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WASHINGTON STATE MANAGING BROKER EXAM.

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WASHINGTON STATE MANAGING BROKER EXAM.Which of the following is required for a real estate broker in Washington to represent a seller in a transaction? A) A written agency agreement B) A verbal agreement C) A property inspection report D) A certified public accountants approval Answer: A) A written agency agreement In Washington State, the Real Estate Recovery Fund is used to reimburse individuals who have suffered financial loss due to: A) The seller's failure to disclose property defects B) A broker's dishonest or fraudulent actions C) The buyer's failure to make a payment D) The bank's foreclosure process Answer: B) A broker's dishonest or fraudulent actions How long must a broker maintain records of transactions in Washington State? A) 1 year B) 3 years C) 5 years D) 7 years Answer: B) 3 years When a broker receives a deposit from a buyer, they must place the funds in a trust account: A) Immediately upon receipt B) Within 24 hours of receiving the funds C) Within 5 business days of receiving the funds D) Within 10 business days of receiving the funds Answer: C) Within 5 business days of receiving the funds If a real estate licensee fails to renew their license before the expiration date, they must do so within how many days to avoid reapplying for a new license? A) 30 days B) 60 days C) 90 days D) 120 days Answer: B) 60 days In Washington, when advertising property, a real estate licensee must include: A) The list price of the property B) The contact information of the seller C) The name of the seller's attorney D) The licensee's business name and number Answer: D) The licensee's business name and number Which of the following is NOT a requirement for obtaining a real estate broker license in Washington State? A) Completing a 90-hour pre-license course B) Passing the state and national portions of the exam C) Being at least 18 years old D) Being a U.S. citizen Answer: D) Being a U.S. citizen What is the maximum penalty for engaging in real estate practices without a license in Washington State? A) $1,000 fine

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