Duties of Licensee
Regardless of whether a broker is an agent, the broker owes to all parties to whom the broker renders real estate brokerage services the following duties, which may not be waived:
The State has specific situations regarding practicing professional real estate that applies to all parties that the licensee comes in contact with. These include clients, customers, and those individuals that the licensee is performing as a sub-agent to an agent.
Present all Written Offers
To present all written offers, written notices, and other written communications to and from either party in a timely manner, regardless of whether the property is subject to an existing contract for sale or the buyer is already a party to an existing contract to purchase.
Making such decisions on behalf of their selling client is not their authority to decide. A creative offer might be of interest to the seller. Only the seller can reject offers and it is not up to their brokers to make the determination.
Disclose all Existing Material Facts
To disclose all existing material facts known by the licensee and not apparent or readily ascertainable to a party; provided that this subsection shall not be construed to imply any duty to investigate matters that the licensee has not agreed to investigate.
This specific requirement is utilized numerous times within the Washington Administrative Code as well as the Revised Code of Washington. A material fact is information that would have an effect in the decision-making process of buying and selling by the principles.
Only those material facts that are known to the broker are required to be presented to all parties in a possible transaction. The State underscores that this RCW does not require licensees to do investigative work beyond their current knowledge. The requirement only applies to already known maternal facts of the licensee.
The managing broker would not be responsible for a subagent's actions unless:
A) he/she authorized the act, error, or omission
B) he/she knew of the act, error, or omission
Before a party signs an offer in a real estate transaction the licensee must:
A) disclose who they represent
B) provide an agency pamphlet
The firm must deposit client money into the trust account:
A) by the next business day
B) within 2 business days
C) within 3 business days
D) within the business week
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