(1)
Must I pass a test prior to becoming a designated broker? Yes. You must take and pass a test prior to becoming a designated broker. See WAC
208-660-250(1) if you have never been a designated broker.
(2)
I am currently a designated broker, will I have to take the test again? You will only have to take the designated broker test again if you stop working as a designated broker for five years or longer.
(3)
I am currently a designated broker that originates loans. Will I have to take the loan originator test and obtain a loan originator license? No. The department will provide you with a loan originator license automatically because you are a designated broker. Your loan originator license will renew in conjunction with the renewal of the mortgage broker main office you work with. If you stop acting as a designated broker, your loan originator license will become inactive. See WAC
208-660-350(12). You can reactivate the license by becoming affiliated with the same or another licensed mortgage broker as a loan originator. If you do not renew your license as provided in WAC
208-660-350(19), the license will expire.
(4)
Where can I get information about the designated broker test? The department will publish the names and contact information of approved testing providers on the department web site.
(5)
What topics may be covered in the designated broker test? See WAC
208-660-600.
(6)
How soon after failing the designated broker test may I take it again? After failing the test three consecutive times you must wait at least fourteen days before taking the test again.
[Statutory Authority: RCW 43.320.040, 19.144.070, 2008 c 109. 09-01-156, § 208-660-260, filed 12/23/08, effective 1/23/09. Statutory Authority: RCW 43.320.040, 19.146.223. 08-05-126, § 208-660-260, filed 2/20/08, effective 3/22/08. Statutory Authority: RCW 43.320.040, 19.146.223, 2006 c 19. 06-23-137, § 208-660-260, filed 11/21/06, effective 1/1/07.]