Washington License Law
A Washington broker is also a licensed mortgage loan originator (MLO). In a real estate transaction, the broker may:
AAutomatically handle both the real estate brokerage and mortgage origination for the same client
BHandle both roles but must provide specific written disclosures about the dual role and obtain client consent✓ Correct
CEarn commissions from both sides without disclosure
DNot hold both licenses simultaneously
Explanation
A licensee who holds both real estate and mortgage origination licenses may serve in both capacities in the same transaction with full written disclosure to the client of the dual role, potential conflicts, and all compensation earned from both services.
People Also Study
Related Washington Questions
- In Washington, a real estate licensee who is also a licensed mortgage loan originator must:Washington License Law
- A Washington real estate licensee who acts as both the listing and selling broker on the same transaction and represents both parties must disclose the dual agency to:Washington License Law
- Under Washington's RCW 18.86, what is the minimum agency disclosure requirement when a licensee represents both buyer and seller in the same transaction?Agency
- A Washington real estate licensee represented the buyer in a transaction last year. The same client returns with a new property in mind. The licensee must:Agency
- Which mortgage type is most common for Washington home purchases and has a fixed interest rate for the life of the loan?Finance
- Washington prohibits a real estate licensee from receiving compensation from more than one party in a transaction unless:Washington License Law
- A Washington property sold for $562,000 and the buyer obtained an 80% loan. The lender charges 1.5 origination points. What is the origination fee?Real Estate Math
- A Washington borrower with an FHA loan wants to remove mortgage insurance. Under current FHA rules for loans originated after 2013 with less than 10% down, MIP:Finance
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
State-Specific Concepts
License Law
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →