WRA Final Exam Practice 2024/2025
Exam Questions Marking Scheme New
Update | A+ Rated
A selling licensee can receive a commission from the:
A:selling firm
B:buyer
C:buyer's firm
D:seller - 🧠 ANSWER ✔✔selling firm
Wis. Stat. § 452.14(3)(f) Disciplinary proceedings shall be conducted by the
board if it finds that a licensee accepted from any person except the firm
with which the licensee is associated, if the licensee is associated with a
firm, a commission or valuable consideration for the performance of any act
specified in this chapter or as compensation for referring a person to
another licensee or to any other person in connection with a transaction.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,Four condominium units are valued at $200,000; $215,000; $220,000; and
$225,000; a total value of $860,000. The four condominiums have an
annual property maintenance fee $8,500. The amount of the property
maintenance fee owed by each unit is based upon the unit's value in
relation to the total value of all four units; what is the monthly maintenance
fee of the most expensive unit?
A:$184.17
B:$2,125.00
C: $177.08
D: $708.33 - 🧠 ANSWER ✔✔$184.17
The most expensive unit is $225,000. The total value of all the units is
$860,000. $225,000 / $860,000 = .2616 or 26%. The annual maintenance
fee for all the units is $8,500. $8,500 x .26 = $2,210 per year for the most
expensive unit. $2,210/12 months determines the monthly maintenance fee
of the most expensive unit is $184.17.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
,According to the WB-11 Residential Offer to Purchase who is responsible
to pay special assessments levied against a seller's property after the date
of the offer but prior to acceptance?
A:Buyer
B:Selling firm
C:Seller
D:Listing firm - 🧠 ANSWER ✔✔Buyer
Lines 416-418 of the WB-11 Residential Offer to Purchase.
A borrower is obtaining a loan for $130,000. 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 do the two points cost the borrower?
A:$2,500
B:$2,600
C:$2,700
D:$2,800 - 🧠 ANSWER ✔✔$2,600
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
, $130,000 principal loan amount x .02 = $2,600 cost of points.
Which of the following likely constitutes secondary mortgage market fraud?
A:A loan officer telling the seller and buyer to enter into a side agreement
that will not be shared with the secured lender.
B:A buyer applying for a loan even though it will be difficult to make the
monthly payments.
C:A real estate licensee drafting an amendment indicating that the seller
will be escrowing cash at closing to pay for repairs.
D:A seller agreeing to give the buyer a purchase money mortgage at
closing. - 🧠 ANSWER ✔✔A loan officer telling the seller and buyer to enter
into a side agreement that will not be shared with the secured lender.
Mortgage fraud occurs anytime a participant in a real estate transaction
misrepresents facts with the intent to swindle another party of money. The
key to committing mortgage fraud is keeping terms of a transaction away
from the secured lender. Licensees should never draft paperwork that
misrepresents the terms of a transaction and they are obligated to disclose
all terms of a real estate transaction to the secured lender.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
4
STATEMENT. ALL RIGHTS RESERVED
Exam Questions Marking Scheme New
Update | A+ Rated
A selling licensee can receive a commission from the:
A:selling firm
B:buyer
C:buyer's firm
D:seller - 🧠 ANSWER ✔✔selling firm
Wis. Stat. § 452.14(3)(f) Disciplinary proceedings shall be conducted by the
board if it finds that a licensee accepted from any person except the firm
with which the licensee is associated, if the licensee is associated with a
firm, a commission or valuable consideration for the performance of any act
specified in this chapter or as compensation for referring a person to
another licensee or to any other person in connection with a transaction.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,Four condominium units are valued at $200,000; $215,000; $220,000; and
$225,000; a total value of $860,000. The four condominiums have an
annual property maintenance fee $8,500. The amount of the property
maintenance fee owed by each unit is based upon the unit's value in
relation to the total value of all four units; what is the monthly maintenance
fee of the most expensive unit?
A:$184.17
B:$2,125.00
C: $177.08
D: $708.33 - 🧠 ANSWER ✔✔$184.17
The most expensive unit is $225,000. The total value of all the units is
$860,000. $225,000 / $860,000 = .2616 or 26%. The annual maintenance
fee for all the units is $8,500. $8,500 x .26 = $2,210 per year for the most
expensive unit. $2,210/12 months determines the monthly maintenance fee
of the most expensive unit is $184.17.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
,According to the WB-11 Residential Offer to Purchase who is responsible
to pay special assessments levied against a seller's property after the date
of the offer but prior to acceptance?
A:Buyer
B:Selling firm
C:Seller
D:Listing firm - 🧠 ANSWER ✔✔Buyer
Lines 416-418 of the WB-11 Residential Offer to Purchase.
A borrower is obtaining a loan for $130,000. 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 do the two points cost the borrower?
A:$2,500
B:$2,600
C:$2,700
D:$2,800 - 🧠 ANSWER ✔✔$2,600
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
, $130,000 principal loan amount x .02 = $2,600 cost of points.
Which of the following likely constitutes secondary mortgage market fraud?
A:A loan officer telling the seller and buyer to enter into a side agreement
that will not be shared with the secured lender.
B:A buyer applying for a loan even though it will be difficult to make the
monthly payments.
C:A real estate licensee drafting an amendment indicating that the seller
will be escrowing cash at closing to pay for repairs.
D:A seller agreeing to give the buyer a purchase money mortgage at
closing. - 🧠 ANSWER ✔✔A loan officer telling the seller and buyer to enter
into a side agreement that will not be shared with the secured lender.
Mortgage fraud occurs anytime a participant in a real estate transaction
misrepresents facts with the intent to swindle another party of money. The
key to committing mortgage fraud is keeping terms of a transaction away
from the secured lender. Licensees should never draft paperwork that
misrepresents the terms of a transaction and they are obligated to disclose
all terms of a real estate transaction to the secured lender.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
4
STATEMENT. ALL RIGHTS RESERVED
