Washington Advanced Real Estate Continuing Education Practice Exam

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Agency creates a fiduciary relationship where one party acts on behalf of another in real estate transactionsA contract that employs one person to act on behalf of another person and to represent the interests of that person to third parties creates:Three Possible Outcomes When a Buyer's Condition Isn't MetWhat are the three possible outcomes if a buyer's condition is not satisfied?Understanding Accounting Duties in Washington Real EstateIf a broker accepts an earnest money check made out to the broker, deposits it in their own checking account, and immediately transfers the funds to a clients' trust account, the broker is in violation of the fiduciary duty of:Understanding Antitrust Laws in Real Estate DecisionsWhich of the following is NOT a violation of federal antitrust laws?Understanding Fair Housing Law: Key Protections You Should KnowWhich of the following traits is NOT protected under fair housing laws?Understanding Fair Housing Protections Under Federal LawWhich of these is NOT protected by federal fair housing laws?Understanding Property Manager Duties in Real EstateWhich of the following is not generally a duty of a property manager?Understanding Protected Classes Under Federal Fair Housing LawsWhich of the following is a protected class under federal fair housing laws?Understanding Puffing: A Look at Unethical Practices in Real EstateWhat is the unethical practice where a broker claims they can sell a property for significantly more than others?Understanding Tenant Responsibilities When Moving Out Without NoticeIf a tenant moves out without proper notice, what might they be responsible for paying?Understanding the 3-Year Record Keeping Requirement for Washington Real Estate BrokeragesFor how long is a real estate brokerage required to keep transaction records?Understanding the Essentials of Residential Property Listing AgreementsWhich statement about residential property listing agreements is NOT correct?Understanding the Exclusive Right to Sell in Real EstateWhich listing type guarantees the broker commission if the property sells?Understanding the Impact of Redlining in Real EstateWhat does redlining refer to?Understanding the Importance of Disclosure in Real Estate TransactionsWhat is Jeff's ethical responsibility when preparing an offer for a buyer who has not been preapproved for a loan?Understanding the Key Characteristics of a General Agent in Real EstateWhat is a key characteristic of a general agent?Understanding the Legalities of Evicting a Tenant in WashingtonWhat is the only legal method to evict a tenant who fails to comply with an eviction notice?Understanding the Legality of Discriminatory Housing AdvertisementsWhat is the legality of "Whites only" in advertisements for housing?Understanding the Minimum Requirements for Managing Security Deposits in WashingtonWhat is the minimum requirement for managing security deposits?Understanding the Penalties for Violating DOL Regulations in Washington Real EstateWhat is a common penalty for real estate licensees violating DOL regulations?Understanding the Responsibilities of a Property Manager in Trust AccountsA property manager may delegate the responsibility for managing a clients' trust account, but the?What Happens When a Buyer Fails to Meet Real Estate Obligations?What is a common outcome when a buyer does not fulfill their obligations as per the agreement?What You Need to Know About Counter Offers in Real Estate TransactionsWhat defines a "counter offer" in a real estate transaction?What You Should Know About Price Fixing in Real Estate ConversationsA licensee discusses commission rates with peers in a way that suggests they may not lower rates. What is this an example of?Who Pays for Wheelchair Ramp Installation Requested by Tenants?Who pays for a ramp installation requested by a tenant in a wheelchair?Why Client Confidentiality Should Be a Broker's Top PriorityWhat should a broker prioritize to avoid ethical violations?Why consulting your client before adding a time to an offer matters in real estateWhat should Bob have done before inserting a time into his client's offer?
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  • Who is responsible for repairing a stove that is furnished but has non-functioning burners after a tenant moves in?
  • Which illegal action involves a landlord taking away essential services to force a tenant out?
  • What happens to Broker Jones' listings when he switches to Chehalis Realty?
  • Which type of listing is not permitted in Washington state?
  • Which area of real estate activity is most frequently disciplined by the DOL?
  • How long does a landlord typically have to make repairs if the electricity fails in a rental unit?
  • What must happen to any changes made to the original listing agreement?
  • What is one of the responsibilities of a property manager?
  • According to the ADA, which statement is false?
  • In a situation where a buyer presents a counter offer through their broker, what must the broker do according to proper protocol?
  • When a licensee is in a conversation about commission rates, what is the correct action if they suspect price-fixing?
  • When a buyer wishes to withdraw their offer after it has been submitted, what is their right?
  • For which of the following reasons would a landlord require at least two days notice to the tenant of intent to enter the premises?
  • What is an example of a violation of the Sherman Antitrust Act's section against group boycotting?
  • Which one of the following is NOT included on the monthly reconciliation record for security deposits?
  • What is one key responsibility of property managers regarding client funds?
  • When auditing a firm's records, the Department of Licensing auditors will examine the records of all trust accounts for the prior __________ prior to the date they initiated the accounting audit.
  • Which law established the foundation for antitrust actions in the real estate industry?
  • What is a consequence of price fixing among competitors in real estate?
  • A property manager must disclose in writing to the owner in a timely manner the use of any employees or a business in which the property manager has a financial interest who are to perform work on an owner's property.
  • What type of lease involves a tenant paying a fixed amount of rent plus some additional costs?
  • Which is an example of a discriminatory practice in housing?
  • Before a tenant can exercise rights under the Landlord and Tenant Act, what must they ensure regarding rent payments?
  • In which type of listing does the seller have more than one broker at the same time?
  • Which of the following factors is NOT relevant in helping the buyer determine a fair offer price for a property?
  • Which of the following would excuse a condition added to the contract for the benefit of the buyer?
  • Which of the following is NOT a characteristic of “steering” in real estate?
  • What is a key feature of a net lease for a commercial tenant?
  • What type of clause might allow a buyer to exit a contract if certain conditions aren't met?
  • How frequently should trust accounts in property management be reviewed?
  • What is the maximum penalty for violating the lead-based paint disclosure law?
  • How should licensees handle discussions about commissions to avoid violations?
  • For which act can a real estate licensee potentially face disciplinary action?
  • Which of the following refers to a licensee who assists one or both parties without being an advocate for either?
  • The basic goal of the real estate property manager is to:
  • Which of the following does NOT terminate an agency relationship?
  • When a tenant refuses to pay rent, who is primarily responsible for evicting the tenant?
  • What happens to Janet's lease after Wendy died?
  • The most common agency relationship that a licensee has with the principal is as a:
  • What is the primary purpose of disclosure in agency relationships?
  • What is the most significant reason property managers need to maintain accurate records?
  • Which of the following does NOT have to comply with the Americans with Disabilities Act of 1990?
  • What antitrust action is illustrated when brokerages refuse to show homes listed by a discount broker?
  • What must be included in a real estate advertisement?
  • Which of the following about maintaining ledgers for clients' trust funds is correct?
  • When a client requests referrals, what is the best way for a real estate agent to respond?
  • What type of notice is required for a tenant when a property is being converted to a condominium?
  • What does the term "broker's price opinion" refer to?
  • What is the primary responsibility of an escrow agent?
  • What action changes a buyer's condition into an affirmative duty?
  • Which of the following is NOT considered puffing?
  • Clients' trust fund accounts should be reconciled at least?
  • Which of the following is NOT a duty owed to a principal by an agent?
  • Which entity is exempt from the Fair Housing Act?
  • What can be a legal alternative to a traditional agency agreement for facilitating cooperation among brokers?
  • In order to maximize rental income, what is a primary duty of a property manager?
  • A unique series of letters and/or numbers assigned by a property manager that will be used on all transactions to identify the original property management agreement is called:
  • Which statement about the Fair Housing Poster is true?
  • What is the best advice for avoiding an antitrust lawsuit?
  • Which of these situations creates a dual agency?
  • If a broker acting as a property manager executes a job without the owner's consent, which statement is true?
  • What should Jeremy’s next step be after negotiating the sales price?
  • What method is used to establish value or rent by surveying similar properties?
  • Which of the following scenarios would require immediate notification to tenants regarding entry into their property?
  • Which remedy is NOT available in personal service contract disputes?
  • Every security deposit accepted by a property manager for a rental property will be?
  • What is typically included in a buyer's offer to purchase real estate?
  • When is discrimination based on race permitted?
  • In Washington, what is a requirement for a property manager acting on behalf of an owner?
  • Which of the following disabilities would be protected by anti-discrimination laws?
  • The process in which a property manager reconciles the clients' trust account can also be called a?
  • In a situation where a listing agreement expires, what is typically expected from the seller?
  • In Washington, what is the cap on the amount of earnest money a buyer forfeits upon breach, according to the standard purchase and sale agreement?
  • How would Sam's response to Bruce's offer be classified when he changed the closing date?
  • How many days in advance must a landlord provide written notice to terminate a month-to-month rental agreement in Washington?
  • What does blockbusting refer to in the real estate context?
  • What is a consequence of a property listing agreement expiring?
  • Which contingency properly specifies who may act regarding property inspection?
  • What is typically NOT included in the responsibilities of a property manager?
  • An agency by ratification occurs when the principal agrees to accept which type of actions?
  • Which statement is TRUE about a comparative market analysis (CMA)?
  • What does the fiduciary duty of loyalty require from a broker?
  • What must property managers do to ensure compliance when dealing with clients' trust accounts?
  • What is prohibited under fair housing laws regarding advertising?
  • What establishes an agency relationship between a property owner and a firm?
  • What type of listing allows a seller to hire multiple brokers without the obligation to pay?
  • Which action is essential when making changes to a listing agreement?
  • Which situation would NOT be a violation of fair housing law?
  • What must an agent do after showing properties but before preparing offers?
  • Which of the following is NOT a tenant obligation according to the Landlord-Tenant Act?
  • Joe, a real estate agent, shows homes to a couple seeking a neighborhood with many East Africans nearby. What does his action constitute?
  • Which of the following statements about fair housing laws is true?
  • What is the primary purpose of a buyer broker agreement?
  • Which of the following actions represents a conflict of interest for an agent?
  • Where can information on disciplinary actions against Washington real estate licensees typically be found?
  • What kind of agency relationship usually exists between a property manager and a property owner?
  • Which of the following is an antitrust violation related to collusion?
  • What kind of notice is needed for a tenant to move out before the lease expires?
  • Which element is essential for an option contract to be valid and enforceable?
  • A broker is required to disclose known defects and what else to the other party in a transaction?
  • What is an example of discriminatory advertising?
  • What does an exclusive right buyer agency agreement imply?
  • Which of the following is a requirement for a valid real estate contract?
  • What does the Department of Licensing (DOL) mean by "one click away" regarding Internet advertising?
  • How is the commission on a real estate transaction typically determined?
  • Who is ultimately responsible for maintaining transaction records in a brokerage firm?
  • A comparative market analysis is also referred to as what?
  • Which of the following is true regarding landlord responsibilities for furnished appliances?
  • What is the purpose of the Fair Housing Act?
  • What should brokers do to avoid issues related to antitrust laws?
  • What is required for full disclosure in real estate online advertising?
  • How was the agency relationship terminated in the case of Property Manager Jeff and John Klump?
  • What document is a broker required to give to anyone prior to entering into a contract for real estate brokerage services?
  • By misrepresenting a buyer's loan qualification, a real estate agent could be committing which act?
  • In a contract for deed, what benefit does the vendor retain?
  • A conflict of interest arises when an agent's loyalty is compromised by which action?
  • After Jenny found a house she wants to buy, what should her agent do next?
  • Which one of the following is NOT a duty that a typical property manager does?
  • What must a broker do when receiving a counter offer from a seller?
  • When a tenant breaks a lease, what is their potential responsibility?
  • What practice involves the refusal to make loans based on geography?
  • Under Washington law in a month-to-month tenancy, the landlord has a right to?
  • What must a licensee do if they discover a material defect in a property they are selling?
  • After its termination, how long must a written property management agreement be kept by the property manager?
  • What is considered a "reasonable" occupancy standard?
  • If a seller does not want their property shown on Wednesdays and the broker allows it, which fiduciary duty has been violated?
  • Which of these statements about reasonable accommodations is true?
  • Which item is typically NOT found in a brokerage real estate transaction file?
  • What does the Statute of Frauds require for real estate contracts?
  • Which advertisement would violate fair housing laws?
  • Which element does NOT need to be included in an advertisement for real estate?
  • Which of the following is NOT typically included in a real estate property listing agreement?
  • Which practice is considered a violation of federal antitrust laws?
  • In the event of a rent increase, how long must a landlord notify a tenant for a month-to-month rental agreement?
  • What does a carryover clause in a listing agreement ensure?
  • When is an earnest money deposit typically required?
  • When establishing the rent of a property, what factor is considered crucial?
  • What is the name of the arrangement where a property manager offers a discount for future listings?
  • After locating properties for Jack, what should Phil do next?
  • What type of insurance is generally recommended for property managers to have?
  • Which agreement ensures the buyer's broker will receive a commission?
  • What is the primary purpose of an agency relationship in real estate?
  • Which clause is indicated by phrases such as "subject to" and "on the condition that"?
  • Which one of the following needs to have a real estate license to practice property management?
  • What kind of lien is awarded by the court after a creditor has filed suit and won?
  • What is a primary goal of the Sherman Antitrust Act?
  • Which entity does NOT have to comply with federal fair housing laws?
  • Which agency duty involves the licensee’s obligation to act according to the principal’s instructions?
  • What best describes the practice of steering?
  • Which document serves as a formal agreement between the property owner and the property manager?
  • Which fiduciary duty remains even after the termination of the agency relationship?
  • What type of lien is a mortgage classified as?
  • What term describes the illegal act of withholding essential services from a tenant?
  • Which of the following best describes puffing in real estate?
  • Which duty requires the agent to act in the interest of the principal?
  • In real estate, what is the main purpose of a listing agreement?
  • What should a real estate agent do when representing a couple, one of whom is related to the agent?
  • What action must a real estate broker take if they are aware of a property defect?
  • What type of discharge was employed when Dean chose to terminate his relationship with Broker Brian due to dissatisfaction?
  • What restriction cannot a landlord impose regarding assistance animals?
  • If a broker forgets about a deadline for a contingency that protects their client, the broker is in violation of their fiduciary duty of:
  • What will an escrow agent do if both parties cannot agree on the disposition of funds?
  • What type of buyer broker agreement allows a buyer to work with multiple brokers without incurring a commission if they find the property themselves?
  • For fair housing laws, how is a "disabled" person defined?
  • Why is the distinction between a client and a customer important in real estate?
  • What document might a buyer include when a standard agreement does not cover all their conditions?
  • How does split agency or assigned agency fix the dual agency problem as it applies to two brokers of the same firm representing clients on different sides of a transaction?
  • Which of the following entities typically does NOT have agency authority?
  • Which action is NOT considered an illegal per se violation of the Sherman Antitrust Act?
  • Which one of the following is NOT required to be included in a written property management agreement?
  • Upon what basis can agency agreements typically be terminated?
  • In non-subsidized housing, how much notice must a landlord provide a tenant for a rent increase in a month-to-month rental agreement?
  • Which aspect is NOT typically covered in a property management performance review?
  • Which statement reflects the principle of loyalty in agency relationships?
  • In what circumstance can a property manager withhold a security deposit according to tenancy law?
  • What is the purpose of an earnest money deposit in a real estate transaction?
  • What is the maximum fine amount that the Director may impose for a real estate license violation?
  • What ethical violation occurred when a broker submits an offer without disclosing their representation of the seller?
  • Which of the following is considered a conflict of interest?
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