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Definition
| The state statute that governs the licensing and business practices of real estate gents, along with the regulations issued by the Director of the DOL to iplement that statute |
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| Real Estate Research Center |
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Definition
developed by the commission to study real estate economics and concerns such as affordable housing
funded through surcharge imposed on real estate license renewals |
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| not necessarily a lawyer, but someone a principal appoints to act as agent in a power of attorney |
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| salesperson or associate broker who is licensed under a particular broker |
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| made up of director of the DOL and 6 commissioners who advise the director |
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| a person licensed to prepresent others in real estate transactions for compensation |
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| a person qualified as a broker, but is affiliated with another broker |
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| a corporate officer or general partner who is authorized to act as a broker for a licensed corporation or partnership |
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| a business that is for sale, including inventory and goodwill |
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| the completed application form for a salesperson's license, which serves as a temporary license until the permanent license is issued |
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| a license in the possession of the Direction of the DOL |
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Definition
a broker who allows another person to use his license to operate a brokerge
violation of license law |
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an advertisement placed by a real estate licensee that does not state the name of the broker as licensed
violation of license law |
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| a specially designated bank accound in a broker's name for funds held b the broker on behalf of clients, to keep those funds segregated from the broker's own money |
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Definition
| when someone who is holding trust funds on another person's behalf intentionally or accidentally mixed those funds together with their own money |
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| when someone who is holding trust funds on another person's behalf misappropriates the funds with the intention of using them for their own purpose |
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Definition
part of the records a broker is required to keep, the contracts and oter documents connected with a particular transaction
minimum 3 years |
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Definition
| an order issued by the Director of the DOL in a disciplinary action to stop a violation of the license law |
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| requirements for a broker applicant (5): |
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Definition
1. min. 18 years old
2. high school diploma or equiv.
3. min. 2 yrs exp. w/in last 5 yrs. as full-time real estate salesperson
4. 120 clock hours total w/ 30 in each: real estate law, brokerage management, business management, elective
5. pass broker's exam |
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| requirements for salesperson license (3): |
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Definition
1. 18 years old at least
2. 60-clock hours in real estate fundamentals
3. pass salesperson's exam |
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Definition
all renewals required 30 hour continuing education
in addition first time requires an additional 30 hours in real estate practices |
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scores to pass exam:
broker / salesperson |
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Definition
75% / 70%
on each portion of the exam |
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| exam results are good for: |
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Definition
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| if pass only 1 portion of exam, score is valid for: |
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Definition
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| how long can a license be expired before it is canceled? |
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| to reinstate a canceled license (4): |
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Definition
1. complete 60 hours (including 30 in real estate law) within one year before applying for reinstatement
2. pay back all renewal fees, plus penalties
3. pay reinstatement penalty
OR
4. satisfy requiremets for inital licensure |
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Term
| duties owed to client and customer in agency relationship (7) |
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Definition
1. honesty & good faith
2. skill & care
3. accounting
4. disclose latent defects
5. disclose agency relationship
6. give pamphlet on agency
7. give all written communications |
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| additional duties owed to principal only (5): |
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Definition
1. loyalty
2. confidentiality
3. conflicts of interest
4. continuous effort and good will
5. expert advice |
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| terminating agency relationships (4): |
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Definition
1. unilateral agreement
2. expiration
3. full performance
4. mutual agreement |
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| no vicarionous liability & no imputed knowledge |
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Definition
| principles regarding the principal not being held liable for agent mistakes or known facts |
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| interest on a pooled account goes toward: |
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Definition
State Treasurer
75% - Washington Housing Trust Fund
25% - Real Estate Education Account |
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Term
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Definition
1. race
2. color
3. creed
4. sex
5. marital status
6. familiar status
7. age
8. national origin
9. presense of sensory, mental, physical handicap |
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Definition
Uniform Regulation of Business and Professions Act
defines unprofessional conduct that are grounds for disciplinary action; all professions licensed by WA |
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| if appeal decision, what is the bond amount the licensee must pay to cover court costs: |
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Definition
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| what are the max. amount of fines per violation? |
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Term
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Definition
- 1890
- federal antitrust laws
- prohibits any agreement that has the effect of restraining trade, including conspiracies |
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Definition
| when 2 or more business entities participate in a common scheme, the effect of which is the restraint of trade |
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| violation of Sherman act for an individual |
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Definition
- subject to both civil and criminal actions
- fine up to $1 million
- up to 10 years in prison |
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| violation of Sherman Act for a corporation |
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Definition
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| 3 main categories prohibited by antitrust laws: |
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Definition
1. price fixing (fixing commission rates)
2. group boycotts
3. tie-in arrangements |
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