Angela is a licensed Washington Broker who wants to open her own real estate company and be responsible for all licensees in the firm. Under RCW Chapter 18.85, which license must Angela hold to serve as the individual legally responsible for the real estate firm?
Correct Answer
C) A Designated Broker license affiliated with the firm she intends to manage
Under RCW 18.85, the individual who is legally responsible for a real estate firm and all licensees operating under it must hold a Designated Broker license. The Designated Broker is the highest license tier in Washington's three-tier system and is the person who assumes ultimate legal and supervisory responsibility for the firm's operations. Angela must obtain a Designated Broker license to fulfill this role.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
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A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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