Bundle Information::WRA Exams 2024/2025 Compilation with Verified Answers| 100% Correct| 100% Score

A 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 listing firms t...

Which of the following is a duty ONLY to a client? Loyalty represents interest. Which of the following Services should NOT be performed for a buyer customer? Creating a market analyst of the property the buyer wishes to purchase. Which of the following would a buyer's broker NOT be required to d...

The buyer, in an effort to meet the terms of the Financing Contingency found in the WB-11 Residential Offer to Purchase, delivers a notice to the seller indicating that the buyer is ready to proceed to closing. Has the buyer waived the Financing Commitment Contingency? A:No, because the buyer doe...

The WB-11 Residential Offer to Purchase describes which of the following as the way an earnest money payment should be handled as a result of a sale involving cooperating firms? The selling licensee should have all earnest money checks paid directly to the listing firm... Explanation: The Earnest ...

0-Bedroom Dwelling Any residential dwelling in which the living area is not separated from the sleeping area Abstract of Title A condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the ti...

Delivery A component of binding acceptance. Unenforceable Contract A contract whereby neither party can sue the other for performance. Equitable Title The right to obtain absolute ownership of a property when legal title is held in another's name. Offer to Purchase A promise made to purchase a ...

Easement by Prescription An easement created by adverse use of a property over a statutory period. Chain of Title Chronological record of a property's ownership. Specific Lien A claim against a piece of property. Gap Endorsement When a title company will provide coverage for liens that occur bet...

Probate Formal judicial proceedings to prove or confirm the validity of a will, to collect the assets of a decedent's estate, to pay debts and taxes, and to determine the persons to whom the remainder of the estate is to pass. Fixtures An article that was once personal property but has been so a...

Accession The right of a property owner to become entitled to all the property produces and to all that is added to it, either naturally or artificially. For example, the owner of an office building would acquire the abandoned trade fixtures of a tenant as real property by accession. Bill of sale...

Pending Property A property that has an accepted offer to purchase with all the contingencies removed. Market Value The price at which a property would sell on the open market to a buyer who is not under duress, not related to the seller, is well informed about the property, and who has been foun...

What authority does a listing licensee have under the WB-1? Sign the listing on the listing firm's behalf. Whose employment terms are governed by a listing agreement? The listing firm. What must a valid listing contract include? A description of the property. Which statement is true of the exte...

Protected Buyers Buyers for which a listing firm has a one year extension of the listing contract. Closing (Settlement) Completion of a real estate transaction where mortgage funds are given to a buyer who exchanges them with a seller for legal title to the property. Excluded Properties Propertie...

Fee-Splitting A fee or commission paid to an unlicensed person for performing a brokerage activity. Express Agency An agency relationship created through spoken or written words. Ready, Willing, and Able Buyer A prospective buyer of property who is legally capable and financially able to complete...

What is a fiduciary? A person who is responsible for the property of another. When must a licensee inform a client about multiple representation relationships? Prior to or at the time of entering into the agency agreement. To whom does a licensee owe the duties of providing brokerage services fai...