WRA EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWER |VERIFIED
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Course
WRA
Institution
WRA
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? - Accurate AnswersThe selling licensee should have all earnest money checks paid directly to the listing firm... Explanat...
WRA EXAM QUESTIONS
WRA EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWER |VERIFIED
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? - Accurate Answers✔✔The
selling licensee should have all earnest money checks paid directly to the
listing firm... Explanation: The Earnest Money section of the offer
states: "Unless otherwise agreed, earnest money shall be paid to and held
in the trust account of the listing broker."
An appraisal would most likely be used in all of the following
transactions or situations EXCEPT: - Accurate Answers✔✔subletting an
apartment unit.... Value does not need to be established in order to sublet
an apartment unit.
A buyer has an inspection contingency in the offer to purchase that does
not give the seller the right to cure. The home inspector finds a defect
,during the inspection. The buyer would like the seller to repair the defect
according to the buyer's specifications. If the seller does not want to
repair the defect as specified by the buyer then the buyer is no longer
interested in purchasing the property. How would you accomplish this
for the buyer? - Accurate Answers✔✔Deliver an amendment to the
seller specifying the repairs that must be made and if the seller does not
agree then deliver a notice of defects. ...Explanation: Because the seller
does not have the right to cure, delivering a notice of defects will
terminate the offer. The buyer should first try and negotiate the repairs
by amending the offer. If the seller does not agree to the amendment,
then issuing the notice will terminate the offer.
Which of the following would violate advertising rules for real estate
licensees? - Accurate Answers✔✔Advertising a property that has
already been sold. ...Explanation: Wis. Admin. Code § REEB 24.04(1)
states, "Licensees shall not advertise in a manner which is false,
deceptive, or misleading."
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? - Accurate Answers✔✔$2,443.02... Explanation: $3,
day year = $10.1370 daily proration. $10.1370 x 241 days between
January 1 and the day prior to closing = $2,443.02.
The right of a governmental body to take ownership of real estate for
public use is called: - Accurate Answers✔✔eminent
domain...Explanation: Eminent domain is one form of police power and
is the power of a governmental body to take ownership of real estate for
a public use.
,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? - Accurate Answers✔✔When the lease with the current
tenants expires Explanation: Unless the terms of the tenants' current
lease permit an increase in rent, the new owner must wait until the lease
expires and execute a new lease at the desired rent.
Which of the following activities can an unlicensed personal assistant
do? - Accurate Answers✔✔Schedule appointments. Explanation: An
unlicensed personal assistant cannot do any activities that would require
a real estate license such as showings, open houses, or completing
forms. An unlicensed assistant can complete activities that do not require
a license such as scheduling appointments.
A city zoning board changes the zoning for a single parcel of property to
meet a public need. This would be called: - Accurate Answers✔✔spot
zoning...Explanation:Spot zoning occurs when a single parcel of land
rezoned. A variance allows a parcel to violate permanently a zoning law.
Downzoning changes the use of all the properties within a zoning
district.
A licensee is listing a 4-bedroom, two-story house. Which of the
following would be the most suitable comparable property? - Accurate
Answers✔✔A 3-bedroom, two-story house that was recently sold in the
same neighborhood as the listed property. Explanation: A comparable
property is a similar property currently being sold. The maximum value
of a property tends to be established by value of similar properties that
, have recently sold. A foreclosed property does not provide a good
comparison because it is not an arm's length sale.
Evelyn and her boyfriend, Noah, are getting married, and are looking to
purchase a new home. They have asked you as their real estate licensee
for advice on how to take title. What advice can you give them regarding
on how they should take title? - Accurate Answers✔✔Suggest they
speak to an attorney. Explanation: Real estate licensees cannot give legal
advice such as how to take title.
Which of the following is the way that title appears on public records? -
Accurate Answers✔✔Record....Explanation: Record title is the way that
the title appears on public records.
Omar lists his house with Brandon. Nancy goes to Brandon's open house
and decides she wants to make an offer on the house. Nancy does not
have an agency agreement with Brandon and she asks Brandon to write
the offer. Which of the following CORRECTLY identifies the
relationship between Brandon and Nancy? - Accurate
Answers✔✔Nancy is Brandon's customer...Explanation: Brandon has a
listing contract with Omar. Nancy does not sign a buyer agency
agreement with Brandon. Brandon provides brokerage services to Nancy
as a customer.
Question 14 - Accurate Answers✔✔
A licensee is purchasing a home. When completing the offer to purchase
how should they handle the agency information on line 1? - Accurate
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