Washington State portion (real estate
exam) Questions with correct
Answers
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.
**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
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
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
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
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
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.
Len must inform his seller client of the form of earnest money before the seller
signs the purchase contract.
Len must inform the DOL if his seller client accepts this earnest money deposit
since the DOL must approve any earnest money agreements for items other than
cash or cash equivalents.
, Len should advise his seller client that only cash or cash equivalents may be used
as earnest money.
Len must inform his seller client of the form of earnest money before the seller
signs the purchase contract.
In order for a licensed firm to share commissions with another firm, what must be
true of the second firm?
It must be licensed to do business with the original firm.
It must employ at least two licensed individuals.
It must have been in business at least three years.
It must share its financial records with the original firm.
It must be licensed to do business with the original firm.
Charlie represents Sue, a buyer, in Redmond. Charlie is being paid by Claude, the
seller, through his brokerage. What's true about this situation?
Charlie is Claude's agent.
Sue is Claude's customer.
This doesn't change the agency relationships.
This is undisclosed dual agency.
This doesn't change the agency relationships.
exam) Questions with correct
Answers
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.
**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
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
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
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
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
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.
Len must inform his seller client of the form of earnest money before the seller
signs the purchase contract.
Len must inform the DOL if his seller client accepts this earnest money deposit
since the DOL must approve any earnest money agreements for items other than
cash or cash equivalents.
, Len should advise his seller client that only cash or cash equivalents may be used
as earnest money.
Len must inform his seller client of the form of earnest money before the seller
signs the purchase contract.
In order for a licensed firm to share commissions with another firm, what must be
true of the second firm?
It must be licensed to do business with the original firm.
It must employ at least two licensed individuals.
It must have been in business at least three years.
It must share its financial records with the original firm.
It must be licensed to do business with the original firm.
Charlie represents Sue, a buyer, in Redmond. Charlie is being paid by Claude, the
seller, through his brokerage. What's true about this situation?
Charlie is Claude's agent.
Sue is Claude's customer.
This doesn't change the agency relationships.
This is undisclosed dual agency.
This doesn't change the agency relationships.
