Exam (elaborations)
WRA LICENSING EXAM Questions & answers
WRA LICENSING EXAM Questions & answers
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WRA LICENSING EXAMA seller signs a listing contract with a firm. Who is the agent and who is the
principal? - CORRECT ANSWER-The seller is the principal. The firm is the
agent.
A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer
agency agreement. Is the buyer a customer or a client? - CORRECT
ANSWER-he buyer is a customer.
What kind of agency is a firm practicing if the firm represents just one party in the
transaction? - CORRECT ANSWER-Single agency
When can a firm engage in multiple representation? - CORRECT
ANSWER-Written consent of both parties, agency disclosure to both parties
In what kind of transactions must a firm provide agency disclosure? - CORRECT
ANSWER-All transactions (residential, commercial, vacant land etc.)
By when must a firm provide agency disclosure to a client? A customer? -
CORRECT ANSWER-Before or at the time of entering into the agency
agreement
By when must a buyer's agent disclose the buyer agency relationship to the
seller or the listing firm? - CORRECT ANSWER-The earliest of first contact, a
showing, or any other negotiations with the seller or the listing firm.
What are a listing firm's agency disclosure obligations when working with a
customer who wants to write an offer on a duplex? What if the buyer wants to
write an offer on a commercial warehouse? - CORRECT ANSWER-Provide
agency disclosure to buyer for duplex and ask that buyer to sign the agency
disclosure because this is a 1-4 family transaction. Provide agency disclosure to
buyer for commercial warehouse but you do not have to ask that buyer to sign
because it is not a 1-4 family property.
,When does a property manager need to have a real estate license? - CORRECT
ANSWER-If signing or negotiating leases on behalf of the property owner.
If a licensee is representing a family member who is writing an offer on a
property, what are the licensee's disclosure obligations? customer? - CORRECT
ANSWER-Disclose the relationship in writing and obtain consent of both parties.
What are a licensee's disclosure obligations if the licensee is going to receive a
fee from referring a lawn maintenance company? What if the licensee is a listing
agent who is referring a client to a buyer's agent? - CORRECT ANSWER-For the
lawn maintenance company, disclose the potential referral fee in writing before or
at the time of making the referral. Referral fees from license to license do not
need to be disclosed.
When must a licensee disclose that the licensee holds a real estate license when
selling the licensee's own home? What if the licensee is selling commercial
property owned by the licensee? - CORRECT ANSWER-The earliest of first
contact, a showing, or any other negotiations. The disclosure shall be in writing
and is the same whether selling personally owned home or commercial property.
What tie-in arrangements are legal? - CORRECT ANSWER-Legal tie-ins
Condition the sale of vacant land owned by the licensee upon the buyer's
agreement to use a specific builder if the builder co-owns the property with the
licensee.
Condition the sale of vacant land owned by the licensee upon the buyer's
agreement to use a specific builder if the builder and the licensee are the same
person.
Condition the sale of vacant land owned by the license upon the buyer's
agreement to use a specific builder if the agreement to use the builder is a
legitimate effort to maintain developmental quality/ architectural uniformity and no
compensation passes from the builder to the licensee.
Who can retain an unlicensed personal assistant? Who can retain a licensed
personal assistant? - CORRECT ANSWER-Unlicensed personal assistant -
anyone. Licensed personal assistant - just the firm.
, Which agency duty survives the transaction? - CORRECT
ANSWER-Confidentially
What duties does a firm owe to all parties in a transaction? - CORRECT
ANSWER-Duties to all parties;
Provide brokerage services to all parties honestly and fairly.
Provide brokerage services with reasonable skill and care.
Timely disclose material adverse facts in writing that the firm knows and that the
party does not know or cannot discover through reasonably vigilant observation,
unless the disclosure is prohibited by law.
Keep confidential any information given to the firm, or any information obtained
by the firm that the firm knows a reasonable party would want to be kept
confidential, unless the information must be disclosed by law or the person
whose interests may be adversely affected by the disclosure specifically
authorizes the disclosure of particular information.
Provide accurate information about market conditions that affect a person's
transaction to any party who requests the information, within a reasonable time of
the person's request.
Safeguard trust funds and other property held by the firm as required by statute
and rule.
When negotiating on behalf of a party, present contract proposals in an objective
and unbiased manner and disclose the advantages and disadvantages of the
proposals.
What are the additional duties owed to a client? - CORRECT ANSWER-Loyally
represent the client's interests by placing the client's interests ahead of the firm's
interest.
Provide, when requested by the client, information and advice to the client on
matters that are material to the client's transaction and that are within the scope
of the knowledge, skills and training required of a licensee.
Disclose all material facts affecting the transaction, not just adverse facts.
(divorcing spouses list with two firms = owe two commissions, seller's daughter
wants to offer selling bonus)
Fulfill any obligation required by the agency agreement (listing contract/buyer
agency agreement) and any order of the client that is within the scope of the
agency agreement and is consistent with other duties.
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