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Washington State portion || Most Recent Exam Actual
Complete Real Verified Exam Questions And Correct
Answers (Verified Answers) | Already Graded A+ |
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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
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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.
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.
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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.
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. -
Answer-It must be licensed to do business with the original
firm.
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.
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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
Washington State portion || Most Recent Exam Actual
Complete Real Verified Exam Questions And Correct
Answers (Verified Answers) | Already Graded A+ |
Guaranteed Success!! (Verified Answers) Newest
Exam!!!
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
,2|Page
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.
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.
,3|Page
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.
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. -
Answer-It must be licensed to do business with the original
firm.
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.
, 4|Page
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
