WRA FULL QUESTIONS AND CORRECT
ANSWERS VERIFIED CERTIFICATION
STUDY PACK
●● Abstract of Title
Answer: A condensed history of a property's title showing, in
chronological sequence, matters such as conveyances, liens, and
encumbrances that have been recorded against the title in the office of
the register of deeds or other public recording place
●● Acceleration Clause
Answer: A clause within a mortgage permitting a lender to accelerate the
amount due upon default and declare the entire balance due
●● Acceptance
Answer: Acceptance occurs when all buyers and sellers have signed an
identical copy or separate but identical copies of the offer
●● Accession
Answer: The right of a property owner to become entitled to all that a
property produces and to all that is added to it, either naturally or
artificially
,●● Active Property
Answer: Property currently for sale
●● Actual Notice
Answer: The actual knowledge a person has about the existence of a
particular fact when notice is expressly and actually given
●● Ad Valorem
Answer: Latin for according to valuation. Refers to a tax based on a
property's value, not the income of the property owner
●● Addenda
Answer: Additional material attached to and made part of a document
●● Adjustable Rate Loan
Answer: A loan with a fluctuating interest rate
●● Advance Fee
Answer: A fee paid to a firm before any services are rendered
●● Adverse Fact
Answer: Something that significantly and adversely affects the value of
a property, significantly reduces the structural integrity of improvements
,to real estate, presents a health risk to occupants of the property, or
information that indicates that a party to a transaction is not able to or
does not intend to meet the obligations under a contract made
concerning a transaction
●● Age
Answer: A protected class under Wisconsin fair housing laws that refers
to any person at least 18 years of age
●● Agency
Answer: A relationship in which one person acts for or represents
another
●● Agent
Answer: A person who is authorized to act on behalf of another
●● Amendment
Answer: Used to change terms of a contract
●● Amenities
Answer: Features of a property that add value or desirability. Can be
either tangible, such as a skylight, or intangible, such as an ocean view
●● American with Disabilities Act (ADA)
, Answer: A federal law designed to eliminate discrimination against
individuals with disabilities by mandating equal access to jobs, public
accommodations, government services, public transportation, and
telecommunications
●● Amortization
Answer: The gradual paying of a debt through systematic payments of
principal and interest over a predetermined period of time
●● Ancestry
Answer: A person's racial and ethnic background
●● Annexation
Answer: An addition to property by the act of joining one thing to
another
●● Annual Percentage Rate (APR)
Answer: The relationship of the total finance charge to the total amount
to be financed as required under the federal Truth in Lending Act
●● Anticipation
Answer: Future physical, economic, social, or political changes that may
affect present value of property
ANSWERS VERIFIED CERTIFICATION
STUDY PACK
●● Abstract of Title
Answer: A condensed history of a property's title showing, in
chronological sequence, matters such as conveyances, liens, and
encumbrances that have been recorded against the title in the office of
the register of deeds or other public recording place
●● Acceleration Clause
Answer: A clause within a mortgage permitting a lender to accelerate the
amount due upon default and declare the entire balance due
●● Acceptance
Answer: Acceptance occurs when all buyers and sellers have signed an
identical copy or separate but identical copies of the offer
●● Accession
Answer: The right of a property owner to become entitled to all that a
property produces and to all that is added to it, either naturally or
artificially
,●● Active Property
Answer: Property currently for sale
●● Actual Notice
Answer: The actual knowledge a person has about the existence of a
particular fact when notice is expressly and actually given
●● Ad Valorem
Answer: Latin for according to valuation. Refers to a tax based on a
property's value, not the income of the property owner
●● Addenda
Answer: Additional material attached to and made part of a document
●● Adjustable Rate Loan
Answer: A loan with a fluctuating interest rate
●● Advance Fee
Answer: A fee paid to a firm before any services are rendered
●● Adverse Fact
Answer: Something that significantly and adversely affects the value of
a property, significantly reduces the structural integrity of improvements
,to real estate, presents a health risk to occupants of the property, or
information that indicates that a party to a transaction is not able to or
does not intend to meet the obligations under a contract made
concerning a transaction
●● Age
Answer: A protected class under Wisconsin fair housing laws that refers
to any person at least 18 years of age
●● Agency
Answer: A relationship in which one person acts for or represents
another
●● Agent
Answer: A person who is authorized to act on behalf of another
●● Amendment
Answer: Used to change terms of a contract
●● Amenities
Answer: Features of a property that add value or desirability. Can be
either tangible, such as a skylight, or intangible, such as an ocean view
●● American with Disabilities Act (ADA)
, Answer: A federal law designed to eliminate discrimination against
individuals with disabilities by mandating equal access to jobs, public
accommodations, government services, public transportation, and
telecommunications
●● Amortization
Answer: The gradual paying of a debt through systematic payments of
principal and interest over a predetermined period of time
●● Ancestry
Answer: A person's racial and ethnic background
●● Annexation
Answer: An addition to property by the act of joining one thing to
another
●● Annual Percentage Rate (APR)
Answer: The relationship of the total finance charge to the total amount
to be financed as required under the federal Truth in Lending Act
●● Anticipation
Answer: Future physical, economic, social, or political changes that may
affect present value of property
