Washington Out of State Broker Cooperation
- An out-of-state licensee broker can perform work in the state for real estate transactions providing that;
a) the out-of-state licensee enters into a written agreement with a Washington broker,
b) all advertising includes the name of the Washington broker,
c) the out-of-state licensee consents to jurisdiction in Washington
d) the out-of-state licensee provides all transaction records to Washington broker.
- An out-of-state licensee broker's salespeople can also work in the state, providing that;
a) their broker has met the requirements of the Washington statute
b) the out-of-state licensee salespeople provide a copy of their license to the Washington broker.
BIZ BROKER STATE
Specific to Washington Real Estate
Washington Reverse Reciprocity
These states specifically mention Washington in their Reciprocity:
These States recognize any other State licenses but may have additional requirements:
Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennessee, Vermont
Washington Real Estate Customs
Title companies, independent escrow companies, lenders, and attorneys may handle escrows.
An attorney must prepare real estate documents, but there is a limited practice rule which lets licensed non-attorneys prepare most of the commonly used real estate documents.
Conveyance is by warranty deed.
Both deeds of trust with private power of sale and mortgages are used as security instruments.
Sellers generally pay the title insurance premiums and the revenue tax; buyers and sellers split everything else.
Washington is a community-property state.
BIZ BROKER STATE
The rules are very clear in this State that a Business Broker must hold a real estate license to sell a business.
hWAC 308-124D-205 Negotiating agreements and closing. The real estate licensee shall be responsible for negotiating the agreement between seller and purchaser as follows:
(1) The real estate licensee shall furnish or cause to be furnished to each buyer and to each seller in every real estate or business opportunity transaction wherein the licensee provides brokerage services, at the time the transaction is closed, a complete detailed closing statement as it applies to the buyer and a complete detailed closing statement as it applies to the seller. The firm shall retain a copy of all closing statements of the respective buyers and sellers wherein the licensee provides brokerage services for all transactions even though funds are not handled by a licensee and closing is done elsewhere.
www.dol.wa.gov/business/realestate/docs/relawbook.pdf (Page 34 of 65)