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Washington Real Estate – Complete
Exam Questions With Verified
Solutions
License Law - correct-answer -The state statue the governs the licensing and
business practices of real estate agents, along with the regulations issued by the
Director of the Department of Licensing to implement that statute.
Real Estate Commission - correct-answer -A commission made up of the Director
of the Department of Licensing and six commissioners who advise the Director.
Real estate firm - correct-answer -A business entity, such as a corporation or
partnership, that is licensed to perform real estate brokerage activities in
Washington.
Managing broker - correct-answer -A person who is licensed to represent a firm in
real estate transactions and to supervise other licensees or a branch office.
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Broker - correct-answer -A person who is licensed to work for and represent a firm
in real estate transactions.
Affiliated Licensee - correct-answer -A broker or managing broker who is licensed
under a particular firm.
Designated broker - correct-answer -person authorized to have full legal
responsibility for a licensed real estate firm and its affiliated licensees.
Business opportunity - correct-answer -a business (including inventory and
goodwill) that is for sale, where the transaction includes real property
Interim license - correct-answer -The completed application form for a broker's
license, which serves as a temporary license until the permanent license is issued.
Inactive License - correct-answer -A license in the possession of the Director of
the Department of Licensing.
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Fee Broker - correct-answer -A designated broker who allows another person to
use his license to operate a brokerage (which is a violation of the license law).
Blind ad - correct-answer -An advertisement placed by a real estate licensee that
does not state the name of the firm as licensed (which is a violation of the license
law).
Trust account - correct-answer -a specially designated bank account in a firm's
name for funds held by the firm on behalf of clients, to keep those funds
segregated from the firm's own money
Commingling - correct-answer -When someone who is holding trust funds on
another person's behalf intentionally or accidentally mixes those funds together
with his own money.
Conversion - correct-answer -When someone who is holding trust funds on
another person's behalf misappropriates the funds with the intention of using
them for her own purposes.
Washington Real Estate – Complete
Exam Questions With Verified
Solutions
License Law - correct-answer -The state statue the governs the licensing and
business practices of real estate agents, along with the regulations issued by the
Director of the Department of Licensing to implement that statute.
Real Estate Commission - correct-answer -A commission made up of the Director
of the Department of Licensing and six commissioners who advise the Director.
Real estate firm - correct-answer -A business entity, such as a corporation or
partnership, that is licensed to perform real estate brokerage activities in
Washington.
Managing broker - correct-answer -A person who is licensed to represent a firm in
real estate transactions and to supervise other licensees or a branch office.
,2
Broker - correct-answer -A person who is licensed to work for and represent a firm
in real estate transactions.
Affiliated Licensee - correct-answer -A broker or managing broker who is licensed
under a particular firm.
Designated broker - correct-answer -person authorized to have full legal
responsibility for a licensed real estate firm and its affiliated licensees.
Business opportunity - correct-answer -a business (including inventory and
goodwill) that is for sale, where the transaction includes real property
Interim license - correct-answer -The completed application form for a broker's
license, which serves as a temporary license until the permanent license is issued.
Inactive License - correct-answer -A license in the possession of the Director of
the Department of Licensing.
, 3
Fee Broker - correct-answer -A designated broker who allows another person to
use his license to operate a brokerage (which is a violation of the license law).
Blind ad - correct-answer -An advertisement placed by a real estate licensee that
does not state the name of the firm as licensed (which is a violation of the license
law).
Trust account - correct-answer -a specially designated bank account in a firm's
name for funds held by the firm on behalf of clients, to keep those funds
segregated from the firm's own money
Commingling - correct-answer -When someone who is holding trust funds on
another person's behalf intentionally or accidentally mixes those funds together
with his own money.
Conversion - correct-answer -When someone who is holding trust funds on
another person's behalf misappropriates the funds with the intention of using
them for her own purposes.
