LICENSING REQUIREMENTS - 2021 PSI GUIDE

Question 1

Which of the following does NOT require a real estate license?

a. Buying real estate for one’s individual account
b. Holding oneself out as engaged in real estate brokerage services
c. Issuing a broker’s price opinion
d. Listing for sale a mobile home and the land on which it is located

Answer 1

a. Buying real estate for one’s individual account

Question 2

Which of the following requires a real estate license?

a. An attorney-at-law in the performance of the practice of law
b. A person only providing referrals to a licensee with compensation not dependent on the licensee being paid
c. Someone engaging in real estate activities for no compensation or expectation of compensation
d. Performing property management services for someone else

Answer 2

d. Performing property management services for someone else

Question 3

Which of the following is NOT a type of license issued in Washington?

a. real estate salesperson
b. real estate broker
c. designated broker
d. managing broker

Answer 3

a. real estate salesperson

Question 4

A licensed real estate firm must appoint a

a. supervising broker to act on behalf of the firm.
b. managing broker as the “designated broker” to act on behalf of the firm.
c. broker as the “designated broker” to act on behalf of the firm.
d. broker-salesperson to act on behalf of the firm.

Answer 4

b. managing broker as the “designated broker” to act on behalf of the firm.

Question 5

Which of the following is NOT a real estate licensed issued in Washington?

a. Real estate firm
b. Real estate broker
c. Managing real estate broker
d. Supervising real estate broker

Answer 5

d. Supervising real estate broker

Question 6

Which of the following is NOT required to obtain a real estate broker license?

a. A high school diploma or the equivalent
b. A two year college degree or the equivalent
c. 90 hours of pre-license education
d. Applicant must be at least 18 years old

Answer 6

b. A two year college degree or the equivalent

Question 7

How many years’ experience as a full time real estate broker is required to obtain a managing broker license?

a. 1 year
b. 2 years
c. 3 years
d. 5 years

Answer 7

c. 3 years

Question 8

An out-of-state licensee is applying for a Washington managing broker license. The licensee has maintained a license in the other state for the previous 6 months. In this case, the applicant

a. is only required to take the state portion of the license exam.
b. is exempt from both the national and state portions of the license exam.
c. is exempt from the pre-license education requirements.
d. must post a $50,000 bond to obtain alicense.

Answer 8

a. is only required to take the state portion of the license exam.

Question 9

To obtain a Washington real estate license the applicant must be at least

a. 25 years old.
b. 21 years old.
c. 20 years old.
d. 18 years old.

Answer 9

d. 18 years old.

Question 10

To obtain a broker license the applicant must show proof of

a. 100 hours of prelicense education.
b. 90 hours of prelicense education.
c. 80 hours of prelicense education.
d. 60 hours of prelicense education.

Answer 10

b. 90 hours of prelicense education.

Question 11

To obtain a managing broker license the applicant must show proof of

a. 120 hours of prelicense education.
b. 100 hours of prelicense education.
c. 90 hours of prelicense education.
d. 60 hours of prelicense education.

Answer 11

c. 90 hours of prelicense education.

Question 12

A designated broker

a. must be licensed as a managing broker.
b. must have at least 3 years’ experience as a managing broker.
c. post a bond with the DOL
d. register with the DOL

Answer 12

a. must be licensed as a managing broker.

Question 13

A Washington real estate license issued to a natural person expires

a. 6 years from the date issued.
b. 4 years from the date issued.
c. 3 years from the date issued.
d. 2 years from the date issued.

Answer 13

d. 2 years from the date issued.

Question 14

A Washington real estate license issued to a business entity expires

a. 1 year after it is issued.
b. 2 years after it is issued.
c. when its certificate of authority expires.
d. 90 days before its certificate of authority expires.

Answer 14

c. when its certificate of authority expires.

Question 15

The education requirements for the first renewal of a broker license include

a. 30 hours of continuing education.
b. 45 hours of continuing education.
c. 90 hours of continuing education.
d. 120 hours of continuing education.

Answer 15

c. 90 hours of continuing education.

Question 16

After a broker’s first license renewal, subsequent renewals require

a. 30 hours of continuing education.
b. 45 hours of continuing education.
c. 90 hours of continuing education.
d. 120 hours of continuing education.

Answer 16

a. 30 hours of continuing education.

Question 17

Reversion from a managing broker license to a broker license requires

a. the designated broker’s signature on the application.
b. the managing broker to pass a reversion exam.
c. approval from the Real Estate Commission.
d. additional continuing education.

Answer 17

a. the designated broker’s signature on the application.

Question 18

How many hours of core curriculum continuing education is required to renew a real estate license?

a. 30 hours
b. 15 hours
c. 6 hours
d. 3 hours

Answer 18

d. 3 hours

Question 19

A change of designated broker requires

a. a statement signed by the outgoing designated broker.
b. a statement signed by the outgoing and incoming designated broker.
c. approval by the Real Estate Commission.
d. approval by the DOL.

Answer 19

b. a statement signed by the outgoing and incoming designated broker.

Question 20

A designated broker must notify DOL of a change in office location within

a. 5 days
b. 10 days
c. 14 days
d. 20 days

Answer 20

b. 10 days

Question 21

A designated broker must submit a closing firm affidavit to the DOL within

a. 2 days.
b. 2 business days.
c. 5 days.
d. 5 business days.

Answer 21

d. 5 business days.

Question 22

Which of the following requires license endorsement from the DOL?

a. Designated broker
b. Managing broker
c. Broker
d. Property manager

Answer 22

a. Designated broker

Question 23

John, a real estate salesperson, wants to buy property listed by his firm. What must he do?

a. Nothing special, as he will be acting as a party and not a real estate licensee.
b. Disclose his license status, in writing, to all known parties
c. He cannot buy property listed by his own firm.
d. Advise the seller to retain a different real estate firm.

Answer 23

b. Disclose his license status, in writing, to all known parties

Question 24

Which of the following conditions must be met for an out-of-state licensee to perform acts for which a Washington state real estate license is otherwise required?

a. The party must deal only with residential property.
b. The party must post a bond in an amount determined by the dol.
c. The party must deal only with commercial property.
d. The party must obtain a certificate from the DOL.

Answer 24

c. The party must deal only with commercial property.

Question 25

All real estate licenses must be

a. available at the licensee’s home address.
b. stored at the DOL.
c. kept securely in a safe.
d. available and on display at the address on the license.

Answer 25

d. available and on display at the address on the license.