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308-124C-115  <<  308-124C-125 >>   308-124C-130

WAC 308-124C-125

Agency filings affecting this section

Designated broker responsibilities.

Designated broker responsibilities include, but are not limited to:
(1) Assuring all real estate brokerage services in which he/she participated are in accordance with chapters 18.85, 18.86, 18.235 RCW and the rules promulgated thereunder.
(2) Cooperating with the department in an investigation, audit or licensing matter.
(3) Ensuring accessibility of the firm's offices and records to the director's authorized representatives, and ensure that copies of required records are made available upon demand.
(4) Ensuring monthly reconciliation of trust bank accounts are completed, up-to-date and accurate.
(5) Ensuring monthly trial balances are completed, accurate and up-to-date.
(6) Ensuring that the trial balance and the reconciliation show the account(s) are in balance.
(7) Ensuring policies or procedures are in place to account for safe handling of customer or client funds or property.
(8) Maintaining up-to-date written assignments of delegations of managing brokers and branch manager duties. The delegation agreement(s) must be signed by all parties to the agreement. Delegations must:
(a) Only be made to managing brokers licensed to the firm.
(b) Address duties of record maintenance, advertising, trust accounting, safe handling of customer/client funds and property, authority to bind, review of contracts, modify or terminate brokerage service contracts on behalf of the firm, supervision of brokers and managing brokers, and heighten supervision of brokers that are licensed for less than two years.
(c) Address hiring, transferring and releasing licensees to or from the firm.
(9) Maintaining, implementing and following a written policy that addresses:
(a) Procedures for referring a home inspector to buyers or sellers. The policy will address the consumer's right to freely pick a home inspector of the buyer's or seller's choice and prevent any collusion between the home inspector and a real estate licensee. If a licensee refers a home inspector to a buyer or seller with whom they have or have had a relationship including, but not limited to, a business or familial relationship, then full disclosure of the relationship must be provided in writing prior to the buyer or seller using the services of the home inspector.
(b) Levels of supervision of all brokers, managing brokers and branch managers of the firm.
(c) Review of all brokerage service contracts involving any broker of the firm licensed for less than two years. Review must be completed by the designated broker or their delegated managing broker within five business days of mutual acceptance. Documented proof of review shall be maintained at the firm's record locations.
(10) Ensuring that all persons performing real estate brokerage services on behalf of the firm and the firm itself are appropriately licensed.
(11) Ensuring affiliated licensees submit their transaction documents to the designated broker, branch manager or delegated managing broker within two business days of mutual acceptance.
(12) Being knowledgeable of chapters 18.85, 18.86, and 18.235 RCW and their related rules.
(13) Within five business days provide the department with a closing firm affidavit when closing the firm.
(14) Within five business days ensure that all brokerage services contracts are either terminated or transferred to another licensed real estate firm with the parties' written authorization.
(15) Within five business days notify all parties to pending brokerage service transaction(s) that the real estate firm is closing and that the firm will either:
(a) Transfer the pending transaction documents, with the parties' written authorization(s) to another real estate firm; or
(b) Ensure the transaction(s) are completed without any new licensable activity.
[Statutory Authority: RCW 18.85.041. WSR 13-14-077, § 308-124C-125, filed 7/1/13, effective 8/1/13. Statutory Authority: RCW 18.85.041 and 18.85.035. WSR 12-02-065, § 308-124C-125, filed 1/3/12, effective 2/3/12. Statutory Authority: RCW 18.85.041 (1), (7), (12)(a), and 18.85.275. WSR 10-20-100, § 308-124C-125, filed 9/30/10, effective 10/31/10. Statutory Authority: RCW 18.85.040 and 18.85.041. WSR 10-06-078, § 308-124C-125, filed 3/1/10, effective 7/1/10.]