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WRA Final Exam Questions with verified solutions | Already Passed
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WRA Final Exam Questions with verified solutions | Already Passed
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WRA Final Exam Questions withverified solutions | Already Passed
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 ✔✔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 ✔✔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 ✔✔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 ✔✔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 ✔✔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 ✔✔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 ✔✔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 ✔✔C
What is a planned unit development?
A:A regulatory process which promotes unified development for a development specially approved
by the zoning authority for the developer
B:A development where single family homes are owned as condominiums
C:A process for a government to take private property for a public development
D:A regulatory framework for protecting land near bodies of navigable water ✔✔A
Which of the following is NOT an essential term of a real estate sales contract?
A:The signatures of the parties
B:The price
C:The identity of the parties
D:An inspection contingency ✔✔D
, Which of the following likely constitutes secondary mortgage market fraud?
A:A seller agreeing to give the buyer a purchase money mortgage at closing.
B:A buyer applying for a loan even though it will be difficult to make the monthly payments.
C:A real estate licensee drafting an amendment indicating that the seller will be escrowing cash
at closing to pay for repairs.
D:A loan officer telling the seller and buyer to enter into a side agreement that will not be shared with
the secured lender.
CORRECT! ✔✔D
Who signs a deed?
A:The seller and seller's attorney
B:The buyer
C:The seller
D:The seller and buyer ✔✔C
If a seller does not accept an offer that included earnest money for the listing firm to hold, the listing
firm MUST:
A:keep the money
B:keep a portion of the money
C:promptly disburse the money to the person(s) who paid the money
D:wait until the firm has received a written disbursement agreement from the parties ✔✔C
To avoid a price-fixing violation, all decisions concerning commissions or fees must be:
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