New Rockwell Washington's Salesperson Cram

  1. It would violate fair housing laws to specifically advertise housing to:




    C. One particular minority group

    It is a discriminatory act to use advertising that indicates a preference or an intent to discriminate.
  2. A seller fills out a seller disclosure form stating that house is in a 100-year floodplain. The seller also discloses that, in 1996, the house's foundation was raised 15 feet and all flooring replaced. The seller's agent knows that a flood affected the entire area in 1995. The agent must




    D. Have the seller revise the disclosure statement

    The seller's agent should ask the seller if the house was damaged by the 1995 flood and, if so, add this to the seller disclosure statement. The agent should not disclose that the property was damaged by a flood without first verifying from the seller that this was, in fact, what happened.
  3. Under the federal Truth in Lending Act, a borrower's right to rescind a loan transaction last for:




    A. 3 business days after the borrowers sign the loan agreement

    The Truth in Lending Act creates a right of rescission for certain borrowers, but the right is usually limited to the three-day period after the borrower signs the loan agreement or receives TILA disclosures.
  4. Which principle of appraisal forms the basis for the sales comparison method and all other approaches to appraising?




    C. Substitution

    Appraisal is based on the principle of substitution. It supposes that an informed buyer would pay no more for a property than it would cost to obtain an equivalent property in the same market.
  5. Which of the following must be disclosed to prospective buyers?




    D. Periodic intrusion of water into basement

    The presence of water in the basement would be considered a latent defect, and would need to be disclosed. Criminal activity and the presence of a sex offender in the neighborhood are not considered by law to be material facts.
  6. A seller listed her house for $235,000. The listing agent didn't tell the seller that the house was worth $260,000. If the listing agent purchse the property himself (without telling the seller the true value), he has violated his duty of:




    D. Loyalty

    The duty of loyalty prohibits an agent from making a secret profit on a transaction
  7. A buyer's agent has all of the following duties, EXCEPT:




    B. to show the buyer receives the seller's property condition statement.

    The agent's loyalty must be to the buyer; showing properties that would generate the largest commission would violate that duty of loyalty.
  8. Broker R obtained a listing on a property for $450,000; the property had been appraised for $490,000. Broker R then got his sister to make an offer to the seller for $410,000, which the seller accepted. The arrangement between R and his sister was not disclosed. Why would this be a breach of R's Fudiciary duties?




    B. R failed to disclose the relationship between himself and the buyer

    • R must disclose any potential conflicts of interest to the principal, such as a relationship between himself and the buyer.
  9. Joyce gives a life estate to her son and stipulates that upon her son's death, title will pass to her niece. What is the niece's estate called?




    B. estate in remainder

    An estate in remainder is a future interest as long as the measuring life remains alive. On the death of Joyce's son, title passes to the niece known in this instance as the remainderman, in fee simple.
  10. A property owner gave an open listing to each six different brokerages. Which of the following statement is correct?




    D. The firm that sells the property will earn the entire commission.

    The seller gave open (non-exclusive) listings. The firm that sells the property is entitled to the entire commission.
  11. Under title VIII of the Civil Rights Act of 1968, certain transactions are exempt. Which one of the situations below would be exempted and not a violation of the act?




    C. An unlisted home that is for sale by owner, where the only advertising is a sign in front of the property that reads simply "For Sale"

    The Federal Fair Housing Act (Title VIII of the Civil Rights Act of 1968) does not apply to the sale or rental of a single-family home by its owner, provided that the owner doesn't own more than three such homes, no real estate broker is used, and no discriminatory advertising is used.
  12. Choose the best description of a real estate agent's status as an independent contractor.




    B. The agent is currently licensed, has a written contract of affiliation with the brokerage firm, and at least 90% of the agent's income is commissions income.

    In order to be treated as an independant contractor by the IRS, the agent must have a real estate license, have a contract with her brokerage which states that she will be treated as an independant contractor, and substantially all of her compensation must be from commission income.
  13. A listing agent presents an offer to a seller and states that the buyers are willing to go $5,000 higher. The listing agent:




    A. is acting appropriately

    Unless the listing agent is a dual agent and is also representing the buyer, there is no duty of confidentiality owned to the buyer.
  14. Which of the following would be a violation of the Sherman Antitrust Act?




    B. Establishing a commission schedule within a group of brokers

    Establishing a commission schedule within a group of brokers is conspiracy to fix prices. It is a violation of the Sherman Antitrust Act, which is the anti-monopoly act.
  15. A homeowner wants to sell his home, which is in an exclusive neighborhood. During the listing presentation, he tells the agent that he's lived there a long time and loves the neighborhood. He wants to preserve its character and is going to be very careful about who he sells to. He wants the agent to tell him the nationality of each person who makes an offer. Under these circumstances, what should the agent do?




    A. Refuse to take the listing since the seller's instructions are a violation of federal law

    What the seller is asking for vilates the Federal Fair Housing Act. Agents must refuse the listing in these circumstances, unless they are allowed to show the home to anyone interested in seeing it.
  16. An agent shows his customer, who is Asian-American, homes only in neighborhoods that are predominantly Asian-American. This is called




    A. Steering

    Steering is the practice of guiding prospective buyers or renters toward or away from certain neighborhoods based on national origin, race or any of the other protected categories, in violation of fair housing laws.
  17. A condominium owner leased his unit to a tenant. The interest acquired by the tenant is called a/an:




    A. leasehold estate

    A lease creates a leasehold estate. The interest of the landlord (owner) is called a leased fee.
  18. Of the following, which is NOT an encumbrance to a piece of property?




    D. A license

    A license is revocable, non-assignable permission to use another person's land for a paricular purpose, and therefore is not an encumbrances because they affect the physical use or condition of the property.
  19. For zoning purposes, the distance from a lot boundary to the front wall of a building on the lot is called




    B. the setback
  20. A real estate agent enters into a listing agreement with the property owner. Under a terms of a typical listing agreement, the agent is obligated to perform all of the following except:




    C. prepare the deed and title for closing

    real estate agents are not responsible for preparing the deed that will transfer title to the buyer. In fact, this would likely constitute the unauthorized practice of law.
  21. Which of the following statements about a leas is true?




    A. It is both a contract and an instrument used to transfer an intereset in land
  22. A seller signs a deed and has it notarized. The buyer accepts the deed and takes possession the next day. Six month later, the seller checks the title and notices that the buyer has not yet recorded the deed. Is there a valid transfer of title between the parties?




    A. Yes, the seller/grantor has signed and the buyer/grantee has accepted a notarized deed, so the transference is valid between the parties

    For a deed to convey (transfer) title, it must be delivered to the grantee by the grantor and it must be accepted by the grantee
  23. A buyer has signed a purchase and sale agreement for an estimated 48 acres of land. When the property is surveyed, it turns out to be only 37 acres. A contract that results form a misrepresentation like this is




    A. voidable by the aggrieved (injured) party

    The contract is voidable by the buyer. Whether the misinformation was deliberate (actual fraud) or an innocent misrepresentation (constructive fraud), the buyer is not getting what she bargained for. She can rescind the contract if she wants, or she can complete the sale anyway.
  24. After taking a listing on a small commercial property, a broker learns that the state plans to build a freeway access ramp near the rear of the property. The broker should




    B. notify the property owner at once

    The agent should notify the property owner at once, because the information could affect the owner's decision to sell the property, or the owner's pricing decision.
  25. A mortgage loan's annual percentage rate will be higher than the interest rate stated in the note, because the APR includes:




    C. loan fees and other financing costs

    The APR takes into account loan fees and other financing costs, as well as the nominal intrest rate (the rate stated in teh note).
  26. which of the following has th emost impact on the value of property?




    D. Local economic conditions
  27. A buyer and a seller enter into a purchase and sale agreement that constains no unusual prohibitions or restrictions. If they buyer later wants to transfer her rights and interests int he contract to a third party, she could arrange for:




    B. an assignment

    As long as the contract does not specifically prohibit it, the buyer could assign her interest to a third party, who would then complete the purchse. However, without a realease from the seller, the original buyer would remain secondarily liable in case the new buyer defaults. (In a residential transaction, though, secondary liability wouldn't ordinarily be an issue, since the buyer's deposit serves as liquidated damages.
  28. After a licensee takes a listing, he discovers some of the improvements are too close to the property line. What should the licensee do?




    C. Advise the seller that any prospective buyer must be told of the problem immediately

    Any prospective purchaser must be advise of the problem BEFORE an offer to purchase is written
  29. A homebuyer can seek an FHA loan from which of the following?




    A. A qualified Federal Housing Administration mortgagee (such as a bank)

    Prospective borrowers do not apply to the FHA itself for a loan; rather, they make the application to an FHA-approved lender, such as a commerical bank, savings bank or mortgage company
  30. Edward wants the right to buy a piece of property at a certain price within a certain time. Edward should obtain a/an:




    A. Option

    If the optionee (the buyer) decides to exercise the option within the specified time, he can compel the optionor (the seller) to sell.
  31. Which of the following is NOT an involuntary alienation of real property?




    A. Quitclaim

    Alienation is the transfer of real property from one person to another. It may be voluntary or involuntary. Eminent domain, forfeiture and foreclosure all pertain to involuntary methods of alienation.
  32. Which of the following would MOST LIKELY happen in a land contract?




    A. The vendor retains the title to the property until the final payment is made

    The vendee is also usually responsible for property taxes, repairs, and upkeep during the contract
  33. A seller's agent must disclose which of the following to the buyer




    A. Any material fact regarding the property

    Listing agents must disclose all material fact about the property to the buyer, but they are not allowed to disclose the seller's bargaining position, or the fact that he has AIDS.
  34. Adams purchases a home that is wired for 100 amps of electricity, a little underpowered by modern standards (the power company now offers 200 amp service). This is an example of




    B. functional obsolescene

    Any problem found within a property's boundaries other than physical deterioration (wear and tear) is classified as functional obsolescene. Thus, any depreciation resulting from outdated aspects of the property is functional obsolescence.
  35. Which of the following is true about mineral rights?




    A. They can be reserved by the seller if the buyer agrees

    A seller can sell her land but reserve the mineral rights beneath the surface if the buyer agrees to the agreement. Al mineral rights are rights appurtenant to real property-that is, part of the real property. However, once the minerals are captured (that is, separated from the earth), they become personal property.
  36. ABC Realty lists a property for sale with a multiple listing association. XYZ Realty conveys an offer on the property from a prospective buyer. If the listing agreement contains a unilateral offer of subagency, which of the following is correct?




    C. XYZ Realty is a subagent of the seller

    Under a unilateral offer of subagency, a selling agent (the buyer's agent) is considered to be a subagent of the seller.
  37. If a seller has declared bankruptcy, what is the listing agent required t do?




    C. Only disclose it if it will affect the closing process

    A fact is a material fact that must be disclosed only if it has a substantial negative effect on the value of the property or on a party's ability to perform his or her contractual duties. Therefore, if the closing process would be affected, the bankruptcy must be disclosed. Otherwise, the bankruptcy is confidential information about the seller that the listing agent must keep confidential.
  38. A federal law requires lenders to give the booklet "Settlement Costs and You" to all prospective borrowers within 3 business days of loan application. What law is this?




    C. RESPA

    RESPA requires, among other things, all lenders to give prospective borrowers a copy of the booklet about settlement procedures, entitled "Settlement Cost and You"
  39. The price of residential real estate in a neighborhood would probably increase if




    B. a major employer moved into the area

    A new employer means more buyers will have money to spend on housing, making it possible for seller to raise prices
  40. A mortgage that uses both the borrower's real and personal property to secure the debt is a




    B. package mortgage
  41. Under the terms of RESPA, all of the following are true EXCEPT:




    D. the borrower is given seven days to rescind (or back out of) the loan transaction after receiving the good faith estimate of closing cost

    There is no seven-day right of rescission under the provisions of RESPA
  42. Which of the following can a homeowner deduct for federal income tax purposes?




    A. Interest paid on a mortgage that finances the purchase of the home

    The homeowner can claim mortgage interest deductions, but she CANNOT deduct repair expenses or depreciation. Also, a loss on the sale of a principal residence or other personal use property is not deductible.
  43. Alberto wants to be excused from the requirements of a zoning ordinance. He should request a




    C. variance

    A zoning variance, also called a zoning exception, usually permits a minor departure from the existing ordinance
  44. Mark tells Elizabeth that a new freeways will be built near the vacant land he is selling, even though he knows the freeway plans have been dropped. Elizabeth relies on Mark's representation and buys the land. In this situation




    A. Mark can be forced to proceed with the sale even though there was fraud

    Fraud makes the contract voidable by the injured party. However, the injured party may also choose to go through with the contract, and the person who committed the fraud (in this case, Mark) will be bound by the contract.
  45. Tim and Alisa both work for XYZ Realty. Monday morning, Tim gets an offer on XYZ listing. Two hours later, Alisa gets an offer on the same house. Alisa's offer is $10,000 higher. The office policy at XYZ is to only present one offer at a time, waiting to present the second offer until the first offer has been rejected. So Tim presents his offer right away, but Alisa cannot present her offer yet. XYZ's policy in regards to presenting offers is:




    B. unlawful, because licensees are obligated to submit all offers to the seller

    Real estate agents are legally obligated to submit all written offers to the sellers.
  46. A buyer signs an offer and makes an earnest money deposit, but also inclueds a contingency requiring approval by the buyer's spouse within four days. The buyer's spouse looks at the house three days later and disapproves. Which of the following is true?




    B. The buyer is entitled to a return of the full earnest money deposit

    If a transaction is subject to a contingency, and the contingent event does not occur, then the contract is terminated and the buyer is entitled to a refund of the earnest money deposit. In this case, the contract was contingent on obtaining the spouse's approval, an event that did not occur.
  47. Of the following liens, what's listed in the correct priority




    B. Property taxes, then first mortgage

    While then general rule is "first to record, first in right" general real estate taxes (also called ad valorem taxes or property taxes) always have first lien priority over mortgage liens. Income tax (IRS) liens, special assessments, and property tax liens have equal priority with each other.
  48. All of the following types of real estate contracts would create an agency relationship EXCEPT a/an:




    B. purchase and sale agreement

    Purchase and sale agreement (sales contracts) are between buyers and seller, who do not have an agency relationship with each other.
  49. George entered into a buyer agency agreement with agent maria. Under the terms of the agreement, the agent who finds him a suitabe property is paid a flat fee. George and Maria entered into a/an:




    C. open buyer agency agreement

    Since the only agent who finds the property is entitlted to payment, this would be considered an open listing.
  50. J is a broker who manages several commericial properties. J also owns a janitorial company. J contracts with her janitorial company to service the properties J manages. Under what conditions is the permitted?




    D. J discloses her interest in the janitorial company and obtains the owner's written permission to use it

    Even though J has the autority to select a janitorial company for the buildings she manages, she would still have to disclose her interest in the janitorial company, if that's the one she uses, and obtain the written permission of each owner whose building is serviced by J's company.
  51. Which of the following would NOT be grounds for disciplinary action against a licensee?




    A. An agent gives a copy of the sales agreement to the purchaser when it has been signed only by the offeror

    Giving a copy of the sales agreement to the purchaser when it has been signed only by the offeror (who is the purchaser) is something the agent MUST do, so obviously that would not be a license law violation
  52. The Director of the Department of Licensing has revoked S's license. Which of the following is TRUE?




    D. S must stop acting in the capacity of licensee as of the date S receives the order of revocation

    The revocation takes effect when ordered and remains in effect while an appeal is being heard. S, as well as the Director, has the right to appeal to superior court.
  53. J, a broker, is entitled to a commission of $10,000 from a client, The commission will come out of his trust account for that client. J has an advertising bill in the amount of $10,500 of his own money into the trust account and then writes a check for $10,500 out of the trust account to the advertiser. Which of the following is TRUE?




    D. J is subject to disciplinary action for commingling

    It is never permissible to mix trust funds and personal funds together. J should have transferred the commission into his business acount first, and then paid the advertising bill from his business account
  54. K was convicted of illegal possession of a controlled substance eight years ago. When she applies for her real estate salesperson's license, she may be required to do which of the following




    A. Submit fingerprint identification along with the application

    If an applicant has been convicted of a crime within ten years preceding the application for a license, she may be required to submit her fingerprints along with the application.
  55. S's real estate license is inactive. This is because:




    C. her license has been delivered to the Director of the Department of Licensing

    Any time a license is surrendered to the Director of the Department of Licensing, it becomes inactive
  56. Q makes a full-time living selling real estate, even though Q is not a licensed real estate salesperson or broker. Q's activities are legal if Q:




    B. sells his own property

    Anyone acting as a principal (in this case the seller) can buy and sell without a license. It is when you are acting on behalf of someone else that you need a license.
  57. Who issues rules and regulations that govern the activities of real estate licensees?




    D. Director

    The Director, with the advice and approval of the Real Estate Commission, issues rules and regulations to govern the activities and practices of real estate licensees.
  58. When a licensee is terminated, the date of termination is the:




    A. postmark date or the date the licensee is hand-delivered to the Department of Licensing
  59. When a licensee appeals the Director's disciplinary decision to the superior court, which of the following is true?




    C. The sanctions imposed by the Director remain in effect throughout the appeals process

    Whatever disciplinary measure was imposed by the Director remains in effect throughout the appeals process
  60. A broker's trust accounts must be opened:




    B. in the broker's name, and must be designated as trust accoutns

    A trust account must be opened in the broker's name (as trustee) and must also be designated as a trust account. The depository institution must be in Washington State.
  61. Which of the following is an absolute requirement of a selling agent in every real estate transaction?




    B. The agent must conduct himself in accordance with the agency disclosure made

    The agent's conduct must be consistent with the agency disclosure made. This means that whoever he claims to be representing must be the person he actually represents
  62. A broker's trust account records should include all of the folloing, EXCEPT:




    A. photocopes of all checks

    Trust account records normally include receipts, a check register, deposit slips, reconciled bank statements, canceled checks, and a ledger summarizing all transactions. Photocopies of checks are not required.
  63. To be eligible for an appointment to the Real Estate Commission, an individual must have how many years of experience in real estate?




    A. Five

    Commissioners are generally required to have five years of experience in real estate
  64. J passes the license exam on March 20. How much time does J have to apply for his license, before being required to retake the license examination?




    A. 12 months

    J has 12 months. If the license fee is not paid and the licensed placed on an active or inactive status within that time, the applicant will have to retake the exam and meet any additional licensing requirements that have been adopted in the interim.
  65. A salesperson hires an unlicensed assistant. While the salesperson is on a two week vacation, the assistant helps negotiate contract addenda. The sales person could be disciplined under Uniform Regulation of Business and Professions Act for:




    A. aiding and abetting unlicensed practice

    A licensee may be disciplined under the license law for aiding or abetting an unlicensed person to perform real estate activities that require a license.
  66. If a broker wishes to terminate a salesperson, or a salesperson wants to terminate employement with a brokerage, which of the following statements is true?




    C. Either party may act unilaterally to end the relationship
  67. The cost of an appeal from a final decision made by the Director of the Department of Licensing in an adjudicative proceeding is paid by the




    D. appelant

    A licensee appealing the outcome of a disciplinary hearing must posts a $500 appeal bondo to cover court costs, in case the superior court judge decides agianst the licensee. Even if the licensee wins the appeal, the licensee will still be responsible for the cost of a transcript of the hearing.
  68. M tells her next-door neighbor, P, that she will pay him a commission if he can help sell her home. P, an unemployed bartender, locates a buyer and a sale results. M changes her mind and refuses to pay P his promised commission. Which of the following is TRUE?




    C. P is not entitled to a commission, because he is unlicensed

    P is unlicensed and cannot collect a commission for real estate servies. Option B is incorrect because collecting a commission requires a license.
  69. Clearance Johnson is the listing broker and Alison Lee is the selling broker. Salesperson Samantha, who works for Alison, procured the sale of the property. Who pays Samantha's commission?




    A. Alison

    A salesperson may receive compensation only directly from her broker. A salesperson cannot receive compensation from a seller, or from another broker
  70. Which one of the following people does not need a real estate license?




    A. A building contractor (developer)

    A building contractor is often involved in selling homes he has built. As long as he is acting in his capacity as a building contractor, he does not have to have a real estate license.
  71. To be entitled to sue for a commission, a licensee must be able to prove that at the time the real estate activities were performed she




    B. was licensed

    a licensee must have been validly licensed at the time she engaged in the real estate activities for which a commission is claimed.
  72. L's salesperson's license was issued on February 16, 2009. His birthday is September 3. L's license will expire on




    C. September 3, 2010

    Li's license will expire on his second birthday after its issuance: September 3, 2010
  73. Which of the following is EXEMPT from the pooled interest-bearing account requirement?




    D. Property managent trust funds

    Property management trust funds are exempt. The pooled interest-bearing account requirement applies to earnest money deposits $10,000 or less.
  74. A licensee has obtained the signatures of the buyer and the seller on a sales contract. Failure to do which of the following could result in disciplinary action by the Director?




    B. Provide a copy of the sales contract to the buyer and the seller when they sign it

    A copy of the sales contract must be given to any principal who signs it at the time sign it.
  75. Under which of the following circumstances would a broker NOT be subject to disciplinary action for an illegal act committed by one of his salespersons?




    A. He is not responsible for inadequate supervision if the licensee violated a writted rule or policy

    The broker would usually not be held responsible for the salesperson's conduct if that person violated a written rule or policy of the organization
  76. An advertisement placed by a real estae licensee that does not identify the advertiser as a real estate agent is a:




    A. blind ad

    This is a description of a blind ad, which is illegal. While a blind ad is a violation of the license law, it is not a violation of TILA or RESPA
  77. When making the required agency disclosure, a licensee must always:




    A. conduct herself in conforminty with the agency disclosure she has made
  78. Where should an amendment to a purchase and sale agreement be filed?




    C. In the appropriate transaction file
  79. A salesperson fails to attend a scheduled disciplinary hearing. What happens?




    D. The hearing is held without the salesperson present

    If a salesperson does not show up for a disciplinary hearing, the hearing still proceeds without the salesperson present.
  80. All of the following places are appropriate for the display of a license EXCEPT:




    D. in the licensee's personnel file in the broker's office

    State law requires that all licenses must be displayed "prominently" in the broker's office. A license in a file cabinet isn't prominently displayed.
  81. A buyer discovered, after purchasing a property, that there was major foundation damage that would cost $13,500 to repair. It was later discovered that the agent representing the seller knew of this damage yet failed to disclose it to the buyer. The agent could be subject to:




    B. a fine of up to $5,000

    Licensees may be fined up to $5,000 per violation of the license law, regardless of the amount of actual damages caused by the licensees's actions. Of course, the licensee may still be subject to civil liability for part or all of the $13,500 in actual damages, but the buyer would need to file a lawsuit to recover that amount. The licensee may also be subject to prosecution, but violations of the license law are gross misdemeanors.
  82. T represents J, a buyer. A week later after J purchases a home, he decides to resell it. What role can T play in the resale transaction?




    B. T can act as dual agent for the two parties

    In the new transaction, T may represent the buyer, the seller, or, if he makes the proper disclosures, he may represent both parties as a dual agent. If representing the new buyer, T would not be able to disclose to the buyer any confidential information previously learned about J.
  83. Which of the following is an example of commingling




    C. Depositing an employee's paycheck in a trust account

    Depositing an employee's paycheck is a trust account is commingling: mixing non-trust funds with trust funds. (The commission payable to the brokerage can be transferred from the trust accoun to the broker's general account. The broker cannot pay individual commissions out of the trust account, however.)
  84. Real estate license fees are put into the




    C. Real Estate Commission Account

    Real estate license fees (application fees, renewal fees, etc.) are placed in the Real Estate Commission Account in the state treasury.
  85. J is selling real esate without a license. J is guilty of a




    D. gross misdemeanor

    Selling real estate without a license is a gross misdemeanor, which in terms of seriousness is somewhere between a misdemeanor and a felony.
  86. In place of two years of actual full-time real esate sales experience, a broker's license applicant can qualify to take the broker's examination with:




    B. five years of experience as a property manager

    Five years of experience as a property manager will fulfill the experience requirement for a broker's license. (A real estate attorney needs one year of experience to qualify to take the broker's examination.)
  87. Washington State's real estae agency law does not address which of the following




    B. Penalties for not disclosing agency status

    Washington's real estate agency law is found in the Real Estate Brokerage Relationship Act (RCW chapter 18.86). There is no reference in the law to penalties for not disclosing agency status. Penalties are found in the license law (RCW chapter 18.85)
  88. In the course of business, a broker earns property management fees that are to be paid out of the trust account. The fees must be taken out of the account:




    D. monthly
  89. How many years of experience in real estate is required for appointment as a real estate commissioner?




    C. Five

    The commissioners are required to have at least five years of experience; they are usually real estate brokers
  90. A person who represents a real estate broker in selling, listing, renting, leasing or exchanging real property is a/an:




    A. real estate salesperson

    The question described a real estate salesperson as defined in the license law.
  91. Q, a salesperson, marries but doesn't change her last name. With respect to license law, what is she required to do?




    B. She is not required to do anything

    Q would be required to notify the Director if she changed her name, but she doesn't have to notify the Director that she married.
  92. Which of the following is not a requirement for a sales person's license in the state of Washington?




    B. High school diploma or its equivalent

    A high school diploma or its equivalent is not a requirement for a salesperson's license. It is a requirement for a broker's license.
  93. A salesperson writes a successful transaction while working for Broker X. Before the transaction closes, though, the salesperson stars working for Broker B. How is the salesperson's commission handled?




    D. Broker X will pay the commission to Broker B, who will pay the salesperson

    A salesperson can only accept compensation from the broker for whom she currently works. So, if a salesperson moves from one broker to another with a transaction pending, the salesperson's new broker would accept the compensation from the old broker and then pay the salesperson.
  94. A property manager needs a real estate license when engaged in which of the following activities?




    A. Third-party property management

    A property manger who manages property for third parties must be licensed. Licensing exemption exist for persons who manage property they own or on behalf of a group they belong to, and for residential managers of apartment complexes.
  95. An attorney at law is exempt from real estate licensing laws when:




    C. arranging the sale of real property while settling a client's estate

    An attoney at law is exempted from licensing requirements when performing her duties as an attorney
  96. When a salesperson attempts to renew his license, he intentionally lists a 3-hour course twice in order to reach 30 hours. The Director can:




    C. suspend the license and charge him with misrepresentation in obtaining or reinstating a license

    It is a violation of the license law, and grounds for disciplinary action, for a licensee to engage in misrepresentation or concealment of a material fact when obtaining or reinstating a license
  97. A salesperson represents the seller in a transaction involving property. Several months later, the new owner asks the salesperson if he would act as property manager for that property. The salesperson may take this position:




    A. only if the broker allows it

    A salesperson represents his broker, and cannot act without the broker's knowledge and permission.
  98. After a disciplinary hearing, if the Director imposes sanctions, the licensee may appeal the Director's order within:




    A. 30 days, by filing an appeal with the superior court
  99. Q is a property manager. Q also owns a carpet cleaning company. Q's carpet cleaning company provides services for all of the properties managed by Q. This is permissible if Q:




    D. discloses the arrangment in writing to all affected property owners

    Q must disclose his intereset in the carpet cleaning company and obtain the written permission of all the owners whose properties are affected by this arrangement
  100. A broker manages a property where there is no resident manager. The property management records must be kept in:




    C. the property being managed

    Ordinarily, all property management records must be kept at the broker's main office or a branch office. If there is a residential manager for the property, the records may be kept at the property site so long as the broker has a source document with tenant information and lease terms in his main office.
Author
happyedi253
ID
9247
Card Set
New Rockwell Washington's Salesperson Cram
Description
New Rockwell Compu Cram practice test
Updated