Exam (elaborations)
WRA Exam questions (1 _2) Questions & answers with Complete solutions | Latest edition
WRA Exam questions (1_ 2) Questions & answers with Complete solutions | Latest edition
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WRA Exam questions (1/2)How are the listing contract and the buyer agency agreement similar? -
CORRECT ANSWER-They satisfy the minimum requirements to create a lawful
agency relationship and ensure that the firm has the right to enforce its
commission with a court.
Housing that meets the Fair Housing Act's definition of "housing for older
persons" may legally exclude: - CORRECT ANSWER-families with children
A right or privilege to use a property that belongs to or passes with property
would best be described as a/an: - CORRECT ANSWER-A:easement
Which of the following is established by the time and date a document was
recorded? - CORRECT ANSWER-D:Priority
Which of the following bundle of rights are NOT included in a leasehold estate? -
CORRECT ANSWER-B:Disposition. The tenant does not hold title. Therefore,
they do not have the ability to transfer title.
A licensee is working with a deaf individual. The individual needs an interpreter to
understand the real estate contracts. Who is required to pay for the interpreter? -
CORRECT ANSWER-the firm
Zoning laws may NOT be used to regulate which of the following? - CORRECT
ANSWER-A:The placement of interior partitions
Jane is showing a home to prospective buyer Lester. Jane shows Lester the
warped steps of the back porch stairs, describing it as "country charm." She then
shows him the "beautifully landscaped herb garden," while pointing to patch of
overgrown weeds. Which term below describes Jane's actions in describing the
property to Lester? - CORRECT ANSWER-D:Puffing
An appraisal would most likely be used in all of the following transactions or
situations EXCEPT: - CORRECT ANSWER-subletting an apartment
, A licensee is required to disclose: - CORRECT ANSWER-B:material inconsistent
with or materially contradictory to the seller's statements or the inspection report
of a third party
A seller accepts an offer for $91,575 with a $10,000 mortgage carried by the
seller for the buyer. After adjustments between the parties were made on the
closing statement, the buyer ended up owing the seller $78,500 in cash on
closing day. What was the amount of transfer tax paid by the seller? - CORRECT
ANSWER-C:$274.80 ($91,600 x .003 = $274.80)
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: - CORRECT ANSWER-B:Interest earned on the
account
A seller lists a house with Salesperson A. The buyer attends Salesperson A's
open house and decides to write an offer. The buyer does not have an agency
agreement with Salesperson A and she asks Salesperson A to write the offer.
Which of the following CORRECTLY identifies the relationship between the buyer
and Salesperson A? - CORRECT ANSWER-the buyer is salesperson A's
customer
How long does a licensee have to notify the DSPS of a misdemeanor conviction?
- CORRECT ANSWER-48 hours
What is the purpose of a deed? - CORRECT ANSWER-B:It transfers legal title
from a grantor to a grantee
Which of the following MUST a licensee disclose to a party in a transaction? -
CORRECT ANSWER-a murder took place
What section in the WB-1 Residential Listing Contract requires licensees to
disclose commission offered to cooperating firms? - CORRECT
ANSWER-compensation to others
What 6 rights does a property owner have? - CORRECT ANSWER-disposition,
encumbrance, quiet enjoyment, control, possession, and exclusion.
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