WRA EXAM QUESTIONS WITH ANSWERS VERIFIED CORRECT

The WB-11 Residential Offer to Purchase describes which of the following as the way an earnest money payment should be handled as a result of a sale involving cooperating firms? - Correct Answer The selling licensee should have all earnest money checks paid directly to the listing firm... Explanati...

Which of the following is a duty ONLY to a client? - Answer Loyalty represents interest. Which of the following Services should NOT be performed for a buyer customer? - Answer Creating a market analyst of the property the buyer wishes to purchase. Which of the following would a buyer's brok...

In the WB-1 Residential Listing Contract, who has the authority to accompany a home inspector during a home inspection? The buyer All of the following would be examples of public land use restrictions EXCEPT: A:bulk zoning B:deed conditions C:setbacks D:spot zoning deed condit...

Property taxes are to be prorated through ... - ANSWER The day prior to closing Exp: in WB-11 residential offer to purchase line 364 states: any income, taxes or expenses shall accrue to seller, and be prorated at closing, theough the day prior to closing When would a licensee NOT have to provi...

Which of the following is a duty owed ONLY to a client? A:Objective presentation of contract proposals B:Loyally represents interests C:Safeguard trust funds D:Disclose material adverse facts - ANSWER Loyally represents interests The duties owed to a CLIENT include: Loyally represent the c...

A seller signs a listing contract with a firm. Who is the agent and who is the principal? - ANSWER The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or a client? - ANSWER ...

A seller signs a listing contract with a firm. Who is the agent and who is the principal? - ANSWER The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or a client? - ANSWER ...

Which of the following statements is true of property held in joint tenancy? - ANSWER If a joint tenant dies, the surviving tenant or tenants receive the interest of the deceased joint tenant Which of the following situations requires a written earnest money disbursement agreement prior to disburs...

The buyer, in an effort to meet the terms of the Financing Contingency found in the WB-11 Residential Offer to Purchase, delivers a notice to the seller indicating that the buyer is ready to proceed to closing. Has the buyer waived the Financing Commitment Contingency? A:No, because the buyer does ...

The definition of real estate includes many elements. Which of the following items would NOT be a part of real estate? - ANSWER furniture What is a lessor's future interest in a property called? - ANSWER A reversionary interest Christopher and Monica are getting married. Under Wisconsin law, ...

What rights to property come with ownership? - ANSWER Control; Disposition; Quiet enjoyment; Encumber; Exclude; Possession. What form of ownership allows title to a deceased spouse's property to pass to the surviving spouse without probate? - ANSWER Survivorship marital property. A special for...

Radioactive gas in the air that comes from the natural breakdown of uranium in soil, rock and water is: A: Mold B: Radium C: Radon D: Meth Question 45 XXX - ANSWER radon A buyer wants to have the interest earned on their earnest money deposit. Which of the following statements is ...

T/F: A builder who enters into 10 building contracts in one year must have a real estate license. - ANSWER False A person needs a real estate license when selling real estate or a business. When a builder executes a contract to build a property rather than sell it, the contract is for the sale of ...