Description

Instructor:  Mark Kitabayashi

Every two years the Washington Real Estate Commission, together with the Department of Licensing contact brokers and other qualified 3rd parties, to determine what issues they may have experienced or observed. After the ideas have been thoroughly reviewed, the two real estate regulatory authorities traditionally break the subject matter into three main topics which are: Form Update, Legislative Updates and Business Practices.

Topics Covered in Current Issues in Washington Residential Real Estate 2022-2023

Forms Updates

Escalation Addendum

When to Use an Escalation Addendum

When NOT to Use an Escalation Addendum

Calculating the Sales Price

Evidence of Funds

Inspection Addendum

Inspection Response

Understanding the Notice Process

Terms of Closing and Possession

Early and Delayed Possession

Financing Contingency Addendum and Increased Down Payment Addendum

Increased Down Payment Addendum

Legislative Updates

Clarification on Protected Classes

Federal Housing Protected Classes

Additional Washington State Protected Classes

Landlord Tenant Act

HB 1138 (2019-2020)

HB 1694 (2019-2020)

HB 2535 (2019-2020)

HB 1440 (2019-2020)

SB 5600 (2019-2020)

HB 1462 (2019-2020)

HB 1236 (2021)

HB 5160 (2021)

Business Practices Update and Professional Standards

Raising the Bar

Managing Brokers Responsibilities

Duties and Authorities

Timely Presentation of All Written Offers

Things You Must Present

When Things Must Be Presented

Multiple Offer Scenarios

The Evaluation Process

Seller and Buyer Options

Timely Manner

Best Practices

Risky Practices in Today Market

Listing Broker

Bright Line Rule

Buyer Broker