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180 Cards in this Set
- Front
- Back
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A buyer purchase a rental home that is fully furnished. The document used to transfer the title to the furniture is a? |
Bill of Sale |
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Ben receives a life estate in a property, with his nephew Will designated as the remainderman. When Ben dies, what kind of interest does Will receive? |
Fee Simple Estate |
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A buyer accepts a general warranty deed from a seller, believing that the seller is the sole owner of the property. The buyer later finds out that the seller is only a co-owner. Has a covenant in the general warranty deed been violated? |
Yes, there is a covenant providing marketable title. |
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A recorded notice of a pending legal action is called a/an? |
Lis Pendens |
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A movie theater was built ten years ago. If the neighborhood is now zoned entirely residential, the movie theater: |
will be allowed to continue since it was built before the new zoning law went into effect. |
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In a bilateral contract: |
two parties have exchanged promises, and both parties are obligated to perform. |
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Gerald engages a licensee to find a buyer for his listed property. In this context, the licensee is acting as a: |
Special agent |
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A licensee locates what seems like a ready, willing and able buyer. However, the deal falls through at closing because the buyer can't obtain necessary financing. At the same time, though, the seller turns out to be unable to provide marketable title. Does the seller still owe a commission to the listing agent in this case? |
No, because there was no ready, willing and able buyer. |
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Legally, how much earnest money must be submitted with a valid purchase and sale agreement? |
No earnest money is required. |
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A mortgage often includes a clause requiring the lender's consent before another borrower may assume the mortgage. This clause is called a/an: |
Alienation clause (Due-on-sale Clause) |
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A buyer is unfamiliar with the concept of discount points and asks a licensee to explain. The licensee responds "discounts points are used to replace funds that are being held by the Federal Reserve, so that more funds are available to lend" is this description correct? |
No, discount points are used to increase the yield for lenders who sell the loans on the secondary market. |
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A small house is situated on a large lot in a mixed-use neighborhood. The city decides that the area will, in the future be zoned commercial. what will most likely happen to the property's value? |
it will increase, in anticipation of the changing uses |
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The Real Estate Settlement Procedures ACT (RESPA) applies to |
Residential first mortgages |
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A homeowner bought his home for $150,000. Ten years later, he refinanced his mortgage and borrowed $100,000. Which of the following is true for this type of property? |
Interest on loans such as this one for the purchase of refinance of a principal residence is deductible. |
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Under Title VIII of the Civil Rights Ace of 1968, certain transactions are exempt. Which one of the situations below would be exempted and not a violation of the act? |
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" |
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As a property manager, you may: |
offer inducements to prospective tenants |
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Price fixing (including setting commission rates in a community) is prohibited by the: |
Sherman Antitrust Act and state antitrust laws |
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A metes and bounds description reads as follows "start at the intersection of Route 120 and Wells lane. Proceed due south 1815 feet, then due east 1200 ft. Proceed due north 1815 ft and return west to point of beginning. "How many acres is the property?" |
50 (1815x1200 = 2178sqft) then divide by 43560 to get to acres |
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A survey has been completed, and stakes have been placed marking off the property. The survey can be used to: |
construct fences and driveways |
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Erin entered into a lease that begins on Feb. 1 and is set to end on Jan. 31 three years later. This leasehold is a/an: |
Estate for years |
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Which of the following is true about surveys? |
They reveal encroachments not of public record. |
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Allen begins providing construction services on May 2 and records a construction lien on May 5. Bart begins providing services on May 3 and records a construction lien on May 4. On May 10 a judgement lien against the property is recorded. The property's owner also receives notice on May 10 that he is in arrears on his property tax payments. Which lien has Lien priority? |
Tax lien |
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Which of the following is true about a building designated a historical landmark? |
It may not be willfully destroyed without a permit. |
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W, age 17 enters into an installment contract to purchase a five-year-old car from S, an adult. From a legal point of view, the contract is: |
voidable by W only |
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A real estate agent shows a listing to two different buyers. One buyer decides in the earl morning to make an offer on the property less than the listed price. The agent writes up the offer and plans to meet with the seller later in the day. The other buyer then contacts the agent and says that she'd like to make a full price offer. What should the agent do? |
Present both offers to the seller at the same time. |
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To be a valid, a listing agreement may be signed by: |
an attorney in fact. |
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An apartment building was built in 1960. An apartment is being rented to a couple with no children. Which of the following is true? |
The tenants should sign the lead-based paint disclosure and receive a pamphlet on lead based paint. A landlord must disclose the location of any known lead based paint, provide a copy of any report concerning lead based paint if the property has been inspected, and give tenants a copy of the lead-based paint pamphlet. Tenants do not receive the ten day period in which to have the home tested for lead-based paint that buyers do. |
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Once a contract for deed is signed by the parties, the buyer immediately receives: |
equitable title |
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A buyers agent has repeatedly seen sales collapse at the last minute because the buyers weren't able to obtain financing. How could he best limit this in the future? |
Require prospects to be approved first. |
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An agent is performing a competitive market analysis for a potential client, working with four comparables. Which of the following would require an upward adjustment in its sales price?
A. Comparable W: is on a larger size lot then the subject property B. Comparable X: lacks a garage, which the subject property has. C. Comparable Y: has a swimming pool, which the subject property lacks D. Comparable Z: is in a superior neighborhood compared to the subject property |
B. |
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A federal law requires lenders to give the booklet "shopping for your home loan" to all prospective borrowers within three business days of loan app. What law is this? |
RESPA |
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A property manager of a ten-unit building shows an apartment to a woman who uses a W/C. The woman says that she would need to make some modifications, such as adding grab bars in the shower and removing some carpeting in the bedroom. The landlord: |
must allow the tenant to make the modifications at her own expense, but can require her to restore the property at the end of the lease. |
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To avoid tenant problems, a landlord is best off using a standardized lease form that includes: |
specific rules and regulations |
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A warehouse is listed at 60 feet long by 90 feet wide, with 15 foot ceilings. The building rents for 5 cents per cubic foot per month. What is the amount of the monthly rental payment? |
$4,050
60x90x15= 81000 cubic feet then times .05 = 4050 |
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Chin, a home seller, is talking to his real estate agent. he mentions that he rents the backup generator; it doesn't belong to him. The generator would be considered: |
personal property. |
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Which of the following would you characterize a tenancy in common? |
tenants can will a partial interest in the property |
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Carl is housebound and never goes outside. Neighbor Salvaor plants a veggie garden on a corner of Carl's property that is not visible from the main house. After the required period of time, Salvador claims a prescriptive easement over this portion of Carl's land. This easement is: |
valid, because the use was open and Carl's knowledge of the use is not considered |
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A licensee is helping her buyer purchase some property. The buyer would like to make an offer on a corner lot that may have been once used as a storage site for a heating oil company. The licensee should advise her buyer to: |
Consult with an environmental expert. |
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To be enforceable, a contract for the sale of real estate must be in writing an signed by the parties. This is true because of which law? |
Statute of Frauds |
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A seller complains that the seller's agent is shower other properties to buyers that compete with the sellers property. Which of the following is true? |
Sellers agent is not breaching the duty of loyalty. |
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Buyer Bob and Seller Sam decide to wait until Sam's listing agreement with XYZ Real Estate Agency has expired, to avoid paying a commission. Does the firm (and by extension, the individual listing agent) have any legal recourse? |
No the listing agent has no further recourse. |
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A mortgage that uses both real and personal property to secure the borrowers debt is a: |
package mortgage |
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When a borrower makes payments on a fully amortized loan, her debt service payments will cover: |
both principal and interest on the loan |
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An appraiser is trying to estimate depreciation when valuing an older residential rental property, but is finding it difficult because no comparables have been sold recently. However, the appraiser can find sufficient data on rental rates in the same market, and a capitalization rate can be supported. Which approach to value should the appraiser use? |
Income. |
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The term "familial status" in the federal Fair Housing Act refers to the presence of: |
Children under the age of 18 living on the property |
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A type of lease that allows the lessor to sharer in the increasing sales generated by a particular property is a/an: |
Percentage lease |
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An apartment building has eight units; each unit rents for $800 per month. The property can also be expected to earn $4000 per year from laundry and vending machines. An appraiser estimates that the property typically operates with a 5% bad debt and vacancy factor. What is the property's estimated annual effective gross income? |
$76,960
8x800 =6400 6400x12=76800 76800x.05=3840 76800-3840=72960 72960+4000= 76960 |
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Meridians and base lines relate to the: |
rectangular survey method AKA the government survey system |
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An investor would like to invest in RE, but without subjecting himself to any personal liability. He should invest in a: |
limited partnership |
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Special assessments levied against a property for local improvements, such as streetlights and sidewalks, are computed on the basis of: |
the benefit the property receives from he improvements. |
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A legal action brought in court to compel a party to fulfill the terms of a contract because the land is unique and money damages would not adequately compensate the party victimized by a breach is called a/an: |
suit for specific performance |
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Under which of the following circumstances would a listing be terminated? |
seller dies |
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At closing, a sale doesn't go through because the seller's anticipated transfer to another city gets suddenly postponed, and the seller no longer wants to sell. Does the seller owe the listing agent a commission in this situation? |
Yes, because the seller won't provide marketable title which is considered a default |
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Which of the following persons could be eligible to receive a VA loan? |
A veteran or a deceased veteran's unmarried surviving spouse |
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A prospective tenant asks a licensee to show him only properties that do not allow children. How should the licensee respond? |
Say that only bona fide retirement communities may exclude children. |
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A property't net operating income is $12000 per year. if an investor wants a 12% rate of return how much is the property worth to him? |
$100,000
income / capitalization = value
12000/.012 =100000 |
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The best description of the boundary lines for a property found in a subdivision would be found on: |
a plat map |
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A homeowner has an unpaid hospital bill for $20k. The hospital files suit and wins a judgement for the full amount. Is the homeowners home (which he owns free and clear) at rish? |
Yes, but may be partly or fully protected by state homestead laws |
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Which of the following best describes the difference between building codes and zoning regulations? |
Building codes affect improvements on the property; zoning regulations control the use of real property |
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In an option: |
The option agreement must clearly state all the terms and conditions of the sale |
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An independent contractor relationship between a RE brokerage firm and a licensee requires that: |
the brokerage and licensee must enter into a written contract |
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An advertisement for a house includes only the following phrase about financing "Assume the owner's original loan with only a $1000 down payment" What is wrong with this? |
It doesn't also include the loans annual percentage rage and other financial terms. |
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Which of the following is true concerning federal fair housing laws? |
Enforcement may be brought about by filing a compliant with the Dept. of Housing and Urban Development |
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Bobs property has a fair market value of $190,000. It is in a county where the properties are assessed at %50 of value, and the tax rate is $55 per $1000 assessed value. Whats Bobs annual Property tax |
$5225
190000*.05 =95000 95000/1000 = 95 95*55= 5225 |
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Jesse, Kim and Diane own a home together as joint tenants. If Jesse dies, her property interest will: |
automatically be transferred (conveyed) to Kim and Diane |
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A contract signed by a person who was intoxicated at the time of the signature would be: |
voidable by the intoxicated party |
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A seller's agent knows that the seller intentionally failed to disclose on the property disclosure statement that the basement leaks during heavy rains. The seller's agent must: |
inform the prospective buyer that there is misrepresented information on the disclosure form |
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Which of the following loans would be subject to the Truth in Lending Act |
A loan to a first time home buyer
The Trust in Lending Act applies to consumer loans, it does not cover loans for business, commercial or agricultural purposes or loans to corporations or other organizations. |
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Art sold his house, which was not encumbered with a mortgage. Closing expenses were $5264 and he paid a commission of 7% of the selling price. He recieved a check at closting for $372,316. What did the house sell for? |
$406,000
5264+372316= 377580 100-7= 93 377580/.93= 406000 |
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Frank gives Stella an option to buy his house. Stella, as the optionee is obligated to: |
pay consideration for the option right |
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Sally lists her property for sale with Broker Al. Al learns that the property is about to be rezoned to a higher use. He tells Sally he would like to purchase the property himself. She agrees, an the sale closes. Six months later, Al resells the property for a significant profit. This is legal: |
as long as before Sally agreed to the sale, Al informed her of the upcoming zoning change and what it would mean for the property's value |
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A corn field with a depth of 900 ft and a frontage of 484 ft is bisected by an access road, leaving two triangular lots. If the land sells for $2000 per acre, how much is each lot worth? |
$10,000
900*484 = 435600 435600/43560 = 10 acres 10*2000 = 20000 20000/2 = 10000
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Martha gave Hannah the right to purchase her vacant lot for $65000. Hannah paid Martha $1,200 for this right. Hannah is the |
optionee |
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Which is a list of duties owed to a principal by an agent? |
loyalty, confidentiality, reasonable care, accounting. |
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Brian purchase two parcels of land, one measuring one sq mile and the other containing 5 acres. If he paid $2000 an acre, what was his total purchase price? |
$1,290,000 640+5 = 645 645*2000 |
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A licensee can reveal confidential information about his principal: |
under court order or subpoena |
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Ajax Realty lists a property for a seller at a commission rate of 8%. The MLS provides that a listing brokerage will split commissions at a 50-50 rate. Baron Realty, a cooperating brokerage, finds a buyer for the property, at a price of $300,000. How much will the seller owe AJax Realty at closing? |
$24,000
It is up to Ajax to share half the money with Baron. |
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A home inspection revealed that black mold is present in a home. What should the buyers agent tell the buyer? |
to seek expert advice |
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A buyer enters into a buyer agency agreement with a RE licensee to negotiate the purchase of a particular FSBO property. The buyer then enters into a purchase and sale agreement, but the property he agreed to buy is subsequently condemned. Which of the following is true? |
The agency is terminated |
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A right held by one or more persons to use and possess property to the exclusion of others is a/an: |
fee simple estate |
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A subdivision requires payment of HOA dues. If unpaid what type of lien do they create? |
Specific lien that encumbers the propety |
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A homeowner in a recently built subdivision plans to build an extra bedroom extending from the back of his house. Nobody in the subdivision has added on to their houses in a similar manner yet. What would the homeowner need to obtain before he could begin work on this project? |
A building permit |
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Barker is declared incompetent by a court, his daughter Marge, is appointed to handle his affairs. After several years, Marge asks her sister Beth to take over her duties. Beth then lists Barkers property for sale. Would a sale of Barkers property be valid under these circumstances? |
No, Beth hasn't been designated by a court to handle Barker's affairs. |
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Peter plans to sell a number of different properties. He enters into an agreement with Agent Carla, in which she agrees to act as Peter's special agent. Under this agreement how many properties can Carla list for Peter? |
A special agent may perform whatever legal acts have been authorized by the principal, so Carla can list as many properties as are stated in the agreement. |
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Gail gives ABC Realty a listing that stipulates it is the only RE firm authorized to list her home. At the same time, she insists on including a provision that would allow her to sell the home herself without paying a commission to ABC. Which of the following types of listings would serve that purpose? |
exclusive agency listing |
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A buyer and a seller enter into a purchase and sale agreement. The agreement provides that the closing must take place by September 30. A clause states that a party's failure to be ready by a date specified in the contract will constitute a breach of the contract. What is the name of this clause? |
A time is of the essence clause |
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Interest on a loan for a home purchase is which type of interest? |
simple |
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Which of the following is a primary market lender? |
Mortgage banking company |
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A buyer who is concerned with whether a property's soil is suitable for construction of a septic system would, as part of the inspection process order a/an: |
percolation test |
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a $4,500 earnest money check bounces because of insufficient funds. The first thing the broker should do is: |
notify the principals |
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Adjusted basis is initial basis |
plus capital expenditures, less depreciation |
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Which of the following rental transactions would be covered by the Fair housing act if no real estate agent were involved? |
rental of a unit in a triplex, using no discriminatory advertising |
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What is the most important consideration for a property manager who is deciding on appropriate rental rates. |
the rental rates for similar properties in the same market. |
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A living room need to be re-carpeted, it measures 18 ft long by 15 ft wide. How many sq yards of carpet will need to purchased? |
30
18*15= 270 sq ft
9 sq ft in 1 yard
270/9=30 |
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A deed that is not signed by the seller is still considered valid as long as i: |
is signed by an authorized attorney in fact. |
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A writ of attachment, an easement in gross, and a special assessment all have what in common? |
they're encumbrances |
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A potential buyer gives a seller an offer that doesn't met the sellers demands in the listing. What has the buyer given? |
offer to purchase. |
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Ed knows that his basement leaks, but doesn't disclose this to Sally, the buyer. Ed has also instructed his agent to keep the information confidential. After the sale closes, Sally finds out the basement leaks, and she sues for fraud and misrepresented. Sally can sue: |
both the listing agent and the seller |
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an exclusive listing agreement is an example of a/an: |
express contract |
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a buyer would be protected from risk of loss due to a failed heating system through: |
a home protection plan |
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What clause relates to a mortgage loan default and requires immediate payment of the debt? |
Acceleration Clause |
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B purchases a small commercial property, and he finances it with a 65% loan. The lender charges 9.25% annual interest and three discoutn points. The discount points do what? |
Increase the lenders yield. |
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A RE Licensee is performing a competitive market analysis, he located a comparable property that is slightly older then the subject property. The age of the comparable makes it work 2k less. The comparable has a small porch worth 1k that the subject property lacks. If the comparable sold for $269,500 recently what is the estimated value of the subject property? |
$270,500 |
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Which of the following statements regarding the Real Estate Settlement Procedures Act (RESPA) Is true? |
The borrower is entitled to a good faith estimate of the settlement costs within three days of submitting an app |
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A developer lists 20 different properties in a subdivision, with four different licensees. Each licensee gets her own model unit to work form. Which of the following is true? |
Each model must display the fair housing logo |
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A property manager manages two large apartment buildings. They're older but well maintained properties with a 96% occupancy rate. Based on analysis of market rates, the property manager should: |
raise rents, if competitive market analysis confirms this. |
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An assigned parking space in a lot at a condo development would be considered a/an: |
limited common element |
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Deborah sells her property to Juan, but Juan fails to record the deed. Which of the following statemetns is true about unrecorded deeds. |
The deed is still valid, however it does not provide constructive notice of the grantee's interest. exposing the grantee to the risk that he could lose the prop to a subsequent good faith purchaser |
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Moe has an appurtenant easement over Ray's land. Ray's land is called: |
servient estate |
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Which of the following would a landlord need to disclose to prospective tenants? |
presence of asbestos |
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Which of the following is true regarding an oral agreement for the sale of the real property?
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Void. it violates the statue of frauds
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Late on a Friday afternoon, an agent receives an offer on a property that she has listed, for $10,000 less then
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try to get the offer to them ASAP on Friday
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Which of the following would MOST LIKELY happen in a land contract in regards to the title??
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The vendor retains the title to the property until the final payment is made
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A seller lists a 1.1 acre vacant residential lot, asking $10,000 his broker decides to offer the financing himself. The broker runs an ad saying "a $3000 DP will get you beautiful residential acreage. " Is more credit info required?
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Yes, because a DP amount was given
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A licensee who is taking a listing on a property finds a number of problems that need to be fixed, such as several leaking faucets and an electrical system that intermittently cuts out. This would be an example of:
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physical deterioration
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What piece of info may an apartment property manager gather about applicants?
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employment history
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An owner sells a property, and the buyer is going to make a 20% DP. The lender requires the buyer to pay two discount points, which turn out to be $1000. What was the purchase price? |
62,500
1000 / .02 = 50000 50000 / .8 = 62500 |
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A person takes control of an abandoned farmhouse, and begins to modernize it. She notifies the property's owner of her intention to do so and hears nothing back. Eventually she would be able to take title to this property through:
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adverse possession
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Alex owns 35 acres of vacant land that he would like to deed to a local wildlife conservancy. However, a title search reveals that timber rights and an easement to use the property were sold to Giant Lumber Company in 1963. Since this lumber company went out of business in 1987, Alex should:
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Seek advice from an attorney since the easement still may be valid.
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Jerry offered to buy some vacant land for $500,000. There were no contingencies in his offer, and it was accepted by the seller. Jerry was planning on building a shopping center on the property, but didn't mention this to the seller or his real estate agent. A few days before closing, Jerry learned that his financing for the shopping center had fallen through. The contract is:
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Valid
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An agent performing brokerage services owes all of the following duties except:
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perform independent visual inspection of the property in question
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A loan is set up so that the borrowers payments are the same each month. Each payment is partly interest and partially principal, an the loans balance at the end of the loan term will be zero. what type of loan is this?
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fully amortized
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when determining the value of a vacant lot, an appraiser will typically use the:
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sales comparision approach
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Which of the following actions by a RE agent would be illegal?
A. asking a disabled client if there are special features he might need in a house. B. Showing only houses located in mostly Latino neighborhoods to Latino family C. telling a client, during qualification, that her bad credit score makes an affordable loan unlikely D. Truthfully answering the questions from a buyer about the demographics of a neighborhood |
B.
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Which of the following is a requirement for a valid lease?
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lease expiration
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When part of the land is removed, but generally the boundaries of a property stay the same, it is known as:
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avulsion
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a subdivision has deed restrictions that create a community nature trail from the rear ten feet of everyone's property. One owner decided that he wanted to use that part of his yard to have a storage shed instead. If the other owners want to keep him from doing that, they should:
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file for an injunction in the appropriate court
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A homeowner with a mortgage sells his home to a purchaser who agrees to assume the mortgage. The purchaser applies for and obtains the lender's approval, and the seller is released from liability for the mortgage. This is an example of:
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novation
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Bartholomew leases several acres from Stan so he can grow strawberries. However, when Bartholomew arrives at the property to plant his strawberries, he realizes that Stan is already farming the acreage. Bartholomew does not have to pay rent to Stan because of the:
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Covenant of quiet enjoyment
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A buyer is planning to purchase a property where he can operate a small mechanic's shop out of his home. He eventually finds a property he likes, and tells the listing agent his plans. However, after closing he finds out that there are deed restrictions that prevent him from operating such a business from his home. Which of the following is true?
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since the agent knew the buyers intended use, the agent should have investigated whether it was feasible of informed the buyer that he or his agent should investigate it.
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What is the proper method for determining the gross income multiplier.
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divide sales price by gross income
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Tempworks leased space from Consolidated Properties for an eight year term. The lease did not include a provision regarding assignment of the lease. Two years later, SuperTemps bought out Tempworks. Tempworks can:
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Assign its leasehold estate to Supertemps
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Which of the following is a latent defect that would need to be disclosed?
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A crack in the basement wall that is covered by paneling
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A percolation test will examine the:
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Soil's ability to absorb and retain water
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A landlord occasionally uses his master key to enter rental houses that he owns while residents are away. He avoids giving notice because he's looking for undisclosed pets, any damage or physical problems, and the like. This would be:
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not allowed under the implied covenant of quiet enjoyment
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The following are all goals of WA center for RE research except:
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writing real estate exam questions
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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 exam?
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12 months
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A property manager handling a vacant building fails, for several months, to keep out vagrants who damage the property. Who is liable?
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the property manager as well as the designated broker (for failing to properly supervise the licensee)
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Which of the following would not be considered a nominal earnest money deposit, subject to the pooled interest bearing account requirement?
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$11,000 in the form of a cashiers check
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A licensee hires an unlicensed assistant. While the licensee is on a two week vacation, the assistant helps negotiate contract addenda. The licensee could be discipline under the Uniform Regulation of Business and Professions Act for:
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Aiding and abetting unlicensed practice
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The RE commission does all of the following except:
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Set real estate transaction fees
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L's Broker license was issue on October 16, 2012. L's License will expire on:
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October 16, 2014.
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A licensee is about to change her business location. Which of the following should she do?
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Surrender her license, and apply for an updated license with the correct location
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Addenda to a purchase and sale agreement must be:
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kept in the brokerage's transaction file
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When a broker attempts to renew his license, he intentionally lists a 3-hour course twice in order to reach the 30 hours. The director can:
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suspend the license and charge him with misrepresentation in obtaining or reinstating a license
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A RE agent from Oregon is involved in a commercial property transaction in WA. The agent from Oregon must do all of the following except:
A. associate with a WA brokerage B. Provide a copy of the out-of-state RE License to the WA firm C. deposit all records in the transaction with firm in WA D. register with eh DOL at least 20 days before engaging in brokerage activities |
D.
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A WA RE licensee's license has expired because he did not pay his license fee as required. His license can be reinstated if he:
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pays back the renewal fee plus penalties
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RE transaction records should be kept for a minimum of:
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three years
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The director may impose all of the following penalties on a licensee for violating the license law, EXPECT:
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requiring licensee to pay for costs of formal hearing
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A licensee hires another licensee, who works for the same firm, to be an assistant for negotiating and selling properties. The supervising licensee, in this relationship must:
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be a managing broker
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Who needs to submit continuing education credits with each license renewal?
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all active licenees
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A WA RE broker takes a listing for a waterfront bungalow while working for Firm A. However, before the purchase agreement is signed, she terminates her affiliation and begins working for Firm B. What firm does the firm belong to, and is she owed a commission?
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Firm A, NO
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The cost of a an appeal from a final decision made by the Director of the DOL is an adjudicative procedding is paid by the:
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appellant
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Who is ultimately responsible for the delivery of the earnest money?
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designated broker
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A licensee is criminally charged for stealing prescription drugs on July 2nd. He tells his designated broker about the charges on July 5, who must notify the RE program manager?
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The licensee must provide notice by July 22
(20 days of learning of any criminal compliant or indictment) |
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Unless the purchase agreement or other contract states differently, an earnest money check given to a RE licensee shall be made out to the:
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Licensee's firm as licensed
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If a RE agent is sending out emails offering his services, the federal CAN-SPAM Act requires the agent to:
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tell recipients how to opt out of receiving future emails
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to be entitled to sue for a commission, a person must be able to prove that at the time the RE activities were performed, she was:
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licensed
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it is not necessary to complete 30 hours CEU's in order to renew a/an
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inactive license
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If a designated broker wishes to terminate an affiliated licensee, or an affiliated licensee wants to terminate employment with a brokerage, which of the following statements is true?
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either party may act unilaterally to end the relationship.
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A licensee, with permission from his designated broker, sets up his own subsection S Corporation, which he calls M Realty. He then rents a billboard and advertises a listing on it, using only the M Realty name, is this legal?
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No, ads must give the name of the firm
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In WA, a person licensed to act on behalf of a RE brokerage is called a/an:
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affiliated licensee
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when a licensee is terminated, the date of termination is the date the:
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postmark date or the date the license is hand-delivered to the DOL
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J is selling RE without a license. J is guilt of a:
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gross misdameanor
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A RE agent sold a home for $275,000. Prior to closing, the agent's license was revoked on grounds of moral turpitude. With respect to his eligibility for the commission, what is true?
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He is eligible for the commission because he was duly licensed when the sale was made
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S's license is temporarily suspended by the director for a violation of the license law. S is also fined $500. The money collected as a result of the fine is:
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Deposited in the RE education account, to be used solely for education for the benefit of licensees
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an affiliated licensee owns a wholly owned S corporation, A Realty. He instructs an escrow agent to issue a commission check directly to A Realty. How has he violate the RE license law.
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commissions can be paid to licensees only via their firm
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in a disciplinary action, the director of the DOL can do any of the following, EXCEPT
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award damages to individuals defrauded by RE licensees
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The selling agent must NOT accept a promissory note as an earnest money deposit unless:
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the purchase and sale agreement discloses that the deposit is a note
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Q falls behind on his child support payments. The matter is forwarded to the Director of the DOL. What action is available to the director?
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suspend Q's license
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A licensee is a defendant in a civil suit, stemming from RE activities. When must the licensee notify the RE program manager?
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within 20 days of a verdict of judgement against her
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Pamela would like to get a WA brokers license. Which requirement must she meet?
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Complete a course in fundamentals
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WA state's RE agency law does not address which of the following:
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Penalties for not disclosing agency status
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An affiliated licensee rarely works in the firms main office. The records for the licensee's transactions must be kept in:
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the firms office
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a licensee would not be disciplined for:
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offering to advertise property, for a fee, for a FSBO seller
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a RE license is needed for all of these individuals except:
A. Home inspector B. Timeshare Resale Agent C. Commercial leasing agent |
A
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Which of the following is not a requirement for a brokers license in the state of WA
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college diploma
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If licensee D works out of a home office, for how long is she required to maintain records of closed transactions?
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Affiliated licensees are not required to maintain records of closed transactions
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Under the Uniform Regulation of Business and Professions ACT URBPA, which of the following actions by a licensee would constitute unprofessional conduct?
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Failure to provide a buyer with a property disclosure form
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which of the following people does not need a RE license?
a. building contractor b. person who hosts open houses c. person who lists or offers to list real estate |
A
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