Washington State portion real estate exam Flashcards

Washington State portion (real estate exam) Flashcards What must a Washington designated broker do with a trust account every month?Close it if there are no active transactions.Perform reconciliation of the bank account statements.Send a copy of the bank statement to the Washington state treasurer.Use the interest to pay the account service fees.Perform a reconciliation of the bank account statements.Juanita holds an active broker's license in a state that has a written recognition agreement with Washington. She's worked as a managing broker for several years. Her license is in good standing. She moves to Washington.Which of the following is correct?She's eligible for a broker's license.She's eligible for a managing broker's license.She's eligible to take a 30-hour Washington course and then get her broker's license.She's eligible to take the state exam.She's eligible to take the state exam.In general, applicants for a Washington managing broker's license may substitute ______ years of closely related experience for the three years of required broker experience.EightFiveSixThree Five How often are audits typically conducted on Washington brokerage transactional and accounting records?Every seven yearsEvery three yearsEvery two yearsEvery year Every three years Which of the following do a Washington broker, managing broker, designated broker, and real estate firm have in common?Each is considered a legal person.Each is considered a licensee.Each is considered a natural person.Each may hold a broker's license.Each is considered a licensee.To what Washington court may parties to an administrative hearing appeal the ALJ's decision?Agency courtCivil courtSuperior courtSupreme court Superior court When are real estate brokers allowed to work for the Washington State Department of Licensing?After they disclose any potential conflicts of interestAfter they've been practicing five yearsOnce their licenses are inactivatedWhen they have written permission from their designated brokers Once their licenses are inactivated Washington licensees can maintain their licenses in inactive status as long as they want. Which of the following statements about the reactivation requirement is correct?A fee is required to reactivate an inactive license.Licensees whose licenses have been inactive for more than three

years must complete 27 hours of coursework to reactivate.Licensees with inactive licenses aren't required to complete any coursework until they're ready to reactivate.Licensees with inactive licenses must continue to renew their licenses every two years.Licensees with inactive licenses must continue to renew their licenses every two years.What must a Washington real estate company establish in order to keep track of trust accounts' accrued interest?A ledger titled "Housing Trust Account Interest"A monthly

report from the bank's vice president of commercial bankingA spreadsheet called "Accrued Earnest Money Interest," which is updated every dayA trust fund savings account A ledger titled "Housing Trust Account Interest" Can a Washington firm pay its business expenses directly out of a trust account?No, they must be paid from a regular

business account at the same bankOnly if it is via signature of a promissory noteYes, by using a personal check from any licensees from the firmYes, They can be paid directly out of the trust funds themselves No, they must be paid from a regular business account at the same bank