Exam (elaborations)
WRA Practice Test Questions & answers
WRA Practice Test Questions & answers
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WRA Practice TestA buyers uses a buyers licensee to draft an offer. The WB-11 residential offer to
purchase directs the buyer's licensee to make the earnest money check payable
to the:
A. Buyers firms trust account
B: selling firms trust account
C: sellers account
D: Listing firms trust account - CORRECT ANSWER-listing firms trust account
Explanation:
"
Which of the following is the type of agency model where the firm represents just
the seller in the transaction according to the terms of the listing contract?
A: Multiple representation with designated agency
B: Implied agency
C: Single agency
D: Multiple representation without designated agency - CORRECT
ANSWER-Single agency
Which of the following form of asbestos is likely to be considered the largest
health risk?
A: Deteriorating asbestos insulation wrapped around water pipes
B: Asbestos shingles found underneath fiberglass shingles
C: Asbestos floor tiles that have been covered by new vinyl flooring
D: Asbestos insulation that was friable and has been encapsulated - CORRECT
ANSWER-Deteriorating asbestos insulation wrapped around water piper
.
,A buyer receives an inspection report that discloses defects as defined by the
inspection contingency. Under what circumstances will buyer NOT be able to give
a Notice of Defects?
A: The seller was not aware of the defects.
B: The defects can be readily cured by seller.
C: The defects existed when seller bought the house.
D: The buyer had knowledge of the defects at the time of the offer. - CORRECT
ANSWER-The buyer had knowledge of the defects at the time of the offer
What must firms provide to their licensees?
A: A written statement of procedures under which the firm and licensees
associated with the firm shall operate with respect to transaction documents
B: Onsite supervising during normal business hours
C: An arbitration manual for alternative dispute resolution
D: Training for how to develop and grow a real estate business - CORRECT
ANSWER-A written statement of procedures under which the firm and licensees
associated with the firm shall operate with respect to transaction documents
Which of the following is the way that title appears on public records?
A: Reduction
B: Merchantable
C: Record
D: Marketable - CORRECT ANSWER-record
A licensee wishes to sell the licensee's personally owned property without the
assistance of the licensee's real estate company. At what point must the licensee
disclose the licensee's licensed status?
A: Prior to accepting the buyer's offer or counter-offer
B: As soon as possible whether that be a showing or first contact with a buyer or
agent of the buyer
C: At some point prior to closing the transaction
, D: At the time the buyer decides to write the offer - CORRECT ANSWER-As
soon as possible whether that be a showing or first contact with a buyer or agent
of the buyer
In the WB-1 Exclusive Right to Sell Listing Contract, the firm earns a commission
when the:
A: listing licensee presents an offer to purchase
B: seller accepts an enforceable contract for the sale of all of the property
C: transaction closes
D: damages have been liquidated - CORRECT ANSWER-seller accepts an
enforceable contract for the sale of all of the property
What does private mortgage insurance do?
A: Insures the buyer for losses from defects in the title
B: Protects the lender from defaults on FHA mortgages
C: Ensures that a borrower's loan will be paid in the event the borrower runs into
financial problems
D: Protects the lenders from losses in conventional mortgage defaults -
CORRECT ANSWER-protects the lenders from losses in conventional mortgage
defaults
A builder completed a new home and is going to live in it for 3 weeks prior to
closing of the sale to a buyer. Must the builder complete a real estate condition
report?
A: Yes, because the property will establish a pattern of sales for the builder.
B: No, because the property is new construction and is exempt.
C: No, because the property is not listed with a firm.
D: Yes, because the property meets the definition of one-to-four dwelling units -
CORRECT ANSWER-Yes, because the property meets the definition of
one-to-four dwelling units
A tenant has vacated a property at the end of the tenant's lease term. What is the
landlord's deadline for returning a security deposit less any amounts properly
withheld?
, A: 10 days after the tenant vacates the unit
B: 21 days after the tenant gives notice that the tenant is moving out
C: 28 days after the tenant gives notice that the tenant is moving out
D: 21 days after the tenant vacates the unit - CORRECT ANSWER-21 days after
the tenant vacates the unit
A listing contract must include all of the following EXCEPT:
A: a description of the property
B: the signature of the seller
C: the term of the contract
D: the commission to be paid - CORRECT ANSWER-the signature of the seller
The duties to all parties include all of the following EXCEPT:
A: disclosure of material adverse facts
B: provide brokerage services with reasonable skill and care
C: negotiation
D: safeguard trust funds - CORRECT ANSWER-negotiation
A seller is selling a condominium. What must accompany the seller's real estate
condition report?
A: A copy of meeting minutes from the last three association meetings
B: Floor plans of neighboring condominium units
C: A condominium addendum to the real estate condition report
D: The names and phone numbers of units on either side of the seller's unit -
CORRECT ANSWER-A condominium addendum to the real estate condition
report
A licensee is going to list a property improved with a structure. Which of the
following statements best describes a licensee's inspection duties?
A: A licensee needs to complete a reasonably competent and diligent inspection
only if requested by the parties.
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