Hi Everyone,
Here’s the follow up Q&A from today’s class.
Q: Do I have to become a managing or designated broker in order to supervise my assistant?
Since there is no clear answer here, I will email DOL direct. When they respond, I will post the response back here on the blog.
Q: Does DOL have definitions for the language used in the recordkeeping portion of the new licensing law? In particular, we would like to know if a designated broker is required to keep records on offers submitted but the offers did not receive mutual acceptance. Here is the scenario from the DOL FAQ page:
Yes, WAC 308-124E-100 requires all brokers and managing brokers to deliver or transmit all transaction records and brokerage agreements to the appropriate managing broker, branch manager, or designated broker within 2 business days of the client’s signature, or sooner if the terms of the contract require.
Q: When a real estate firm would like to offer property management services in addition to real estate services, does the firm need to obtain another UBI number from the state?
A: It depends on if the firm wants to separate real estate services and property management services. This is the scenario and its answer provided by DOL:
Here is the link to the Department of Licensing’s website. Notice the links in red that will take you to the summary of the new changes and the frequently asked questions section, which continues to be updated on a regular basis as new questions are answered by DOL.
Thanks for a fun class today and for your great suggestions and feedback. I especially like the idea of taking what Lisa drew on the white board for us and creating another handout similar to the handout/graph on education requirements to show the “chain of command” flow from one person to the next.