WRA Chapter 3 Quiz With Complete
Solutions
What authority does a listing licensee have under the WB-1? - CORRECT
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ANSWER✔✔-Sign the listing on the listing firm's behalf. | | | | | | |
Whose employment terms are governed by a listing agreement? - CORRECT
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ANSWER✔✔-The listing firm. | |
What must a valid listing contract include? - CORRECT ANSWER✔✔-A description
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of the property.
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Which statement is true of the extension of the listing provision in the WB-1
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Residential Listing Contract? - CORRECT ANSWER✔✔-Buyers who negotiate
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directly with sellers are automatically protected buyers for the listing firm.
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A home is listed for $100,000 and sells for $90,000. If the firm's commission is 7%
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of the sale price, what did the firm earn on this transaction? - CORRECT
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ANSWER✔✔-6,300.
Over the past year, a seller has paid $850 in condominium association fees of
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which $600 has been used. According to the listing contract, what happens to the
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surplus at closing? - CORRECT ANSWER✔✔-It stays with the association.
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Solutions
What authority does a listing licensee have under the WB-1? - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-Sign the listing on the listing firm's behalf. | | | | | | |
Whose employment terms are governed by a listing agreement? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-The listing firm. | |
What must a valid listing contract include? - CORRECT ANSWER✔✔-A description
| | | | | | | | | | |
of the property.
| |
Which statement is true of the extension of the listing provision in the WB-1
| | | | | | | | | | | | | |
Residential Listing Contract? - CORRECT ANSWER✔✔-Buyers who negotiate
| | | | | | | |
directly with sellers are automatically protected buyers for the listing firm.
| | | | | | | | | |
A home is listed for $100,000 and sells for $90,000. If the firm's commission is 7%
| | | | | | | | | | | | | | |
of the sale price, what did the firm earn on this transaction? - CORRECT
| | | | | | | | | | | | | | |
ANSWER✔✔-6,300.
Over the past year, a seller has paid $850 in condominium association fees of
| | | | | | | | | | | | | |
which $600 has been used. According to the listing contract, what happens to the
| | | | | | | | | | | | |
surplus at closing? - CORRECT ANSWER✔✔-It stays with the association.
| | | | | | | | | |
