Washington License Law
A Washington designated broker who wants to sell their firm must ensure that:
AThe buyer of the firm automatically assumes the firm license
BThe new owner obtains a managing broker license and a new firm license from the DOL✓ Correct
CThe DOL approves the price of the business
DAll affiliated brokers re-test for their licenses
Explanation
A Washington real estate firm license is not transferable. When a firm is sold, the new owner must obtain their own managing broker license (if not already held), apply for a new firm license, and re-affiliate all brokers under the new firm.
Related Washington Washington License Law Questions
- A Washington broker who negotiates the sale of a business opportunity (business only, no real estate) must:
- A Washington real estate broker receives a complaint from a former client about the broker's conduct during a sale. The DOL's investigation process may include which of the following?
- Washington's license law requires designated brokers to maintain transaction records for a minimum of:
- The Washington Real Estate Program within the DOL issues how many types of real estate licenses?
- A Washington real estate broker who practices without a current license is:
- In Washington, a real estate licensee who is also a licensed mortgage loan originator must:
- Under Washington law, earnest money received in connection with a real estate transaction must be deposited in a trust account within:
- When a Washington seller accepts an offer, the listing broker must retain the original signed purchase agreement for a minimum of:
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