Washington Real Estate Broker Exam — All Questions
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A lender refuses to make loans in a specific older neighborhood regardless of the applicant's qualifications. This illegal practice is called:
- a.Steering
- b.Blockbusting
- c.Puffing
- d.Redlining✓
Redlining is the illegal practice of denying loans or insurance in particular areas, often correlating with the racial or ethnic makeup of a neighborhood. It violates fair housing and fair lending laws. Steering and blockbusting are separate prohibited practices.
An open listing differs from an exclusive-right-to-sell listing because in an open listing:
- a.The seller may list with multiple brokers and owes commission only to the one who procures a buyer✓
- b.Only one broker has the listing and always earns a commission
- c.The broker earns a commission even if the seller sells it alone
- d.No commission is ever payable
In an open listing, the seller can engage several brokers and pays only the broker who actually procures a ready, willing, and able buyer; if the seller sells it themselves, no commission is due. An exclusive-right-to-sell listing pays the listing broker regardless of who finds the buyer.