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