards set in the statute. Although not actually law, these rules have the same force and effect as the law. A violation of a rule is a violation of the law.Hearings and AppealsIf no hearing is requested, the Director may enter a decision based on the available facts. If a hearing is requested, the time of the hearing must be fixed as soon as convenient, but no earlier than 30 days after service of charges unless a summary suspension or summary restriction has been issued.*The order takes effect immediately upon being served, but the licensee may, within 10 days of the service of a final order, file a petition for reconsideration or stay.*Within 30 days from the date of the Director's decision, the licensee may appeal in the

Superior Court by filing with the court clerk a $1,000 cash bond to the State of Washington to pay all costs that may be awarded against him if he loses.Renewal-An individual's real estate license first issued before July 1, 2010, expires on the licensee's birthday every two years.An individual license issued after June 30, 2010, expires every two years on the date of issuance.-A fingerprint card and background check is required for every active renewal every six years.If the law or rules are violated, the Director may:-suspend or revoke the violator's license.-deny an initial or renewal license application.-fine a violator up to $5,000 per violation.