Washington State Specific Real Estate Exam Flashcards

Washington State Specific Real Estate Exam Flashcards How many hours of continuing education does a managing broker need to complete to renew their license?30 hours How much money can a community association have before fidelity insurance is purchased?60K How long must a licensee be suspended before the Real Estate Commission posts said licensee's name on their website?60 days What's the maximum fine for violating the Sherman Anti Trust Act?$1,000,000 for individuals and $100,000,000 for corporations Can licensees employed by a town, city or county hold active licenses?Yes and their managing brokers aren't responsible for their transactions in behalf of their town, city or county employer The holder of an inactive license is prohibited from conducting real estate brokerage services True How long is a broker's license good for? 2 years What happens to the interest accrued by brokers' trust accounts?75% goes to housing trust fund and 25% goes to real estate education fund Managing Broker's license requirements18+, 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.Within what time frame does the commission need to be notified of a broker's move to a different firm?30 days, in writing How often does a licensee need to renew their license?Every 2 years by completing the minimum required 30 clock hours of instruction How long do managing brokers have to review contracts by independent contractors?30 days Qualifications for wa state real estate commission5 years of experience performing real estate brokerage services in this state or 3 years experience in investigative work of a similar nature, preferably in relation to the administration of real estate license law in Washington or elsewhere.Can director and their employees have an active license while employed by the department?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 When must brokers deposit all funds into their firm's trust fund account in relation to a sale/transaction?The next banking day following receipt of funds Organization established by the commission to compensate people damaged through actions of a licensee Real estate education and recovery fund

How many hours of instruction are applicants for the managing broker's exam required to complete?90 clock hours How long does a licensee have to remove ads after a sale or expiration?Ten days What's the maximum payout one can receive from the recovery fund after all conventional avenues for compensation are exhausted?$15K How long do brokers have to notify the Real Estate Commission that they've opened a trust account?Within one month Which government entity enforces Fair Housing Law?Washington Commission on Equal Opportunity What's the maximum payout from the fund per licensee, regardless of how many people they've defrauded?45K Who appoints the real estate commission seats? The governor must appoint 6 commission members for a term of 6 years each. At least two will be selected from the area east of the cascade mountains and two from the west.What's the maximum fine the commission may impose for a violation ?

$1,000

How often are fingerprint cards and background checks required of licensees?Every 6 years How long does a managing broker have to keep records of any real estate transaction?

• years following the submission of records to the firm

How often does the commission meet per year? 4 times a year or at the call of the director How many hours of continuing education must a licensee complete to renew their license?90 hours for the first time renewal, 30 for subsequent What are requirements for a broker's license? 18+, high school diploma or equivalent, 90 hours of instruction in real estate within two years before applying for a license, pass the exam,

True or false: the commission budget is part of the state

budget False What act allowed homeowners the option of creating or submitting a plan for a homeowners association?Washington Property Owners Association Act Is dual agency legal in WA state?Yes, with written consent from both parties Under BRRETA, adverse physical conditions must be disclosed if within what distance of the property?One mile