Exam (elaborations)
WRA Exam questions (2_2) Questions & answers with Complete solutions | Latest edition
WRA Exam questions (2_2) Questions & answers with Complete solutions | Latest edition
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WRA Exam questions (2/2)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? - CORRECT ANSWER-B:Seven days
What document does a seller use to convey ownership of personal property to a
buyer? - CORRECT ANSWER-a bill of sale
Which of the following is a CORRECT statement regarding Antitrust Laws? -
CORRECT ANSWER-D:The Sherman Antitrust Act was designed to maintain
and preserve business competition.
A selling licensee can receive a commission from the: - CORRECT
ANSWER-selling firm
Who of the following should NOT sign a seller's real estate condition report? -
CORRECT ANSWER-listing agent
What are deed conditions? - CORRECT ANSWER-land use controls used
between *private citizens*
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? - CORRECT
ANSWER-D:$137,000 (explanation: $130,150 / .95 = $137,000)
What type of mortgage law is recognized in Wisconsin? - CORRECT
ANSWER-lien theory
Jimmy and Sara, a married couple, are selling their primary residence. Both
Jimmy and Sara must sign all of the following EXCEPT: (and explain) -
CORRECT ANSWER-the listing contract. The listing contract, unlike the other
contracts, does not require the signature of both spouses in order to be valid.
The courts have held that the party signing the contract is responsible for the
commission
, Which of the following creates a multiple representation relationship? -
CORRECT ANSWER-A:A buyer's licensee writes an offer for a buyer on a
property listed by the buyer's licensee's firm
Which of the following would NOT create a protected buyer under a listing
contract? - CORRECT ANSWER-a buyer that stopped at an open house
A buyer may be protected under a previous firm's listing contract in all of the
following ways EXCEPT: - CORRECT ANSWER-A:the buyer saw the property at
an open house
What kind of agency relationship is created when a seller signs a listing contract
and prohibits the firm from representing the buyer too? - CORRECT
ANSWER-express agency
A seller is selling a condominium. What must accompany the seller's real estate
condition report? - CORRECT ANSWER-B:A condominium addendum to the real
estate condition report
A buyer's firm writing an offer as a cooperating firm is an example of: -
CORRECT ANSWER-single agency
The WB-11 Residential Offer to Purchase indicates the seller shall provide title
evidence in the form of: - CORRECT ANSWER-title insurance
All of the following would constitute a basis for disciplinary action under
Wisconsin's license law EXCEPT: - CORRECT ANSWER-B:paying a referral fee
to another licensee without disclosing the fee
What three things would constitute a basis for disciplinary action under
Wisconsin's license law? - CORRECT ANSWER-A:the listing agent accepting a
bonus from the buyer
C:the listing firm advertising a property with the consent of the seller after the
listing contract has expired
D:attempting to represent both buyer and seller without their written consent
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