WRA TEST PAPER COMPLETE QUESTIONS
AND ACCURATE ANSWERS PREMIUM
REVIEW SHEET
●● Whose employment terms are governed by a listing agreement?
Answer: The listing firm.
●● What must a valid listing contract include?
Answer: A description of the property.
●● Which statement is true of the extension of the listing provision in
the WB-1 Residential Listing Contract?
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?
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?
, Answer: It stays with the association.
●● What can a firm do if a buyer breaches the offer to purchase
contract?
Answer: Advise the seller that if the seller elects to keep earnest money
as liquidated damages, the firm's advance fees will be paid first and the
balance will be shared between firm and seller.
●● A seller gives an exclusive right to sell listing to a firm for six
months. The seller also gives an open listing to another firm during that
same six-month period. The firm with the open listing procures a buyer.
To which firm does the seller owe a commission?
Answer: The seller owes a full commission to each firm as stated in the
respective listing contracts
●● What is the status of a firm's commission if a seller accepts an offer
two weeks after the expiration of the listing from a buyer who attended
an individual showing during the term of the listing?
Answer: The seller owes the listing firm a commission if the buyer is a
protected buyer.
●● Which of the following is true of the WB-1 Residential Listing
Contract?
Answer: It warns a seller that limiting a firm's cooperation with other
firms may reduce the marketability of the property.
AND ACCURATE ANSWERS PREMIUM
REVIEW SHEET
●● Whose employment terms are governed by a listing agreement?
Answer: The listing firm.
●● What must a valid listing contract include?
Answer: A description of the property.
●● Which statement is true of the extension of the listing provision in
the WB-1 Residential Listing Contract?
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?
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?
, Answer: It stays with the association.
●● What can a firm do if a buyer breaches the offer to purchase
contract?
Answer: Advise the seller that if the seller elects to keep earnest money
as liquidated damages, the firm's advance fees will be paid first and the
balance will be shared between firm and seller.
●● A seller gives an exclusive right to sell listing to a firm for six
months. The seller also gives an open listing to another firm during that
same six-month period. The firm with the open listing procures a buyer.
To which firm does the seller owe a commission?
Answer: The seller owes a full commission to each firm as stated in the
respective listing contracts
●● What is the status of a firm's commission if a seller accepts an offer
two weeks after the expiration of the listing from a buyer who attended
an individual showing during the term of the listing?
Answer: The seller owes the listing firm a commission if the buyer is a
protected buyer.
●● Which of the following is true of the WB-1 Residential Listing
Contract?
Answer: It warns a seller that limiting a firm's cooperation with other
firms may reduce the marketability of the property.
