WASHINGTON STATE PORTION PRACTICE
TEST EXAM WITH WELL EXPLAINED
ANSWERS
Len should advise his seller client that only cash or cash
equivalents may be used as earnest money. - answer-Len
must inform his seller client of the form of earnest
money before the seller signs the purchase contract.
Rebecca receives an earnest money deposit in the
amount of $12,000. Which of the following statements
best describes the deposit of this trust money?
Rebecca may deposit it in the firm's regular trust
account.
Rebecca must deposit it in an individual trust account
set up for just this client.
Rebecca must deposit the funds in a non-interest bearing
trust account.
,Rebecca must deposit the funds into a DOL special trust
fund account. - answer-**Rebecca may deposit it in the
firm's regular trust account.
In Washington, licensees renewing for the first time will
complete ______ hours in advanced practice coursework,
______ hours in real estate law, ______ hours of
continuing education coursework, and a ______-hour
core course.
15, 15, 27, 4
30, 30, 27, 3
30, 30, 30, 4
90, 90, 30, 3 - answer-30, 30, 27, 3
In addition to the required education and experience to
request a substitution, what must applicants for a
Washington managing broker's license submit with the
application?
An additional licensing fee
Detailed resume
Recommendation from designated broker
,Three reference letters - answer-Detailed resume
When are real estate brokers allowed to work for the
Washington State Department of Licensing?
After they disclose any potential conflicts of interest
After they've been practicing five years
Once their licenses are inactivated
When they have written permission from their
designated brokers - answer-Once their licenses are
inactivated
Who may supervise a managing broker in Washington?
A broker
A managing broker
The DOL director
The real estate commission - answer-A managing broker
George is a buyer closing on a home purchase for which
he's obtaining financing. He receives a Loan Estimate
from his lender. What's the purpose of this document?
, To detail the amount George needs to bring to closing
To detail the estimated closing costs for George's loan
To disclose the interest rates available on this lender's
various loan programs
To disclose the lender's source of loan funds - answer-To
detail the estimated closing costs for George's loan
Licensee Len receives an offer for his seller client's
property. It's a good offer that Len thinks his client will
accept. The only wrinkle is that it includes a one-quarter
interest in a local hunting club as the earnest money
deposit. Which of the following statements is true?
It's Len's responsibility to research the title to the
interest being offered as earnest money deposit, to
ensure that it has value, before presenting the offer to
his client.
TEST EXAM WITH WELL EXPLAINED
ANSWERS
Len should advise his seller client that only cash or cash
equivalents may be used as earnest money. - answer-Len
must inform his seller client of the form of earnest
money before the seller signs the purchase contract.
Rebecca receives an earnest money deposit in the
amount of $12,000. Which of the following statements
best describes the deposit of this trust money?
Rebecca may deposit it in the firm's regular trust
account.
Rebecca must deposit it in an individual trust account
set up for just this client.
Rebecca must deposit the funds in a non-interest bearing
trust account.
,Rebecca must deposit the funds into a DOL special trust
fund account. - answer-**Rebecca may deposit it in the
firm's regular trust account.
In Washington, licensees renewing for the first time will
complete ______ hours in advanced practice coursework,
______ hours in real estate law, ______ hours of
continuing education coursework, and a ______-hour
core course.
15, 15, 27, 4
30, 30, 27, 3
30, 30, 30, 4
90, 90, 30, 3 - answer-30, 30, 27, 3
In addition to the required education and experience to
request a substitution, what must applicants for a
Washington managing broker's license submit with the
application?
An additional licensing fee
Detailed resume
Recommendation from designated broker
,Three reference letters - answer-Detailed resume
When are real estate brokers allowed to work for the
Washington State Department of Licensing?
After they disclose any potential conflicts of interest
After they've been practicing five years
Once their licenses are inactivated
When they have written permission from their
designated brokers - answer-Once their licenses are
inactivated
Who may supervise a managing broker in Washington?
A broker
A managing broker
The DOL director
The real estate commission - answer-A managing broker
George is a buyer closing on a home purchase for which
he's obtaining financing. He receives a Loan Estimate
from his lender. What's the purpose of this document?
, To detail the amount George needs to bring to closing
To detail the estimated closing costs for George's loan
To disclose the interest rates available on this lender's
various loan programs
To disclose the lender's source of loan funds - answer-To
detail the estimated closing costs for George's loan
Licensee Len receives an offer for his seller client's
property. It's a good offer that Len thinks his client will
accept. The only wrinkle is that it includes a one-quarter
interest in a local hunting club as the earnest money
deposit. Which of the following statements is true?
It's Len's responsibility to research the title to the
interest being offered as earnest money deposit, to
ensure that it has value, before presenting the offer to
his client.
