WRA EXAM SCRIPT COMPLETE QUESTIONS
AND CORRECT ANSWERS LEARNING
RESOURCE
●● Fiduciary
Answer: One who is placed in a position of trust and confidence,
normally responsible for the money or property of another.
●● Agency
Answer: A relationship in which one person acts for or represents
another.
●● Salesperson
Answer: Any individual who is associated with a firm, other than a
broker or a person who is not required to have a license.
●● Buyer's Firm
Answer: A firm that has entered into a buyer agency agreement with the
buyer indicating that the firm will be representing the interests of the
buyer.
●● Listing Firm
Answer: The firm that the seller has employed under a listing contract.
,●● Designated Agency
Answer: A multiple representation relationship in which both the buyer
and the seller are clients of the same firm in the same transaction and
each client receives negotiation services from an agent of the firm.
●● Listing Licensee
Answer: The licensee associated with the listing firm who acquired the
listing.
●● Subagent
Answer: A firm engaged by another firm to provide brokerage services
in a transaction, but that is not associated with the firm.
●● Buyer's Licensee
Answer: The person within the buyer's firm that procured the buyer.
●● Option to Purchase
Answer: An agreement to keep open, for a set period, an offer to sell or
lease real property.
●● Broker
Answer: One who for another person, and for commission, money or
other thing of value, negotiates or offers or attempts to negotiate a sale,
,exchange, purchase, or rental of or the granting or acceptance of an
option to sell, exchange, purchase, or rent and interest or estate in real
estate; one who shows real estate or a business or its inventory; or one
who promotes the sale, exchange, purchase, option, rental, or leasing of
a real estate, a time share, or a business or its goodwill, inventory or
fixtures.
1. Negotiation
2. Pattern of Sales
3. Shows Property
4. Advertises Property
●● Material Adverse Fact
Answer: An adverse fact that a party indicates is of such significance, or
that is generally recognized by a competent licensee as being of such
significance to a reasonable party, that it affects the party's decision to
enter into a contract or the terms of a contract.
●● Multiple Representation Relationship
Answer: A relationship between a firm and two or more of the firm's
clients where the clients are parties in the same transaction.
●● Client
Answer: The person who employs an agent to perform a service on the
client's behalf.
, ●● Exchange
Answer: A way to defer capital gains tax by exchanging like property for
like property.
●● Licensee
Answer: A salesperson, broker, or licensed business entity under Chapter
452 of the Wisconsin Statutes.
●● Selling Firm
Answer: The firm that found the buyer-customer for a property listed
with another firm.
●● Selling Licensee
Answer: The licensee within the selling firm who found the buyer.
●● Business Sale
Answer: The sale or lease of a business and the business's good will,
enterprise, or opportunity, including a sale of the majority of assets or
stocks of the business.
●● Customer
Answer: A person who receives services given on behalf of and for the
benefit of a client.
AND CORRECT ANSWERS LEARNING
RESOURCE
●● Fiduciary
Answer: One who is placed in a position of trust and confidence,
normally responsible for the money or property of another.
●● Agency
Answer: A relationship in which one person acts for or represents
another.
●● Salesperson
Answer: Any individual who is associated with a firm, other than a
broker or a person who is not required to have a license.
●● Buyer's Firm
Answer: A firm that has entered into a buyer agency agreement with the
buyer indicating that the firm will be representing the interests of the
buyer.
●● Listing Firm
Answer: The firm that the seller has employed under a listing contract.
,●● Designated Agency
Answer: A multiple representation relationship in which both the buyer
and the seller are clients of the same firm in the same transaction and
each client receives negotiation services from an agent of the firm.
●● Listing Licensee
Answer: The licensee associated with the listing firm who acquired the
listing.
●● Subagent
Answer: A firm engaged by another firm to provide brokerage services
in a transaction, but that is not associated with the firm.
●● Buyer's Licensee
Answer: The person within the buyer's firm that procured the buyer.
●● Option to Purchase
Answer: An agreement to keep open, for a set period, an offer to sell or
lease real property.
●● Broker
Answer: One who for another person, and for commission, money or
other thing of value, negotiates or offers or attempts to negotiate a sale,
,exchange, purchase, or rental of or the granting or acceptance of an
option to sell, exchange, purchase, or rent and interest or estate in real
estate; one who shows real estate or a business or its inventory; or one
who promotes the sale, exchange, purchase, option, rental, or leasing of
a real estate, a time share, or a business or its goodwill, inventory or
fixtures.
1. Negotiation
2. Pattern of Sales
3. Shows Property
4. Advertises Property
●● Material Adverse Fact
Answer: An adverse fact that a party indicates is of such significance, or
that is generally recognized by a competent licensee as being of such
significance to a reasonable party, that it affects the party's decision to
enter into a contract or the terms of a contract.
●● Multiple Representation Relationship
Answer: A relationship between a firm and two or more of the firm's
clients where the clients are parties in the same transaction.
●● Client
Answer: The person who employs an agent to perform a service on the
client's behalf.
, ●● Exchange
Answer: A way to defer capital gains tax by exchanging like property for
like property.
●● Licensee
Answer: A salesperson, broker, or licensed business entity under Chapter
452 of the Wisconsin Statutes.
●● Selling Firm
Answer: The firm that found the buyer-customer for a property listed
with another firm.
●● Selling Licensee
Answer: The licensee within the selling firm who found the buyer.
●● Business Sale
Answer: The sale or lease of a business and the business's good will,
enterprise, or opportunity, including a sale of the majority of assets or
stocks of the business.
●● Customer
Answer: A person who receives services given on behalf of and for the
benefit of a client.
