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WRA Final Exam Questions & answers
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WRA Final ExamThe 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 does not have a check from the bank.
B:Yes, because the financing contingency has been removed.
C:No, because the buyer did not deliver a loan commitment.
D:Yes, because the buyer wants to proceed to closing. - CORRECT ANSWER-C
At closing, the seller needs to give a credit to the buyer for property taxes. Last
year's taxes were $3,700 and there are 242 days from the first of the year
through the day of closing. How much will the buyer's tax credit be?
A:$2,453.15
B:$2,587.03
C:$2,346.15
D:$2,443.02 - CORRECT ANSWER-D
How should a licensee number counter-offers?
A:Number the form according to how many counters have been made by that
party
B:Number the form according to how many counters have been made in total by
buyer and seller
C:Identify the form ID number assigned to that particular Counter-Offer form
D:Show the date of the Counter-Offer in the blank provided in the upper right
hand corner - CORRECT ANSWER-B
Which of the following is NOT a federally protected class?
A:Color
B:Age
C:National origin
D:Gender - CORRECT ANSWER-B
,A buyer wants to have the interest earned on their earnest money deposit. Which
of the following statements is most correct?
A:The firm cannot hold the earnest money but they may draft an escrow
agreement for the buyer and the seller
B:The firm can give the interest to the buyer if the offer to purchase states that
the buyer gets the interest.
C:The firm cannot draft an escrow agreement for the buyer and seller.
D:The firm can give the interest to the buyer with written permission from the
seller. - CORRECT ANSWER-C
Jane is showing a home to prospective buyer Lester. Jane shows Lester the
warped steps of the back porch stairs, describing it as "country charm." She then
shows him the "beautifully landscaped herb garden," while pointing to patch of
overgrown weeds. Which term below describes Jane's actions in describing the
property to Lester?
A:Negligent misrepresentation
B:Fraud
C:Concealment
D:Puffing - CORRECT ANSWER-D
According to the WB-1 Residential Listing Contract, which of the following parties
is responsible to prepare the property to minimize the likelihood of injury?
A:The seller
B:The selling firm
C:The listing licensee
D:The buyer's firm - CORRECT ANSWER-A
Rental property is sold to a new owner. Tenants remain under a written lease.
The new owner wants to raise the rent. When can the new owner raise the rent?
A:Within 24 hours after the closing
B:At the closing
C:Before closing, as long as it is no more than $25
D:When the lease with the current tenants expires - CORRECT ANSWER-D
All of the following are true regarding discount points EXCEPT:
A:all loans have discount points associated with them
,B:they are paid to the lender to make up for the difference between the market
rate of a loan and the origination rate of a loan
C:they increase a lender's profit
D:discount points vary according to the specific loan program - CORRECT
ANSWER-A
According to the terms of the WB-1 Residential Listing Contract which of the
following could be a protected buyer?
A:A buyer who attended an open house
B:A buyer who attended an individual showing
C:A buyer who called the listing firm for the number of bedrooms
D:A buyer who looked at the property on the MLS - CORRECT ANSWER-B
A listing contract must include all of the following EXCEPT:
A:the signature of the seller
B:a description of the property
C:the commission to be paid
D:the term of the contract - CORRECT ANSWER-A
A listing agent has an accepted offer to purchase on a listing. Another offer is
being written and the buyer wants information about the existing offer. What
information can the listing agent share with the second buyer?
A:The seller is looking for secondary offers because the primary buyer's offer
contains a well and septic inspection contingency that seller is supposed to pay
for and the seller does not want to pay for the inspection
B:The existing offer meets the seller's closing date requirement of July 15
C:The existing offer has a continued marketing (bump) clause
D:The existing offer does not look very strong because the buyer is trying to
obtain a loan for 100% of the purchase price - CORRECT ANSWER-C
Which of the following is established by the time and date a document was
recorded?
A:Quit claim
B:Chain of title
C:Marketable title
D:Priority - CORRECT ANSWER-D
, Which of the following creates a multiple representation relationship?
A:A buyer's licensee presents an offer to a seller
B:A listing licensee presents a counter-offer to a buyer
C:A listing licensee writes an offer for a buyer on one of the listing licensee's
listings
D:A buyer's licensee writes an offer for a buyer on a property listed by the buyer's
licensee's firm - CORRECT ANSWER-D
A builder or developer consults the building codes to:
A:keep from paying the city inspectors
B:ensure that the builder complies with safety requirements
C:advertise that the builder meets all building codes
D:allow the builder to restrict the use of the building - CORRECT ANSWER-B
Which of the following sales would need to include a lead-based paint addendum
to the Offer to Purchase?
A:Housing for persons with a disabling condition built prior to 1978
B:An efficiency apartment without bedrooms built prior to 1978
C:A duplex built prior to 1978
D:Housing for the elderly built prior to 1978 - CORRECT ANSWER-C
Zoning laws may NOT be used to regulate which of the following?
A:The purpose for which a building may be constructed
B:The placement of interior partitions
C:The height and bulk of a building
D:The number of persons a building may accommodate - CORRECT
ANSWER-B
The WB-11 Residential Offer to Purchase indicates the seller shall provide title
evidence in the form of:
A:abstract of title
B:gap endorsement
C:title insurance
D:warranty deed - CORRECT ANSWER-C
What is a planned unit development?
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