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WRA Practice Test (Latest) Questions & Answers Verified 100% Correct!!
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WRA Practice Test (Latest) Questions & Answers Verified 100% Correct!!
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Name: Score:121 Multiple choice questions
Term 1 of 121
A borrower is obtaining a loan for $130,150. The loan is 95% of the property's value. The interest
rate on the loan is 5% after the borrower pays two points. How much did the borrower pay for the
property?
A: $135,500
B: $136,665
C: $137,000
D: $136,000
130,150/.95=
one year
variance
seven days
137,000
Term 2 of 121
According to the WB-36 Buyer Agency/Tenant Representation Agreement, a commission is
earned by the buyer firm only if the:
listing firm agrees to compensate the buyer's firm
buyer purchases the property defined in the buyer agency agreement
buyer acquires an interest in property or enters into an enforceable contract that is
acceptable to buyer
buyer's firm is directly involved in the locating and negotiating of the property the buyer
purchases
,Term 3 of 121
Multiple representation without designated agency is when:
a client does not have to consent prior to the firm's participation
the firm may place the interests of the seller-client ahead of the buyer-client
the seller is the firm's only client in the transaction
both the seller and the buyer are clients of the firm in the same transaction
Term 4 of 121
How long does a licensee have to notify the DSPS of a misdemeanor conviction?
A: 10 days
B: 48 days
C: 48 hours
D: 24 hours
274.80
48
promissory notes
antitrust
Term 5 of 121
A selling agent has given the buyer information on the real estate market and suggested a
purchase price for the buyer's offer. The selling agent has likely created what type of agency with
the buyer?
Implied
Single
Express
General
,Term 6 of 121
Where must a firm deposit client funds?
A: Company savings account
B: Required business account
C: Mandatory non-interest bearing trust account
D: Mandatory interest-bearing real estate common trust account (IBRETA)
rejection to the offer and presentation of a new offer
reasonable access to a supervising broker
creating a market analysis of the property the buyer wishes to purchase
mandatory interst-bearing real estate common trust account (IBRETA)
Term 7 of 121
When a depository institution remits the interest earned on a firm's interest-bearing trust account
to the Department they must inform the firm of all the following EXCEPT the:
Interest earned on the account
Service charges on the account
Account balance
Rate of interest applied to the account
Term 8 of 121
What type of mortgage law is recognized in Wisconsin?
Abstract theory
Title theory
Lien theory
Intermediate theory
, Term 9 of 121
Compare the WB-13 Vacant Land Offer to Purchase to the WB-11 Residential Offer to Purchase.
Which of the following statements is most correct?
The WB-13 financing contingency requires a well water and septic test whereas the WB-11
financing contingency does not.
The WB-13 must have a legal description and the WB-11 does not.
The WB-13 includes a provision requiring the seller to provide the buyer with a survey of the
property and the WB-11 does not have any survey language.
The WB-13 includes a map contingency.
Term 10 of 121
A purchaser drafts their WB-14 Residential Condominium Offer to Purchase with an inspection
contingency. According to the WB-14 the home inspector will be inspecting the?
Unit only
Unit and common elements
Limited common elements and common elements
Unit and limited common elements
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