James has held an active Washington broker license for two years and wants to upgrade to a managing broker license. Which of the following is a prerequisite that James must meet before applying for the managing broker license?
Correct Answer
D) Accumulate at least three years of active real estate broker experience
Under RCW 18.85.101 and WAC 308-124A, a managing broker applicant must have at least three years of active licensed broker experience within the five years immediately preceding the application. James has only two years of experience and therefore does not yet meet this prerequisite.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
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