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WRA - final exam study Questions & answers with Complete solutions | Latest edition
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WRA - final exam studyWhich of the following is a duty owed ONLY to a client?
A:Objective presentation of contract proposals
B:Loyally represents interests
C:Safeguard trust funds
D:Disclose material adverse facts - CORRECT ANSWER-Loyally represents
interests
The duties owed to a CLIENT include: Loyally represent the client's interest,
provide information and advice on matters that are material to the client's
transaction, disclose all material information, fulfill any obligation required by the
agency agreement that is not in conflict with the law, and the duty to negotiate on
behalf of the client, unless waived.
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?
A:The buyer is the principal of Salesperson A
B:The buyer is Salesperson A's customer
C:The buyer is Salesperson A's client
D:Salesperson A is the buyer's agent - CORRECT ANSWER-The buyer is
Salesperson A's customer
Salesperson A has a listing contract with the seller. The buyer does not sign a
buyer agency agreement with Salesperson A. Salesperson A provides brokerage
services to the buyer as a customer.
When trying to determine if an advertisement violates the Fair Housing Act, what
test(s) is applied?
A:Extraordinary Reader Test
,B:Ordinary Reader Test
C:Extraordinary Human Being Test
D:Ordinary Day Test - CORRECT ANSWER-Ordinary Reader Test
In determining if an advertisement violates fair housing, the ordinary reader test
is applied. Essentially, if the add appears to prefer or "dis-prefer" individuals
because of their membership in a protected class, it might be discriminatory.
Which of the following allows a property owner to use property in a way that was
once allowed but is no longer permitted under current zoning regulations?
A:Spot zoning
B:Nonconforming use
C:Conditional use
D:Variance - CORRECT ANSWER-Nonconforming use
A nonconforming use is a use of property was once permitted but is no longer
permitted under current zoning regulations. The use is considered
"grandfathered" in and the property owner can preserve nonconforming use
status by continuing to use the property in the nonconforming way. An agent can
list and sell a nonconforming use and the new owner typically needs to use the
property in the same way to preserve the status as a nonconforming use.
A rural property is currently being used as cropland. However, the assessed
value reflects the property's worth as if it was being used for residential housing.
The principle of value being applied is:
A:conformity
B:highest and best use
C:progression
D:increasing returns - CORRECT ANSWER-highest and best use
The principle of value being used is highest and best use, which is the most
profitable use to which a property is adapted. The use must be legally permitted,
financially feasible, physically possible, and maximally productive.
,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?
A:A party makes a counter-offer not acceptable to the other party
B:The seller has not accepted the offer and the offer has expired
C:A buyer is not able to obtain financing
D:The seller rejects the offer - CORRECT ANSWER-A buyer is not able to obtain
financing
The listing firm cannot do anything with the earnest money for 60 days after the
scheduled closing date unless the parties reach a written agreement for the
disbursement of the earnest money. The listing firm may wish to write a
memorandum or letter to the buyer and seller and their respective attorneys, if
any, pointing out lines 71-81 of the WB-11 Residential Offer to Purchase and
explaining that this is how the earnest money disbursement must be handled. It
is then up to the parties to work out their differences by negotiation or by going to
small claims court.
A buyer orders a title insurance policy. The title insurance provider searches the
public records for the title examination. The title company notifies the buyer in
writing of the condition of the title with the:
A:abstract of title
B:chain of title
C:title insurance commitment
D:deed - CORRECT ANSWER-title insurance commitment
The title company notifies the buyer of the condition of title in writing with the title
insurance commitment. This document is also sometimes called a preliminary
report or the title insurance binder but in Wisconsin it is most commonly referred
to as the title insurance commitment.
The listing contract states that the washer and dryer are included in the sale. The
offer to purchase does not mention the washer and dryer anywhere. At the time
of closing the washer and dryer:
, A:will be purchased separately
B:are included in the sale
C:must be on the property
D:must be removed - CORRECT ANSWER-must be removed
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 where the listing firm will hold the earnest money?
A:The selling licensee should have all earnest money checks paid directly to the
listing firm.
B:The selling licensee holds all checks or cash received as earnest money until
the time of closing.
C:The selling licensee should transfer the earnest money to the listing firm within
24 hours of the accepted offer to purchase.
D:In a transaction involving cooperating firms, the listing firm should transfer the
earnest money to the selling firm within 24 hours of receiving bank clearance. -
CORRECT ANSWER-The selling licensee should have all earnest money checks
paid directly to the listing firm.
If the listing firm is holding earnest money, the cooperating firm should have initial
and additional earnest money payable to the listing firm.
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?
A:Six months
B:Two years
C:18 months
D:One year - CORRECT ANSWER-One year
At what point in the real estate transaction does a buyer receive equitable title?
A:When binding acceptance occurs
B:When all contingencies have been removed
C:When the offer is accepted
D:At closing - CORRECT ANSWER-When all contingencies have been removed
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