WRA Final Exam Review Part 1
2024/2025 Exam Questions and Correct
Answers | New Update
Four condominium units are valued at $200,000; $215,000, $220,000; and
$225,000. Together the annual property maintenance fees for the
condominiums are $8,500. What is the total value of the units?
A: $868,500
B: $465,000
C: $415,000
D: $860,000 - 🧠 ANSWER ✔✔D: $860,000
The total value of the four condominiums is $860,000
An appraisal would most likely be used in all of the following transactions or
situations EXCEPT:
A: originating a mortgage or home equity loan
B: subletting an apartment unit
C: selling or refinancing a property
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,D: establishing property taxes or when applying for property insurance - 🧠
ANSWER ✔✔B: Subletting an apartment unit
Value does not need to be established in order to sublet an apartment unit.
Question 3
A listing contract is best described as a:
A: personal service contract
B: contract where specific performance is an available remedy
C: special fiduciary relationship that lacks trust and confidence in the firm
D: contract where damages are not an available remedy - 🧠 ANSWER
✔✔A: Personal Service Contract
A listing contract is a personal service contract based upon a special
fiduciary relationship of trust and confidence in the firm. Specific
performance is not an available remedy for breach of a listing contract.
However, damages are an available remedy for breach of a listing contract.
Which type of loan does the federal government guarantee?
A: Federal Housing Administration loan (FHA)
B: Department of Veterans Affairs (VA) loan
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,C: Adjustable rate mortgage
D: Conventional loan - 🧠 ANSWER ✔✔B: Department of Veterans Affairs
(VA) Loan
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.
The listing contract states that the washer and dryer are included in the
sale. The offer to purchase does not mention the washer and dryer
anywhere. At the time of closing the washer and dryer:
A: are included in the sale
B: must be removed
C: must be on the property
D: will be purchased separately - 🧠 ANSWER ✔✔B: Must be removed.
Lines 485-488 of the WB-11 Residential Offer to Purchase state "At time of
Buyer's occupancy, Property shall be in broom swept condition and free of
all debris, refuse, and personal property belonging to current tenants, or
that sold to Buyer or left with Buyer's consent." The offer to purchase
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
, determines what property is included or excluded in the transaction. Since
the washer are dryer are personal property if they are not addressed in the
offer to purchase they must be removed at closing.
A firm may charge for services in all of the following ways EXCEPT:
A: commission based upon a percentage of the selling price
B: hourly rate
C: a single flat fee
D: agreement with other firms in the area to charge a certain rate - 🧠
ANSWER ✔✔D: Agreement with other firms in the area to charge a certain
rate.
A firm may charge a single flat fee, a commission based upon a percentage
of the selling price, or an hourly rate. The practice of getting together with
other firms in an area and agreeing upon a certain rate to charge for
services rendered is a violation of antitrust laws.
The property being transferred has a purchase price of $475,450. What is
the transfer fee the seller will pay at closing?
A: $1,426.50
B: $1,440.00
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STATEMENT. ALL RIGHTS RESERVED
2024/2025 Exam Questions and Correct
Answers | New Update
Four condominium units are valued at $200,000; $215,000, $220,000; and
$225,000. Together the annual property maintenance fees for the
condominiums are $8,500. What is the total value of the units?
A: $868,500
B: $465,000
C: $415,000
D: $860,000 - 🧠 ANSWER ✔✔D: $860,000
The total value of the four condominiums is $860,000
An appraisal would most likely be used in all of the following transactions or
situations EXCEPT:
A: originating a mortgage or home equity loan
B: subletting an apartment unit
C: selling or refinancing a property
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
,D: establishing property taxes or when applying for property insurance - 🧠
ANSWER ✔✔B: Subletting an apartment unit
Value does not need to be established in order to sublet an apartment unit.
Question 3
A listing contract is best described as a:
A: personal service contract
B: contract where specific performance is an available remedy
C: special fiduciary relationship that lacks trust and confidence in the firm
D: contract where damages are not an available remedy - 🧠 ANSWER
✔✔A: Personal Service Contract
A listing contract is a personal service contract based upon a special
fiduciary relationship of trust and confidence in the firm. Specific
performance is not an available remedy for breach of a listing contract.
However, damages are an available remedy for breach of a listing contract.
Which type of loan does the federal government guarantee?
A: Federal Housing Administration loan (FHA)
B: Department of Veterans Affairs (VA) loan
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
,C: Adjustable rate mortgage
D: Conventional loan - 🧠 ANSWER ✔✔B: Department of Veterans Affairs
(VA) Loan
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.
The listing contract states that the washer and dryer are included in the
sale. The offer to purchase does not mention the washer and dryer
anywhere. At the time of closing the washer and dryer:
A: are included in the sale
B: must be removed
C: must be on the property
D: will be purchased separately - 🧠 ANSWER ✔✔B: Must be removed.
Lines 485-488 of the WB-11 Residential Offer to Purchase state "At time of
Buyer's occupancy, Property shall be in broom swept condition and free of
all debris, refuse, and personal property belonging to current tenants, or
that sold to Buyer or left with Buyer's consent." The offer to purchase
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
, determines what property is included or excluded in the transaction. Since
the washer are dryer are personal property if they are not addressed in the
offer to purchase they must be removed at closing.
A firm may charge for services in all of the following ways EXCEPT:
A: commission based upon a percentage of the selling price
B: hourly rate
C: a single flat fee
D: agreement with other firms in the area to charge a certain rate - 🧠
ANSWER ✔✔D: Agreement with other firms in the area to charge a certain
rate.
A firm may charge a single flat fee, a commission based upon a percentage
of the selling price, or an hourly rate. The practice of getting together with
other firms in an area and agreeing upon a certain rate to charge for
services rendered is a violation of antitrust laws.
The property being transferred has a purchase price of $475,450. What is
the transfer fee the seller will pay at closing?
A: $1,426.50
B: $1,440.00
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
