Wra chapter 1 Study guides, Class notes & Summaries

What is a fiduciary? A person who is responsible for the property of another. When must a licensee inform a client about multiple representation relationships? Prior to or at the time of entering into the agency agreement. To whom does a licensee owe the duties of providing brokerage services fairly and honestly, providing accurate market conditions, safeguarding trust funds, using reasonable skill and care, disclosure of all material adverse facts, confidentiality, and objectively presenti...

T/F: A builder who enters into 10 building contracts in one year must have a real estate license. - ANSWER False A person needs a real estate license when selling real estate or a business. When a builder executes a contract to build a property rather than sell it, the contract is for the sale of personal property, not real estate and the pattern of sales requirement for a real estate license does not apply. If the builder includes the sale of land with the building contracts, the pattern of s...

WRA Chapter 1 Vocabulary Questions & answers with Complete solutions | Latest edition

Delivery - A component of binding acceptance. Unenforceable Contract - A contract whereby neither party can sue the other for performance. Equitable Title - The right to obtain absolute ownership of a property when legal title is held in another's name. Offer to Purchase - A promise made to purchase a seller's property under certain terms. Guaranteed Sale - An agreement between a firm and a seller where the firm will purchase the seller's property at a predetermined...

What is a fiduciary? A person who is responsible for the property of another. When must a licensee inform a client about multiple representation relationships? Prior to or at the time of entering into the agency agreement. To whom does a licensee owe the duties of providing brokerage services fairly and honestly, providing accurate market conditions, safeguarding trust funds, using reasonable skill and care, disclosure of all material adverse facts, confidentiality, and objectively presenti...

WRA Chapter 13 Vocabulary With complete solution

WRA Chapter 13 Vocabulary Questions and Answers Latest Updated 2024

WRA Chapter 13 Vocabulary Questions & answers with Complete solutions | Latest edition

Because the forms were drafted by an attorney and the drafter's name is on the form. - Licensees are permitted to use forms drafted by the WRA: Licensees may use approved forms when acting as an agent or principal in a transaction. - Which of the following is true of a licensee's use of approved forms? The diamond is valuable consideration. - Which of the following is true of an offer accompanied by a diamond worth $2,000? A meeting of the minds - What do parties achieve w...

WRA Chapter 1.