Exam (elaborations)
WRA Final Exam Questions & answers
WRA Final Exam Questions & answers
[Show more]
Content preview
WRA Final ExamWhich of the following statements is true of property held in joint tenancy? -
CORRECT ANSWER-If a joint tenant dies, the surviving tenant or tenants
receive the interest of the deceased joint tenant
Which of the following situations requires a written earnest money disbursement
agreement prior to disbursement of funds when the earnest money is held by the
listing firm? - CORRECT ANSWER-A buyer is not able to obtain financing
If the buyer would like the buyer's firm to be paid by the seller, the buyer: -
CORRECT ANSWER-must authorize the payment of commission from seller to
buyer's firm in the buyer agency agreement
An offer is written and subsequently rejected. The buyer gave earnest money
with the offer. What would be the proper procedure to return the earnest money?
- CORRECT ANSWER-The earnest money can be returned to the buyer.
A licensee offers payment for a buyer's home inspection. What is this offer from
the licensee to the buyer called? - CORRECT ANSWER-An incentive
Which of the following is NOT a duty owed to a customer? - CORRECT
ANSWER-Disclosure of material facts
Which of the following real estate licensee is NOT required to ensure compliance
with the federal LBP disclosure law? - CORRECT ANSWER-A buyer's firm paid
by the buyer - This term does not apply to purchasers or any purchaser's
representative who receives all compensation from the purchaser.
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? - CORRECT ANSWER-Implied
A property protected under the WB-36 Buyer Agency Agreement Extension of
Agreement Term is protected for how long after the expiration of the contract? -
CORRECT ANSWER-ONE YEAR
, When renting commercial property to tenants, the property owner or property
manager: - CORRECT ANSWER-needs to be aware of any local equal
opportunity ordinances that may affect commercial or industrial properties
A licensee who is writing an offer for a buyer-customer on another firm's listing is
a: - CORRECT ANSWER-selling licensee
The duties to all parties include all of the following EXCEPT: - CORRECT
ANSWER-Negotiation
How must a supervising broker delegate supervision to another broker? -
CORRECT ANSWER-In a written statement signed by both brokers
An agent pays her unlicensed personal assistant a percentage of each
commission she earns. What is this called? - CORRECT ANSWER-Fee-Splitting
which is ILLEGAL
The WB-11 Residential Offer to Purchase states that title evidence shall be given
by the seller in the form of a/an: - CORRECT ANSWER-Owners policy of title
insurance
A listing licensee and a subagent have a responsibility to the seller under: -
CORRECT ANSWER-the law of agency
To calculate transfer fee: - CORRECT ANSWER-Round up to nearest 100, then
multiple by .003
licensee is required to do all of the following EXCEPT: - CORRECT
ANSWER-have the technical knowledge, skills, or training possessed by
competent third-party inspectors and investigators of real estate and related
areas
To avoid a price-fixing violation, all decisions concerning commissions or fees
must be: - CORRECT ANSWER-unilateral, independent business decision
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.46. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83100 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now