Exam (elaborations)
WRA Chapter 1 Questions & answers with Complete solutions | Latest edition
WRA Chapter 1 Questions & answers with Complete solutions | Latest edition
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WRA Chapter 1Cooperating Firm - CORRECT ANSWER-A firm that works in conjunction with
another firm in procuring a buyer for the seller's property.
Fiduciary - CORRECT ANSWER-One who is placed in a position of trust and
confidence, normally responsible for the money or property of another.
Agency - CORRECT ANSWER-A relationship in which one person acts for or
represents another.
Salesperson - CORRECT ANSWER-Any individual who is associated with a firm,
other than a broker or a person who is not required to have a license.
Buyer's Firm - CORRECT ANSWER-A firm that has entered into a buyer agency
agreement with the buyer indicating that the firm will be representing the interests
of the buyer.
Listing Firm - CORRECT ANSWER-The firm that the seller has employed under
a listing contract.
Designated Agency - CORRECT ANSWER-A multiple representation relationship
in which both the buyer and the seller are clients of the same firm in the same
transaction and each client receives negotiation services from an agent of the
firm.
Listing Licensee - CORRECT ANSWER-The licensee associated with the listing
firm who acquired the listing.
Subagent - CORRECT ANSWER-A firm engaged by another firm to provide
brokerage services in a transaction, but that is not associated with the firm.
Buyer's Licensee - CORRECT ANSWER-The person within the buyer's firm that
procured the buyer.
,Option to Purchase - CORRECT ANSWER-An agreement to keep open, for a set
period, an offer to sell or lease real property.
Broker - CORRECT ANSWER-One who for another person, and for commission,
money or other thing of value, negotiates or offers or attempts to negotiate a
sale, exchange, purchase, or rental of or the granting or acceptance of an option
to sell, exchange, purchase, or rent and interest or estate in real estate; one who
shows real estate or a business or its inventory; or one who promotes the sale,
exchange, purchase, option, rental, or leasing of a real estate, a time share, or a
business or its goodwill, inventory or fixtures.
1. Negotiation
2. Pattern of Sales
3. Shows Property
4. Advertises Property
Material Adverse Fact - CORRECT ANSWER-An adverse fact that a party
indicates is of such significance, or that is generally recognized by a competent
licensee as being of such significance to a reasonable party, that it affects the
party's decision to enter into a contract or the terms of a contract.
Multiple Representation Relationship - CORRECT ANSWER-A relationship
between a firm and two or more of the firm's clients where the clients are parties
in the same transaction.
Client - CORRECT ANSWER-The person who employs an agent to perform a
service on the client's behalf.
Exchange - CORRECT ANSWER-A way to defer capital gains tax by exchanging
like property for like property.
Licensee - CORRECT ANSWER-A salesperson, broker, or licensed business
entity under Chapter 452 of the Wisconsin Statutes.
Selling Firm - CORRECT ANSWER-The firm that found the buyer-customer for a
property listed with another firm.
, Selling Licensee - CORRECT ANSWER-The licensee within the selling firm who
found the buyer.
Business Sale - CORRECT ANSWER-The sale or lease of a business and the
business's good will, enterprise, or opportunity, including a sale of the majority of
assets or stocks of the business.
Customer - CORRECT ANSWER-A person who receives services given on
behalf of and for the benefit of a client.
Principal Firm - CORRECT ANSWER-A firm who engages a subagent to provide
brokerage services in a transaction.
Single Agency - CORRECT ANSWER-The practice of representing either the
buyer or the seller but not both in the same transaction.
Agent - CORRECT ANSWER-A person who is authorized to act on behalf of
another.
A licensee must disclose all material facts to a customer in a real estate
transaction. - CORRECT ANSWER-False
A licensee must disclose all material adverse facts to all parties in a transaction
but a licensee only has to disclose material facts to clients. Material adverse facts
are all the important and negative facts. Material facts are important facts but can
be positive.
Licensees provide agency representation to clients and customers in a real
estate transaction. - CORRECT ANSWER-False
A firm represents a client in a real estate transaction through the agency
relationship. A firm does not represent a customer in an agency relationship
because a firm and a customer do not have an agency agreement or
relationship.
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