The director shall provide each original applicant for an examination a sample list of questions and answers pertaining to real estate law and the operation of the business and may provide the same at cost to any licensee or to other members of the public. The director shall ascertain by written examination, that each applicant has:

(1) An appropriate knowledge of the English language, including reading, writing, and mathematics;

(2) An understanding of the principles of conveying real estate and the general purposes and legal effect of deeds, finance contracts, and leases;

(3) An understanding of the principles of real estate investment, property valuation, and appraisals;

(4) An understanding of real estate broker agency relationships;

(5) An understanding of the principles of real estate practice and the canons of business ethics pertaining thereto; and

(6) An understanding of the provisions of chapters 18.86 and 18.235 RCW and this chapter.

The examination for real estate managing brokers shall be more exacting than that for real estate brokers.

All moneys received for the sale of educational literature to licensees and members of the public shall be placed in the real estate commission fund.