WRA COMPREHENSIVE EXAM 2026/2027 QUESTIONS AND
SOLUTIONS RATED A+
✔✔Which of the following would be a fair housing violation in Wisconsin? - ✔✔A
property owner charging more money to a tenant with children than to a tenant without
children...Explanation: Wis. Stat. § 106.50(1): It is the declared policy of this state that
all persons shall have an equal opportunity for housing regardless of sex, race, color,
sexual orientation, disability, religion, national origin, marital status, family status, lawful
source of income, age or ancestry. Wis. Stat. § 106.50(2)(5m): Nothing in this section
prohibits discrimination based on age or family status with respect to housing for older
persons. Wis. Stat. § 106.50(2)(5m)(b): Nothing in this section shall prohibit a person
from exacting different or more stringent terms or condition for financing housing based
on the age of the individual applicant for financing if the terms or conditions are
reasonably related to the individual applicant.
✔✔An offer is written and subsequently rejected. The buyer gave earnest money with
the offer. What would be the proper procedure to return the earnest money? - ✔✔The
earnest money can be returned to the buyer....Explanation: Generally, the firm must
deposit earnest money in a real estate trust account within 48 hours of receipt. Wis.
Admin. Code Chapter REEB 18 allows for the disbursement of trust funds upon
rejection, expiration or withdrawal, prior to binding acceptance, of an offer to purchase,
Therefore, if the offer is rejected, withdrawn or expires prior to the 48 hours, the firm
may return earnest money to the buyer. It would be prudent practice to make a
photocopy of the earnest money check and document the return.
✔✔The duties to all parties include all of the following EXCEPT: -
✔✔negotiation...Explanation:Duties to all parties: Safeguard trust funds, provide
brokerage services honestly and fairly, present contract proposals in an objective and
unbiased manner, confidentiality, provide accurate information about market conditions
within a reasonable time after the person's request, provide brokerage services with
reasonable skill and care, disclosure of material adverse facts. The duty of negotiation
is just for clients.
✔✔If, after receiving an offer from a prospective buyer, the seller makes a counter-offer,
the prospective buyer is: - ✔✔relieved of further liability...Explanation: A counter-offer is
a rejection of a previous offer. The parties of a rejected offer are no longer bound by the
original offer.
✔✔How must a supervising broker delegate supervision to another broker? - ✔✔In a
written statement signed by both brokers...Explanation: A firm can delegate supervision
responsibility in writing as long as the delegation is signed by both the broker/firm
delegating and the recipient of the delegated authority.
✔✔A firm has a contract with a person to pay a finder's fee if the person finds a buyer
for the firm's listing. This is permissible if the: - ✔✔person has a salesperson's
, license...Explanation: Wis. Stat. § 452.19 No licensee may pay a fee or a commission or
any part thereof for performing any act specified in this chapter or as compensation for
a referral or as a finder's fee to any person who is not licensed under this chapter or
who is not regularly and lawfully engaged in the real estate brokerage business in
another state, a territory or possession of the United States, or a foreign country.
✔✔Which type of loan does the federal government guarantee? - ✔✔Department of
Veterans Affairs (VA) loan...Explanation: The guarantee feature on a VA loan promises
lenders that in the event of deficiency in a foreclosure the lender will be compensated
by the VA for any losses incurred in the foreclosure and subsequent sale of the property
up to the limit of the guarantee.
✔✔A tenant has vacated a property at the end of the tenant's lease term. What is the
landlord's deadline for returning a security deposit less any amounts properly withheld?
- ✔✔21 days after the tenant vacates the unit...Explanation: A landlord must return the
security deposit within 21 days of the tenant vacating the unit if the tenant vacates at the
end of the tenant's lease term.
✔✔A property is listed for $225,000 and is selling for $219,000. The seller is paying a
5% commission and $500 in points for the buyer. After paying these costs, what will the
seller net? - ✔✔$207,550...Explanation: $219,000 selling price x .05 commission rate =
$10,950. $219,000 - $10,950 = $208,050. $208,050 - $500 points = $207,550 net.
✔✔A borrower is obtaining a loan for $130,150. The loan is 95% of the property's value.
The interest rate on the loan is 5% after the borrower pays two points. How much did
the borrower pay for the property? - ✔✔$137,000...Explanation: $130,150 / .95 =
$137,000.
✔✔Bob changed his mind about purchasing 456 Right Here Avenue. The seller has
accepted the offer. The offer has not been delivered to Bob. What is the effect on the
transaction if Bob's license calls the seller and says the deal is off? - ✔✔Withdrawal of
the offer...Explanation: A buyer may withdraw an offer any time prior to binding
acceptance.
✔✔Which of the following is NOT typically considered client funds? - ✔✔Security
deposits collected by a property owner...Explanation: Wis. Stat. § 452.13(1)(a): "client
funds" means all down payments, earnest money deposits or other money related to a
conveyance of real estate that is received by a licensee on behalf of a firm or any other
person. "Client funds" does not include promissory notes.
✔✔At what point in the real estate transaction does a buyer receive equitable title? -
✔✔When all contingencies have been removed...Explanation:Equitable title is the right
to obtain absolute ownership to property when legal title is held in another's name. A
buyer obtains equitable title after all contingencies have been removed and they are
ready to consummate the transaction.
SOLUTIONS RATED A+
✔✔Which of the following would be a fair housing violation in Wisconsin? - ✔✔A
property owner charging more money to a tenant with children than to a tenant without
children...Explanation: Wis. Stat. § 106.50(1): It is the declared policy of this state that
all persons shall have an equal opportunity for housing regardless of sex, race, color,
sexual orientation, disability, religion, national origin, marital status, family status, lawful
source of income, age or ancestry. Wis. Stat. § 106.50(2)(5m): Nothing in this section
prohibits discrimination based on age or family status with respect to housing for older
persons. Wis. Stat. § 106.50(2)(5m)(b): Nothing in this section shall prohibit a person
from exacting different or more stringent terms or condition for financing housing based
on the age of the individual applicant for financing if the terms or conditions are
reasonably related to the individual applicant.
✔✔An offer is written and subsequently rejected. The buyer gave earnest money with
the offer. What would be the proper procedure to return the earnest money? - ✔✔The
earnest money can be returned to the buyer....Explanation: Generally, the firm must
deposit earnest money in a real estate trust account within 48 hours of receipt. Wis.
Admin. Code Chapter REEB 18 allows for the disbursement of trust funds upon
rejection, expiration or withdrawal, prior to binding acceptance, of an offer to purchase,
Therefore, if the offer is rejected, withdrawn or expires prior to the 48 hours, the firm
may return earnest money to the buyer. It would be prudent practice to make a
photocopy of the earnest money check and document the return.
✔✔The duties to all parties include all of the following EXCEPT: -
✔✔negotiation...Explanation:Duties to all parties: Safeguard trust funds, provide
brokerage services honestly and fairly, present contract proposals in an objective and
unbiased manner, confidentiality, provide accurate information about market conditions
within a reasonable time after the person's request, provide brokerage services with
reasonable skill and care, disclosure of material adverse facts. The duty of negotiation
is just for clients.
✔✔If, after receiving an offer from a prospective buyer, the seller makes a counter-offer,
the prospective buyer is: - ✔✔relieved of further liability...Explanation: A counter-offer is
a rejection of a previous offer. The parties of a rejected offer are no longer bound by the
original offer.
✔✔How must a supervising broker delegate supervision to another broker? - ✔✔In a
written statement signed by both brokers...Explanation: A firm can delegate supervision
responsibility in writing as long as the delegation is signed by both the broker/firm
delegating and the recipient of the delegated authority.
✔✔A firm has a contract with a person to pay a finder's fee if the person finds a buyer
for the firm's listing. This is permissible if the: - ✔✔person has a salesperson's
, license...Explanation: Wis. Stat. § 452.19 No licensee may pay a fee or a commission or
any part thereof for performing any act specified in this chapter or as compensation for
a referral or as a finder's fee to any person who is not licensed under this chapter or
who is not regularly and lawfully engaged in the real estate brokerage business in
another state, a territory or possession of the United States, or a foreign country.
✔✔Which type of loan does the federal government guarantee? - ✔✔Department of
Veterans Affairs (VA) loan...Explanation: The guarantee feature on a VA loan promises
lenders that in the event of deficiency in a foreclosure the lender will be compensated
by the VA for any losses incurred in the foreclosure and subsequent sale of the property
up to the limit of the guarantee.
✔✔A tenant has vacated a property at the end of the tenant's lease term. What is the
landlord's deadline for returning a security deposit less any amounts properly withheld?
- ✔✔21 days after the tenant vacates the unit...Explanation: A landlord must return the
security deposit within 21 days of the tenant vacating the unit if the tenant vacates at the
end of the tenant's lease term.
✔✔A property is listed for $225,000 and is selling for $219,000. The seller is paying a
5% commission and $500 in points for the buyer. After paying these costs, what will the
seller net? - ✔✔$207,550...Explanation: $219,000 selling price x .05 commission rate =
$10,950. $219,000 - $10,950 = $208,050. $208,050 - $500 points = $207,550 net.
✔✔A borrower is obtaining a loan for $130,150. The loan is 95% of the property's value.
The interest rate on the loan is 5% after the borrower pays two points. How much did
the borrower pay for the property? - ✔✔$137,000...Explanation: $130,150 / .95 =
$137,000.
✔✔Bob changed his mind about purchasing 456 Right Here Avenue. The seller has
accepted the offer. The offer has not been delivered to Bob. What is the effect on the
transaction if Bob's license calls the seller and says the deal is off? - ✔✔Withdrawal of
the offer...Explanation: A buyer may withdraw an offer any time prior to binding
acceptance.
✔✔Which of the following is NOT typically considered client funds? - ✔✔Security
deposits collected by a property owner...Explanation: Wis. Stat. § 452.13(1)(a): "client
funds" means all down payments, earnest money deposits or other money related to a
conveyance of real estate that is received by a licensee on behalf of a firm or any other
person. "Client funds" does not include promissory notes.
✔✔At what point in the real estate transaction does a buyer receive equitable title? -
✔✔When all contingencies have been removed...Explanation:Equitable title is the right
to obtain absolute ownership to property when legal title is held in another's name. A
buyer obtains equitable title after all contingencies have been removed and they are
ready to consummate the transaction.
