WASHINGTON REAL ESTATE PRACTICE (30 HR) QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED.| latest update 2024/25|

WASHINGTON REAL ESTATE PRACTICE (30 HR) QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. 1. Errors and omissions insurance is required in Washington State. A. True B. False - -False. Errors and omissions insurance is NOT required in Washington State. Though having it is a good risk management tool. 2. Charitable donations and aid for the homeless are examples of community involvement. A. True B. False - -True. Charitable donations and aid for the homeless are examples of community involvement. This is often referred to as goodwill toward the community. 3. A managing broker has the duty to supervise their affiliated licensees if they have been delegated this responsibility from the designated broker. A. True B. False - -True. A managing broker has the duty to supervise their affiliated licensees if they have been delegated this responsibility from the designated broker. 4. If you are an employee, the business must give you a W-2 for your income. A. True B. False - -True. If you are an employee, the business must give you a W-2 for your income. 5. Real estate firms withhold money from independent contractors for taxes. A. True B. False - -False. Real estate firms DO NOT withhold money from independent contractors for taxes. 6. Testing fees and licensure fees are examples of what type of expense? A. Tax expense B. Up-front expense C. Management expense D. Compensation expense - -Testing fees and licensure fees are examples of up-front expenses. The correct answer is "b". 7. Most home buyers and sellers start their real estate search on the internet. A. True B. False - -True. Most home buyers and sellers start their real estate search on the internet. 8. Which of the following items should be included in a transaction file? A. All documents pertaining to the transaction B. Earnest money deposit receipts C. Fax transmission journals D. All of the above - -All of the above items should be included in a transaction file. The correct answer is "d". 9. The IRS requires that each business expense be accompanied by__________________. A. A log signed by the designated bro