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WRA Chapter 10 Questions & answers with Complete solutions | Latest edition
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WRA Chapter 10 Questions & answers with Complete solutions | Latest edition
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WRA Chapter 10Delivery - CORRECT ANSWER-A component of binding acceptance.
Unenforceable Contract - CORRECT ANSWER-A contract whereby neither party
can sue the other for performance.
Equitable Title - CORRECT ANSWER-The right to obtain absolute ownership of
a property when legal title is held in another's name.
Offer to Purchase - CORRECT ANSWER-A promise made to purchase a seller's
property under certain terms.
Guaranteed Sale - CORRECT ANSWER-An agreement between a firm and a
seller where the firm will purchase the seller's property at a predetermined price if
the property does not sell during the listing contract.
Business Days - CORRECT ANSWER-Exclude Saturdays, Sundays, any legal
public holiday under Wisconsin or Federal law, and any other day designated by
the President such that the postal service does not receive registered mail or
make regular deliveries on that day.
Acceptance - CORRECT ANSWER-Occurs when all buyers and sellers have
signed an identical copy or separate but identical copies of the offer.
Bump Clause - CORRECT ANSWER-Allows an accepted offer to purchase to be
bumped by another buyer if certain terms are not met.
Specific Performance - CORRECT ANSWER-An action brought by a court to
force a party to carry out the terms of a contract.
Binding Acceptance - CORRECT ANSWER-Creates an enforceable contract
between parties.
Right of First Refusal - CORRECT ANSWER-The right of a person to have the
first opportunity to purchase or lease real property.
,Survey - CORRECT ANSWER-A process by which the physical boundaries of a
property are measured.
A licensee may refuse to draft a buyer's offer if the licensee truly believes the
seller will not accept the buyer's offer. - CORRECT ANSWER-False
Explanation:
A licensee may not refuse to draft or submit an offer unless the terms of the offer
would be contrary to that seller's instructions. If a seller told the listing agent that
the seller will not consider offers below a specific amount, the licensee does not
have to present offers below that amount.
The seller will have the right to cure if the offer does not indicate a choice in the
offer. - CORRECT ANSWER-True
Explanation:
Line 427 of the WB-11 Offer to Purchase acknowledges that if "no choice" is
indicated as to the seller's right to cure, then the seller has the right to cure. A
Seller's "right to cure" does not mean that the Seller must cure any defects
uncovered during a home inspection. Rather, a Seller's "right to cure" means that
the Seller simply has the option to cure a defect once the Buyer notifies the
Seller that there are defects to which the Buyer objects.
The Vacant Land Offer to Purchase provides a right to cure with the inspection
contingency. - CORRECT ANSWER-True
Explanation:
The WB-13 Vacant Land Offer to Purchase includes a right to cure at lines
518-524.
If an agent has knowledge of the terms of pending offer on a property listed with
the agent's firm, the agent may not submit his or her own offer. - CORRECT
ANSWER-True
Explanation:
, This rule is intended to prevent an agent in the company from taking unfair
advantage of a buyer by drafting a personal offer with knowledge of the terms
and conditions offered by a third party buyer/ member of the public.
Earnest money is required in a residential real estate transaction. - CORRECT
ANSWER-False
Explanation:
Earnest money is not required in any real estate transaction.
All prorations are calculated as of the day of closing. - CORRECT
ANSWER-False
Explanation:
All prorations are calculated as of the day prior to closing. Review line 122 of the
WB-11.
Business days only exclude Sunday. - CORRECT ANSWER-False
Explanation:
Business days exclude Saturday, Sundays, and legal holidays. For the definition
of deadlines, review lines 174-181 of the WB-11 Residential Offer to Purchase.
A licensee drafting a personal offer as a principal on a property. The licensee will
strike all of the agency language on Lines 1-2 of the WB-11 Residential Offer to
Purchase. - CORRECT ANSWER-True
Explanation:
A licensee drafting a personal offer is acting as a principal and not an agent. The
licensee would strike the agency language on Lines 1-2 of the Offer.
A buyer may withdraw an offer prior to binding acceptance. - CORRECT
ANSWER-True
Explanation:
Review line 30 of the WB-11 Residential Offer to Purchase.
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