Chen is a licensed Washington broker who wants to upgrade to a Managing Broker license. He has been actively licensed as a broker for two and a half years. He has completed the required 90 additional clock hours of Managing Broker education. Can Chen apply for his Managing Broker license now?
Correct Answer
D) No, because Chen has not yet met the minimum three years of active broker experience required for the Managing Broker upgrade
Under RCW 18.85, a broker must have a minimum of three years of active experience as a licensed Washington broker before being eligible to upgrade to a Managing Broker license. Chen has only two and a half years of experience, which falls short of the three-year requirement. Even though he has completed the required 90 clock hours of Managing Broker education, the experience requirement is a separate and mandatory prerequisite that cannot be waived.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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