WRA Review Questions and Answers Latest Updated 2024

Acceleration clause - CORRECT ANSWER-A clause within a mortgage, permitting the lender to accelerate to upon default and declare the entire balance due. Adjustable rate loan - CORRECT ANSWER-Alone with a fluctuating interest rate. There are a number of maximum increases over the life of the loan...

Express agency - CORRECT ANSWER-A seller list a property with a broker. The seller and the broker have expressed agency through a former, written agreement, which in this case, is the listing contract. Implied agency - CORRECT ANSWER-The buyer wants to write an offer and the listing broker sales...

A seller signs a listing contract with a firm. Who is the agent and who is the principal? - CORRECT ANSWER-The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or a client? - ...

Agency - CORRECT ANSWER-Is the foundation upon which real estate brokerage is practiced. Agency describes a legal and ethical relationship between a real estate licensee and a party to a transaction. A party can be a buyer, a seller, a landlord, or a tenant. Licensee - CORRECT ANSWER-Is any pers...

What rights to property come with ownership? - CORRECT ANSWER-Control; Disposition; Quiet enjoyment; Encumber; Exclude; Possession. What form of ownership allows title to a deceased spouse's property to pass to the surviving spouse without probate? - CORRECT ANSWER-Survivorship marital property...

WRA Practice Test A buyers uses a buyers licensee to draft an offer. The WB-11 residential offer to purchase directs the buyer's licensee to make the earnest money check payable to the: A. Buyers firms trust account B: selling firms trust account C: sellers account D: Listing firms trust acc...

In the WB-1 Residential Listing Contract, who has the authority to accompany a home inspector during a home inspection? The buyer All of the following would be examples of public land use restrictions EXCEPT: A:bulk zoning B:deed conditions C:setbacks

WRA LICENSING EXAM A seller signs a listing contract with a firm. Who is the agent and who is the principal? - CORRECT ANSWER-The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a cust...

WRA FINAL SALESPERSON A listing contract must include all of the following EXCEPT: A:the commission to be paid B:the term of the contract C:a description of the property D:the signature of the seller - CORRECT ANSWER-D: The Signature of the Seller Wis. Stat. § 240.10(1): Every contract to pa...

The 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 do...

Which of the following is a duty ONLY to a client? - CORRECT ANSWER-Loyalty represents interest. Which of the following Services should NOT be performed for a buyer customer? - CORRECT ANSWER-Creating a market analyst of the property the buyer wishes to purchase. Which of the following would a ...

WRA Final Exam Review questions and answers

WRA Final Exam Review Part 1

WRA Final Exam Practice Questions and Answers Latest Updated 2024