A Washington licensed broker operates for 3 months in 2026 after its designated broker resigns. Does the continuing company license excuse operating without a designated broker?
Correct Answer
B) Deficient: a designated broker is in place at all of those times
Every licensed mortgage broker must at all times have a designated broker responsible for all activities of the mortgage broker in conducting the business. Other choices: the company license continuing is why the gap is easy to miss; an owner supervising is not the same as the designated broker the statute requires; and the requirement does not depend on a violation. Source: RCW 19.146.200(3)
Why This Is the Correct Answer
Every licensed mortgage broker must at all times have a designated broker responsible for all activities of the mortgage broker in conducting the business. Other choices: the company license continuing is why the gap is easy to miss; an owner supervising is not the same as the designated broker the statute requires; and the requirement does not depend on a violation. Source: RCW 19.146.200(3)
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