WRA Pre Exam Review UPDATED
ACTUAL Questions and CORRECT
Answers
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 buyer's broker NOT be required to disclose to their client buyer?
- CORRECT ANSWER- That the sellers are getting divorced and need to sell the house
quickly.
Without the written consent of supervising broker, agents have the authority to do which of the
following..... - CORRECT ANSWER- Amend the excluded properties.
Multiple representation without designated agency is when: - CORRECT ANSWER- Both
seller and the buyer are clients of The Brokerage company in the same transaction.
In which of the following situations would an agency disclosure NOT be required? - CORRECT
ANSWER- A listing agent answers a prospective buyers basic questions at an open house.
Licensees are required to disclose: - CORRECT ANSWER- Both known and possible
material adverse facts.
Is selling agent has given the buyer information on the real estate market and suggested a
purchase price for the buyer's offer. The selling agent has likely created what type of agency with
the buyer? - CORRECT ANSWER- Implied agency
In a typical listing contract, the seller is the: - CORRECT ANSWER- Client
,Which of the following creates an Express agency? - CORRECT ANSWER- Property
Management agreement.
All listing and sub-agents have a responsibility to seller under: - CORRECT ANSWER- Law
of agency
Broker Moore heavy listing contract with Sarah. Nancy goes to Sarah's open house and decides
she wants to make an offer on the house. Nancy who does not have an agency agreement with
any other broker, ask Broker Moore to write the offer. Which of the following CORRECTLY
identifies the relationship between Broker Moore and Nancy? - CORRECT ANSWER-
Nancy is Broker Moore's customer.
All of the following are duties to all parties EXCEPT? - CORRECT ANSWER- Duty to
negotiate
When presenting an offer to a For Sale by Owner (FSBO), a Buyer's Broker will be required to
provide the seller which form? - CORRECT ANSWER- Broker Disclosure to Customers
Which of the following Services May broker provide without an agency agreement? -
CORRECT ANSWER- Answer a buyer's questions about the location of the property.
A broker is allowed to act in a multiple representation relationship when: - CORRECT
ANSWER- Both clients in the transaction consent in writing to the multiple representation.
Which of the following is the type of agency model where the brokerage company only has one
client in the transaction? - CORRECT ANSWER- Single Agency
When marketing properties, licensee's liability of providing information regarding lot lines or lot
sizes or even room dimensions may lead to: - CORRECT ANSWER- 1. Lawsuits for
substantial damages. 2. Recession of the transaction. 3. Possible filing of disciplinary complaints
with the DSPS.
, In the WB - 1 residential listing contract, who has the authority to accompany the home inspector
during a home inspection? - CORRECT ANSWER- The buyer
Refer to the transactional story problem on the introduction page of the final exam to answer the
following question. Where on the WB - 1 residential listing contract does the broker put the
name Randy Louis? - CORRECT ANSWER- Lines 31-32
In the WB - 36 buyer agency agreement, early termination MUST be provided in what manner? -
CORRECT ANSWER- In writing
Which of the following is a specific to the WB4 - for condominium listing contract? -
CORRECT ANSWER- The seller needs to indicate whether or not the sale is subject to a
right of first refusal.
What section in the WB - 1 residential listing contract requires licensees to disclose commission
to cooperating buyers? - CORRECT ANSWER- Compensation to others
The termination of a listing contract may be done which of the following ways? - CORRECT
ANSWER- 1. Cancellation agreement and mutual release 2. Amendment and 3. Notice letter
In the WB - 1 residential listing contract, how many days does the seller have to provide the new
listing broker with the list of protected buyers? - CORRECT ANSWER- 7 days
A property protected under the WB - 36 buyer agency agreement extension of agreement term is
protected for how long after the expiration of the contract? - CORRECT ANSWER- One
year
According to the terms of the extension of leasing section of the WB - 1 residential listing
contract, buyers are protected for what time frame? - CORRECT ANSWER- One year
ACTUAL Questions and CORRECT
Answers
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 buyer's broker NOT be required to disclose to their client buyer?
- CORRECT ANSWER- That the sellers are getting divorced and need to sell the house
quickly.
Without the written consent of supervising broker, agents have the authority to do which of the
following..... - CORRECT ANSWER- Amend the excluded properties.
Multiple representation without designated agency is when: - CORRECT ANSWER- Both
seller and the buyer are clients of The Brokerage company in the same transaction.
In which of the following situations would an agency disclosure NOT be required? - CORRECT
ANSWER- A listing agent answers a prospective buyers basic questions at an open house.
Licensees are required to disclose: - CORRECT ANSWER- Both known and possible
material adverse facts.
Is selling agent has given the buyer information on the real estate market and suggested a
purchase price for the buyer's offer. The selling agent has likely created what type of agency with
the buyer? - CORRECT ANSWER- Implied agency
In a typical listing contract, the seller is the: - CORRECT ANSWER- Client
,Which of the following creates an Express agency? - CORRECT ANSWER- Property
Management agreement.
All listing and sub-agents have a responsibility to seller under: - CORRECT ANSWER- Law
of agency
Broker Moore heavy listing contract with Sarah. Nancy goes to Sarah's open house and decides
she wants to make an offer on the house. Nancy who does not have an agency agreement with
any other broker, ask Broker Moore to write the offer. Which of the following CORRECTLY
identifies the relationship between Broker Moore and Nancy? - CORRECT ANSWER-
Nancy is Broker Moore's customer.
All of the following are duties to all parties EXCEPT? - CORRECT ANSWER- Duty to
negotiate
When presenting an offer to a For Sale by Owner (FSBO), a Buyer's Broker will be required to
provide the seller which form? - CORRECT ANSWER- Broker Disclosure to Customers
Which of the following Services May broker provide without an agency agreement? -
CORRECT ANSWER- Answer a buyer's questions about the location of the property.
A broker is allowed to act in a multiple representation relationship when: - CORRECT
ANSWER- Both clients in the transaction consent in writing to the multiple representation.
Which of the following is the type of agency model where the brokerage company only has one
client in the transaction? - CORRECT ANSWER- Single Agency
When marketing properties, licensee's liability of providing information regarding lot lines or lot
sizes or even room dimensions may lead to: - CORRECT ANSWER- 1. Lawsuits for
substantial damages. 2. Recession of the transaction. 3. Possible filing of disciplinary complaints
with the DSPS.
, In the WB - 1 residential listing contract, who has the authority to accompany the home inspector
during a home inspection? - CORRECT ANSWER- The buyer
Refer to the transactional story problem on the introduction page of the final exam to answer the
following question. Where on the WB - 1 residential listing contract does the broker put the
name Randy Louis? - CORRECT ANSWER- Lines 31-32
In the WB - 36 buyer agency agreement, early termination MUST be provided in what manner? -
CORRECT ANSWER- In writing
Which of the following is a specific to the WB4 - for condominium listing contract? -
CORRECT ANSWER- The seller needs to indicate whether or not the sale is subject to a
right of first refusal.
What section in the WB - 1 residential listing contract requires licensees to disclose commission
to cooperating buyers? - CORRECT ANSWER- Compensation to others
The termination of a listing contract may be done which of the following ways? - CORRECT
ANSWER- 1. Cancellation agreement and mutual release 2. Amendment and 3. Notice letter
In the WB - 1 residential listing contract, how many days does the seller have to provide the new
listing broker with the list of protected buyers? - CORRECT ANSWER- 7 days
A property protected under the WB - 36 buyer agency agreement extension of agreement term is
protected for how long after the expiration of the contract? - CORRECT ANSWER- One
year
According to the terms of the extension of leasing section of the WB - 1 residential listing
contract, buyers are protected for what time frame? - CORRECT ANSWER- One year
