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WRA Exam Pack| Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
WRA Exam Pack| Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
[Show more]WRA Exam Pack| Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
[Show more]Which of the following statements is true of property held in joint tenancy? 
: 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 disburseme...
Preview 2 out of 9 pages
Add to cartWhich of the following statements is true of property held in joint tenancy? 
: 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 disburseme...
A seller signs a listing contract with a firm. Who is the agent and who is the principal? 
: 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? 
: The buyer is a...
Preview 3 out of 20 pages
Add to cartA seller signs a listing contract with a firm. Who is the agent and who is the principal? 
: 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? 
: The buyer is a...
Which of the following is a duty ONLY to a client? 
: Loyalty represents interest. 
Which of the following Services should NOT be performed for a buyer customer? 
: Creating a market analyst of the property the buyer wishes to purchase. 
Which of the following would a buyer's broker NOT be required...
Preview 3 out of 19 pages
Add to cartWhich of the following is a duty ONLY to a client? 
: Loyalty represents interest. 
Which of the following Services should NOT be performed for a buyer customer? 
: Creating a market analyst of the property the buyer wishes to purchase. 
Which of the following would a buyer's broker NOT be required...
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 
: Loyally represents interests 
The duties owed to a CLIENT include: Loyally represent the client's in...
Preview 4 out of 46 pages
Add to cartWhich 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 
: Loyally represents interests 
The duties owed to a CLIENT include: Loyally represent the client's in...
A selling licensee can receive a commission from the: 
A:selling firm 
B:buyer 
C:buyer's firm 
D:seller 
: selling firm 
Wis. Stat. § 452.14(3)(f) Disciplinary proceedings shall be conducted by the board if it 
finds that a licensee accepted from any person except the firm with which the license...
Preview 4 out of 84 pages
Add to cartA selling licensee can receive a commission from the: 
A:selling firm 
B:buyer 
C:buyer's firm 
D:seller 
: selling firm 
Wis. Stat. § 452.14(3)(f) Disciplinary proceedings shall be conducted by the board if it 
finds that a licensee accepted from any person except the firm with which the license...
Agency 
: Is the foundation upon which real estate brokerage is practiced. Agency 
describes a legal and ethical relationship between a real estate licensee and a party to 
a transaction. A party can be a buyer, a seller, a landlord, or a tenant. 
Licensee 
: Is any person licensed under state law...
Preview 4 out of 127 pages
Add to cartAgency 
: Is the foundation upon which real estate brokerage is practiced. Agency 
describes a legal and ethical relationship between a real estate licensee and a party to 
a transaction. A party can be a buyer, a seller, a landlord, or a tenant. 
Licensee 
: Is any person licensed under state law...
Express Agency 
: An agency relationship created through spoken or written words. 
Mirror Image Offer 
: An offer to purchase that is written at the price and on substantially the same 
terms set forth in the listing. Even if the seller does not accept this offer, the firm may be 
owed a commissio...
Preview 1 out of 2 pages
Add to cartExpress Agency 
: An agency relationship created through spoken or written words. 
Mirror Image Offer 
: An offer to purchase that is written at the price and on substantially the same 
terms set forth in the listing. Even if the seller does not accept this offer, the firm may be 
owed a commissio...
According to the terms of the WB-1 Residential Listing Contract, how many days does 
the seller have to provide a new listing firm with the former listing firm's list of protected 
buyers? 
: B:Seven days 
What document does a seller use to convey ownership of personal property to a buyer? 
: a b...
Preview 2 out of 7 pages
Add to cartAccording to the terms of the WB-1 Residential Listing Contract, how many days does 
the seller have to provide a new listing firm with the former listing firm's list of protected 
buyers? 
: B:Seven days 
What document does a seller use to convey ownership of personal property to a buyer? 
: a b...
Encumbrances 
: Any claim against the property that may diminish its value 
Easement 
: An incorporeal right help by one party to make use of the land of another for a 
limited purpose 
Liens 
: A legal right to place a claim or encumbrance on property or have it sold for 
payment of a debt 
Encro...
Preview 2 out of 6 pages
Add to cartEncumbrances 
: Any claim against the property that may diminish its value 
Easement 
: An incorporeal right help by one party to make use of the land of another for a 
limited purpose 
Liens 
: A legal right to place a claim or encumbrance on property or have it sold for 
payment of a debt 
Encro...
How are the listing contract and the buyer agency agreement similar? 
: They satisfy the minimum requirements to create a lawful agency relationship 
and ensure that the firm has the right to enforce its commission with a court. 
Housing that meets the Fair Housing Act's definition of "housing fo...
Preview 2 out of 7 pages
Add to cartHow are the listing contract and the buyer agency agreement similar? 
: They satisfy the minimum requirements to create a lawful agency relationship 
and ensure that the firm has the right to enforce its commission with a court. 
Housing that meets the Fair Housing Act's definition of "housing fo...
A seller signs a listing contract with a firm. Who is the agent and who is the principal? 
: 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? 
: he buyer is a ...
Preview 3 out of 23 pages
Add to cartA seller signs a listing contract with a firm. Who is the agent and who is the principal? 
: 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? 
: he buyer is a ...
What rights to property come with ownership? 
: 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? 
: Survivorship marital property. A special form of joint ten...
Preview 3 out of 25 pages
Add to cartWhat rights to property come with ownership? 
: 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? 
: Survivorship marital property. A special form of joint ten...
A buyers uses a buyers licensee to draft an offer. The WB-11 residential offer to 
purchase directs the buyer's licensee to make the earnest money check payable to the: 
A. Buyers firms trust account 
B: selling firms trust account 
C: sellers account 
D: Listing firms trust account 
: listing fi...
Preview 4 out of 37 pages
Add to cartA buyers uses a buyers licensee to draft an offer. The WB-11 residential offer to 
purchase directs the buyer's licensee to make the earnest money check payable to the: 
A. Buyers firms trust account 
B: selling firms trust account 
C: sellers account 
D: Listing firms trust account 
: listing fi...
The buyer, in an effort to meet the terms of the Financing Contingency found in the WB11 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 do...
Preview 4 out of 39 pages
Add to cartThe buyer, in an effort to meet the terms of the Financing Contingency found in the WB11 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 do...
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