What happens if they qualify and pass the exam? The DOL will review the and verify the information and then

Section 2: Getting a Real Estate License in Washington Flashcards

What happens if they qualify and pass the exam? The DOL will review the and verify the information and then notify out-of-state applicants that they may take the state portion of the exam. After passing the exam, they must affiliate with a Washington firm and apply for a license.Real Estate License Types & Roles Defined Washington licensing laws differentiate between two

categories of licensure: broker and managing broker. Two

roles are also defined: designated broker and branch

manager. Every broker must be affiliated with an actively licensed firm in order to perform brokerage services.Managing BrokerA person licensed as a managing broker may be affiliated with only one firm at a time, and works under the supervision of a designated broker. The managing broker may supervise other managing brokers or brokers licensed to the same firm.Designated Broker exampleRenee is the designated broker for XYZ Realty. Her managing broker's license carries a designated broker endorsement from the DOL. She's also the designated broker for ABC Realty and 123 Realty.Examples of Substitute Experience-College degree with a major in real estate with one year of experience as a broker or real estate attorney-Five years' experience at a decision-making level at a closing or escrow firm, in a lender's real estate finance department, or as an appraiser, real estate investor, or property manager, etc.To conduct real estate business in Washington, out-of-state

licensees must:

-Work with an active, licensed, and registered Washington designated broker-Agree in writing to the terms of cooperation, compensation, and oversight by the designated broker-Consent that any legal proceedings arising out of the transaction will fall under Washington's jurisdiction-Include the Washington broker, managing broker, or firm name on any advertising-Keep a copy of all transaction records and documents with the Washington broker for at least three years Designated Broker and Branch Manager Changes -For just a moment, picture a formation of dominoes toppling. Okay, now continue reading to see what happens if a designated broker or branch manager separates from a firm without completing the replace process.-If the formal replace process hasn't occurred, the firm or branch license will become inactive as soon as the designated broker or branch manager's license becomes inactive, automatically causing all related broker's licenses to become inactive

until a new designated broker or branch manager is in place.-If you decide to give up your designated broker gig with one or more firms, you have to replace the firm's designated broker by using the DOL's online process (remember those dominoes?) for any or all firms from which you're resigning. You'll need to complete a special affidavit to remove designated broker's endorsement for any firm that you're leaving or if a firm closes.-If you're the designated broker for one firm and it closes, your managing broker's license becomes inactive until you affiliate with a new firm.Designated BrokerNo real estate firm can operate without a Department of Licensing (DOL)- endorsed designated broker who holds a managing broker's license. Designated broker status authorizes that person to act for the firm in performing many day-to-day operations. The actual license differs from that of a managing broker because it comes with an endorsement from the DOL. A designated broker either

operates a real estate firm as a sole proprietor or serves as a designated broker for one or more legal entities, such as a limited liability company or corporation.Changing a Washington Affiliated Brokerage RelationshipBrokers who plan to change brokerage firms or leave the real estate industry entirely should take special steps to ensure a smooth transition for everyone involved.Alternative Ways of Meeting Washington Licensing Requirements -License applicants must complete 90 hours of approved pre-licensure courseworkOR-Approved equivalent coursework from higher education or degree-granting

institutions may be substituted-The DOL may approve courses completed out of state if the courses were offered by an approved institution and substantially meet Washington licensing requirements.