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WRA Final Exam Questions & answers
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WRA Final Exam Questions & answers
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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
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