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WRA - final exam study Set Questions with verified solutions | Already Passed
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WRA - final exam study SetQuestions with verified solutions |
Already Passed
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 ✔✔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 ✔✔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. ✔✔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 ✔✔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 ✔✔When all contingencies have been removed
Equitable title is the right to obtain absolute ownership to property when legal title is held in another's
name. A buyer obtains equitable title after all contingencies have been removed and they are ready to
consummate the transaction.
The Real Estate Settlement Procedures Act (RESPA) regulates:
A:new first mortgages on residential 1-4 family transactions
B:commercial and residential properties
C:seller financed transactions
D:land contracts ✔✔new first mortgages on residential 1-4 family transactions
A purchaser drafts their WB-14 Residential Condominium Offer to Purchase with an inspection
contingency. According to the WB-14 the home inspector will be inspecting the?
A:Unit and limited common elements
B:Unit only
C:Unit and common elements
D:Limited common elements and common elements ✔✔Unit and limited common elements
, The Delivery of Documents and Written Notices section of the WB-11 Residential Offer to Purchase:
A:no longer allows personal delivery except by legal process
server B:does not permit delivery by email
C:allows the parties to designate alternative recipients for delivery by U.S. Mail
D:requires that fees for commercial delivery always be prepaid to an account ✔✔allows the parties
to designate alternative recipients for delivery by U.S. Mail
Who of the following should NOT sign a seller's real estate condition report?
A:An engineer
B:A listing licensee
C:A home inspector
D:A seller ✔✔A listing licensee
How must a supervising broker delegate supervision to another broker?
A:By email
B:In a written statement signed by both brokers
C:With a notarized Delegation of Supervision statement from the Department of Safety and Professional
Services
D:The delegating broker must transfer all ownership in the company to the receiving broker ✔✔In
a written statement signed by both brokers
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