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WRA Chapter 3 Quiz. Questions & answers with Complete solutions | Latest edition
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WRA Chapter 3 Quiz. Questions & answers with Complete solutions | Latest edition
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WRA Chapter 3 QuizWhat authority does a listing licensee have under the WB-1? - CORRECT
ANSWER-Sign the listing on the listing firm's behalf.
Whose employment terms are governed by a listing agreement? - CORRECT
ANSWER-The listing firm.
What must a valid listing contract include? - CORRECT ANSWER-A description
of the property.
Which statement is true of the extension of the listing provision in the WB-1
Residential Listing Contract? - CORRECT ANSWER-Buyers who negotiate
directly with sellers are automatically protected buyers for the listing firm.
A home is listed for $100,000 and sells for $90,000. If the firm's commission is
7% of the sale price, what did the firm earn on this transaction? - CORRECT
ANSWER-6,300.
Over the past year, a seller has paid $850 in condominium association fees of
which $600 has been used. According to the listing contract, what happens to the
surplus at closing? - CORRECT ANSWER-It stays with the association.
What can a firm do if a buyer breaches the offer to purchase contract? -
CORRECT ANSWER-Advise the seller that if the seller elects to keep earnest
money as liquidated damages, the firm's advance fees will be paid first and the
balance will be shared between firm and seller.
A seller gives an exclusive right to sell listing to a firm for six months. The seller
also gives an open listing to another firm during that same six-month period. The
firm with the open listing procures a buyer. To which firm does the seller owe a
commission? - CORRECT ANSWER-The seller owes a full commission to each
firm as stated in the respective listing contracts
What is the status of a firm's commission if a seller accepts an offer two weeks
after the expiration of the listing from a buyer who attended an individual showing
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