WRA Online exam

Online Course Final Exam Study Social Science Law Civil Law WRA Online Course Final Exam 7 studiers today 5.0 (1 review) In-class activity Classic Live Checkpoint Self-study activity Flashcards Learn Test Match Profile Picture Created by hpotocki Course Final Exam Share Terms in this set (140) Original 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 D:spot zoning deed conditions When a depository institution remits the interest earned on a firm's interest-bearing trust account to the Department they must inform the firm of all the following EXCEPT the: A:Rate of interest applied to the account B:Account balance C:Interest earned on the account D:Service charges on the account Interest earned on the account A licensee wishes to sell the licensee's personally owned property without the assistance of the licensee's real estate company. At what point must the licensee disclose the licensee's licensed status? A:At the time the buyer decides to write the offer B:Prior to accepting the buyer's offer or counter-offer C:As soon as possible whether that be a showing or first contact with a buyer or agent of the buyer D:At some point prior to closing the transaction As soon as possible whether that be a showing or first contact with a buyer or agent of the buyer A licensee is going to list a property improved with a structure. Which of the following statements best describes a licensee's inspection duties? A:A licensee needs to complete a reasonably competent and diligent inspection only if requested by the parties. B:A licensee needs to complete a reasonably competent and diligent inspection to detect observable, material facts. C:A licensee needs to complete a reasonably competent and diligent inspection to detect observable, material adverse facts. D:A licensee does not have an inspection obligation. A licensee needs to complete a reasonably competent and diligent inspection to detect observable, material adverse facts. What state agency owns the interest earned on a firm's Interest Bearing Real Estate Trust Account (IBRETA)? A:The Department of Safety and Professional Services B:The Department of Agriculture, Trade and Consumer Protection C:The Department of Financial Institutions D:The Department of Administration The Department of Administration A licensee is working with a deaf individual. The individual needs an interpreter to understand the real estate contracts. Who is required to pay for the interpreter? A:The seller B:The firm C:The buyer D:Housing and Urban Development The firm A city zoning board changes the zoning for a single parcel of property to meet a public need. This would be called: A:a variance B:downzoning C:nonconforming use D:spot zoning spot zoning What document does a seller use to convey ownership of personal property to a buyer? A:An abstract of title B:An evidence of ownership C:A warranty deed D:A bill of sale A bill of sale Compare the WB-13 Vacant Land Offer to Purchase to the WB-11 Residential Offer to Purchase. Which of the following statements is most correct? A:The WB-13 financing contingency requires a well water and septic test whereas the WB-11 financing contingency does not. B:The WB-13 must have a legal description and the WB-11 does not. C:The WB-13 includes a map contingency. D:The WB-13 includes a provision requiring the seller to provide the buyer with a survey of the property and the WB-11 does not have any survey language. The WB-13 includes a map contingency. Who signs a deed? A:The seller and buyer B:The buyer C:The seller D:The seller and seller's attorney The seller The WB-11 Residential Offer to Purchase states that title evidence shall be given by the seller in the form of a/an: A:owner's policy of title insurance B:deed C:promissory note D:abstract owner's policy of title insurance What type of mortgage law is recognized in Wisconsin?