All your requirements in one package!
If you've had a brokers license for less than 2 years, this is the package for you. It includes all the requirements for brokers renewing for the first time. It includes a total of 90 hours, all required courses and elective credits of your choice. The included required courses are a 3 hour Core class, Advanced Practices and Real Estate Law. For your elective hours we let you choose the topics that interest you. Everything is state certified and certificates are available immediately on completion.
The first renewal package offers tremendous savings and you can choose from over 10 different topics for your elective credits. Finance, Contracts, and Property Management are just a few of the topics to choose from.
The Washington State required Core class is included and covers vital topics for real estate professionals. The course features information about recent legal changes and legislative issues being considered. It does a great job of getting you up to date on the things that are important to our state. We have included a number of videos in the Core class to highlight key topics and provide a variety in the presentation. We know you have to take it, but we want to make sure you also take away important information and are engaged along the way.
Washington Real Estate Law (30 hrs), (CORE) Current Issues in Washington Residential Real Estate 2024-2025 (3 hrs), Washington Real Estate Fair Housing (6 Hr) (6 hrs) and Advanced Real Estate Practices (30 hrs) and your choice of:
Upon completion of this section, the student should be able to:
Demonstrate an understanding of the legal and regulatory environment affecting real estate licensees in Washington State.
Describe any specific duties imposed on licensees by the state of Washington in regard to becoming a licensee, including prohibitions.
Demonstrate a familiarity with the various agency situations and with disclosures necessary to avoid any potential conflicts of interest.
Demonstrate the ability to identify the broker’s client in various agency situations and be able to identify the licensee’s duties to a client in each situation.
Real estate has many agencies that are responsible for oversight, depending on the type of real estate, location, parties involved, and the nature of potential legal violations.
Housing and Urban Development (HUD) assists homeowners by developing various regulations and acts, such as the Fair Housing Act, ensuring equal treatment in regard to housing. Some of the divisions within HUD include Home Improvement Branch, Single Family Housing Program Development, Inspector General’s Fraud Hotline, Office of Manufactured Housing Program, Office of Fair Housing and Equal Opportunity (FHEO), Office of RESPA and Interstate Land Sales. HUD is one of the most important regulators relating to the real estate industry.
The Department of the Treasury oversees the IRS, which handles property transfer income taxation.
The Consumer Financial Protection Bureau is responsible for implementing the Truth in Lending Act of 1968. Also known as TILA or Regulation Z.
The US Attorney General has the authority to enforce criminal or civil antitrust violations.
The Federal Bureau of Investigation (FBI) investigates the civil actions of antitrust violations.
The Department of Justice (DOJ) administers the Americans with Disabilities Act (ADA) and has the authority to investigate criminal or civil antitrust violations.
Federal Housing Administration (FHA) insures loans and offers loan programs for buyers.
The Federal Housing Finance Agency was created to oversee Fannie Mae and Freddie Mac, two critical companies that help facilitate real estate finance.
The Commission on Civil Rights, Fair Housing Civil Rights is administered through HUD.
Federal Emergency Management Agency (FEMA) oversees Disaster Assistance and the Flood Insurance Program.
The Department of the Interior oversees the Bureau of Reclamation, Minerals Management Service, Bureau of Land Management and the Geological Survey.
Department of Veterans Affairs (VA), guarantees home loans for veterans.
The Environmental Protection Agency (EPA) writes and enforces environmental regulations. They also publish two important pamphlets used in residential real estate: “A Brief Guide to Mold, Moisture and Your Home” and “Protect Your Family From Lead in Your Home.”
The Federal Trade Commission (FTC) promotes competition in the marketplace so that consumers have a wider selection of goods and services to choose from. Consumers may file complaints about antitrust violations with the FTC, which could result in an extensive investigation and a cease and desist order placed upon the firm or person in violation.
Washington has additional laws and rules that are more specific or stringent than federal law. The following agencies are responsible for our state's regulations:
Local agencies at the county and city level as well as private organizations help to enforce rules and regulations that affect real estate. The rules and regulations are in addition to federal and state laws.
Local Multiple Listing Service (MLS) develops and enforces rules and regulations that govern how members cooperate with each other. The MLS provides services to real estate brokers such as establishing protocols for cooperation among brokers, disseminating information (e.g. prices of houses currently on the market), tracking historical data (e.g. prices of houses that have sold in the past), and setting rules for disputes. It is essential to belong to an MLS since it provides all of the information on properties for sale and allows brokers to add new listings to the system. The designated broker or branch manager of an office may have voting rights at the local MLS as it pertains to governance and management (e.g. the MLS rules regarding information disclosure).
The City Planning Commission usually advises the mayor, city council, and city departments on broad planning goals and policies for the physical development of the city.
Local Planning and Land Use Bureaus administer land use permits.
City and County Housing Authorities provide housing assistance and subsidies for low-income residents and senior citizens.
The Local Building Department handles zoning compliance.
The County Tax Assessor is responsible for assessing and collecting property taxes.
In Washington State, brokers and managing brokers have a bunch of important legal duties and obligations they've got to stick to. These aren't just formalities; they're super important for making sure they do their jobs right and keep everyone's trust. They have to follow state laws and industry rules, focusing on being ethical and professional at all times.
One of the big things they need to do is always look out for their client's best interests. They've got to keep things confidential and provide a level of service that you'd expect from any pro in the real estate business. By doing this, they make sure they're respecting their clients' legal rights and keeping the whole real estate market fair and above board.
These responsibilities really shape how brokers and managing brokers do their jobs every day. They guide how they work with clients and others, and they lay the groundwork for something really important in real estate – the Written Services Agreement. This agreement is a big deal because it outlines exactly what the broker will do for the client and sets the expectations for their working relationship.
The written services agreement is a crucial element in forming an agency relationship in Washington State real estate practices. The "Law of Real Estate Agency" section details the requirements for a legally binding contract between the real estate firm and the principal (seller or buyer).
The agreement must be in writing and contain specific elements to ensure clarity and compliance with statutory obligations. The following points are to be included in any written services agreement:
Term of Agreement: The duration or term of the written services agreement must be clearly stated. For buyers, there is a default term of 60 days with an option for an extension. This specificity ensures both parties are aware of the timeline of representation.
Appointment of Broker(s): The agreement should name the broker or brokers appointed as the agent for the principal. This delineation is vital for identifying who is responsible for representing the interests of the seller or buyer and who will be performing the necessary duties in the agency relationship.
Exclusive or Nonexclusive: The services agreement must indicate whether the agency relationship is exclusive, allowing only this firm to represent the principal, or nonexclusive, where the principal may engage multiple firms simultaneously.
Limited Dual Agency Consent: If considering the possibility of a limited dual agency, where the broker represents both buyer and seller in the same transaction, the agreement must contain the principal's explicit consent. The principal must separately initial this to confirm they understand the restrictions placed on a limited dual agent.
Broker's Duties: The agreement outlines the specific duties and obligations the broker owes to the principal, ensuring that the principal is aware of the level of service and loyalty they are entitled to from the broker and the firm.
Duration of Property Showings: For buyer's agreements, there should be clarification on whether the broker will show properties without a compensation arrangement from the seller's side. This provision addresses scenarios where the buyer's broker may not receive a commission on certain property showings.
Other Agreements: Any additional agreements or provisions pertinent to the agency relationship may be included to cater to specific needs or arrangements between the firm and the principal.
A broker in Washington State owes a series of duties to all parties involved in a real estate transaction, which supports the principles of fairness and ethical conduct. These duties apply whether the broker represents the seller, the buyer, both, or neither. Here are these critical duties:
Reasonable Skill and Care: The broker must perform their duties with the level of competence that a reasonable person would expect from a professional in the real estate industry.
Honest and Good Faith: The broker must act honestly and with good faith toward all parties, ensuring transparency and integrity in the transaction.
Proper Presentation: All offers, notices, and other communications must be presented between the parties in a timely and orderly manner.
Disclose Material Facts: The broker is required to disclose material facts known to them that could affect the parties' decisions in a transaction. This does not include the duty to investigate unknown matters.
Account for Money and Property: The broker is responsible for maintaining an accurate and timely account of all money and property received during the course of a transaction.
Provision of Pamphlet: Brokers are mandated to provide this pamphlet to parties they are rendering real estate services to, ensuring parties are informed about their rights and the broker's duties.
Disclose Representation: The broker must explicitly disclose, in writing, whom they are representing in the transaction to prevent any misunderstanding or conflict of interest.
Compensation Disclosure: Terms of compensation offered by any party must be disclosed, offering clarity on the financial aspects of the transaction and any potential influence it could have on representation.
By understanding and meeting these duties, brokers in Washington State not only comply with the law but also maintain trust and confidence in their professional relationships.
In addition to the duties owed to all parties involved in a real estate transaction, a broker is under specific obligations when serving as an agent for the buyer or seller. These duties underscore the importance of the trust placed in the broker by their client and highlight the commitment of the broker to prioritize their client’s best interests throughout the transaction process.
For instance, loyalty is a critical aspect of a broker's duties to their client. It involves acting solely in the client’s interest, without engaging in any actions that could be considered adverse or detrimental. Loyalty also implies an obligation to steer clear of conflicts of interest and to provide complete and timely disclosure if such conflicts arise.
Confidentiality is another paramount duty, underscored by the broker's responsibility to protect sensitive information about the client. The broker must not disclose confidential information obtained from or about the client unless required by court order or if the client consents to the disclosure in writing.
The duty to provide diligent service means brokers must make a good faith and sustained effort to fulfill the client's objectives, such as finding a property for a buyer or securing a buyer for the seller's property. This entails actively seeking opportunities that align with the client's needs and advocating on their behalf during negotiations until a purchase or sale agreement is finalized unless an alternative arrangement is outlined in writing.
Overall, these designated duties reinforce the serious role brokers play in real estate transactions and the expectation for them to act with integrity, dedication, and discretion.
The responsibilities that fall upon a broker acting as a limited dual agent are characterized by their unique position of representing both the buyer and seller in a single transaction. This dual representation must be established with clear written consent from both parties, reflecting their acknowledgment and acceptance of the broker's dual role.
A limited dual agent must navigate their responsibilities by maintaining a neutral stance, focusing on facilitating transaction progress without fostering any advantage or prejudice towards either party's interests. For example, negotiation support should be impartial, disclosing equal information to each party to ensure fair decision-making, with the notable exception of keeping confidential information secure as per the agency agreement.
Advising both parties to acquire expert advice for transaction-related subjects outside of the agent's range of expertise is not only critical for the clients’ decision-making but also safeguards the agent’s position within their defined scope of responsibilities. Furthermore, the agent must remain diligent in endeavors to satisfy the needs of both the buyer and seller, such as identifying a property that fulfills the buyer's criteria or actively seeking prospective buyers for the seller's property, up until the desired outcome is achieved.
While the complexity of limited dual agency demands a delicate balance, the overarching principle is to assist both clients effectively without bias, thus maintaining the integrity of the buying and selling process while upholding legal and ethical standards.