Exam (elaborations)
ROCKWELL WASHINGTON REAL ESTATE PRACTICES QUESTIONS AND ANSWERS
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ROCKWELL WASHINGTON REAL ESTATE PRACTICES QUESTIONS AND ANSWERS
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Rockwell: Washington Real Estate PracticesTerms in this set (771)
Person who performs real estate brokerage services on behalf of a real estate firm,
Managing Broker
under the supervision of a designated broker.
Is a managing broker allowed to supervise Only with authorization from the designated broker.
other licensees?
Licensed as a broker for 3 of the last 5 years.
What are the requirements to be a
Takes additional courses.
managing broker?
Takes managing broker exam.
Does every branch need to have a No. They do a branch manager who will be supervised by the designated broker.
designated broker?
What license must a branch manager have? A managing broker's license because they will be supervising other licensees.
You set your own hours.
More
What are the three characteristics of real
estate agents as independent contractors You're paid by commission.
(that is recognized by the IRS)?
You only get worker's compensation insurance.
Business plan.
What are the 4 planning items you must
Budget.
have before starting your real estate
Cash reserves plan.
business?
Start-up expenses.
Agent A person who acts or does business for another.
The person that an agent is authorized to represent.
Principal
AKA Client.
The person that the agent is authorized to represent.
Client
AKA Principal.
Customer The third party with whom the principal goes into business with.
The licensee does not represent either party in the transaction.
Non-agency
When a licensee is not performing the minimum services required under an exclusive
brokerage agreement, and is, therefore, not acting as the consumer's agent.
What law set forward agent Real Estate Brokerage Relationships Act in the Washington's Real Estate Agency Law.
responsibilities?
, Occurs when a real estate agent while
representing one party to a transaction, unintentionally becomes the agent of the
Inadvertent Dual Agency
other party -- a dual agent --by leading the other party to believe he is acting as
their agent. Illegal.
What does the Real Estate Brokerage It presumes that the licensee working the buyer is the buyer's agent unless there is a
Relationships Act change about buyer written agreement to the contrary (such as a listing agreement).
agency relationships?
Cooperating Agents All agents involved in a transaction.
Someone who has been authorized by a Agent.
person to represent that person in dealings
with third parties is a(n):
A person who authorizes an agent to Principal.
represent them is a(n):
A person who performs brokerage services Broker.
on behalf of a real estate firm under
someone else's supervision is a(n):
Representing both parties to a transaction.
Dual Agency
This is unethical unless both parties agree to it, and it is illegal in many states, but not
Washington.
A licensee who can assume supervisory Managing broker.
duties for a real estate firm, though a
designated broker retains ultimate
authority, is called a(n):
This Washington statute incorporated some Real Estate Brokerage Relationships Act.
of the common law of agency but also
changed many aspects of an agent's duties.
Statutory duties clearly define the duties required from an agent, while fiduciary
Statutory Duties vs Fiduciary Duties duties come from common law and are subject to a different interpretation by the
legal system.
What are the two categories of real estate Duties owed to principal and duties owed to any party.
agent duties?
-Reasonable care and skill.
-Honesty and good faith.
-Present all written communications.
-Accounting.
-Disclose all material facts.
-Provide pamphlet on agency law.
What are the 7 duties an agent owes to any -Agency disclosure.
party?
Group of people with care bear logos on their stomach.
Halos over their heads.
Sheets of paper for wings.
One hand full of money.
The other hand holding a hammer.
Flying over a big ol brochure of the law
Do you owe any duties to parties when Yes, you still owe the 7 duties owed to any party.
acting as a non-agent?
If an agent's negligence causes one of the Yes, because of the duty of reasonable care and skill.
parties financial loss, will they be required
to pay compensation?
What is best practice if you don't know the To admit that you don't know or remain silent to avoid misrepresentation.
facts to something?
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