WRA UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS COMPLETE STUDY
GUIDE
●● Which of the following is the type of agency model where the firm
represents just the seller in the transaction according to the terms of the
listing contract?
A: Multiple representation with designated agency
B: Implied agency
C: Single agency
D: Multiple representation without designated agency
Answer: Single agency
●● Which of the following form of asbestos is likely to be considered
the largest health risk?
A: Deteriorating asbestos insulation wrapped around water pipes
B: Asbestos shingles found underneath fiberglass shingles
C: Asbestos floor tiles that have been covered by new vinyl flooring
D: Asbestos insulation that was friable and has been encapsulated
Answer: Deteriorating asbestos insulation wrapped around water piper
,.
●● A buyer receives an inspection report that discloses defects as
defined by the inspection contingency. Under what circumstances will
buyer NOT be able to give a Notice of Defects?
A: The seller was not aware of the defects.
B: The defects can be readily cured by seller.
C: The defects existed when seller bought the house.
D: The buyer had knowledge of the defects at the time of the offer.
Answer: The buyer had knowledge of the defects at the time of the offer
●● What must firms provide to their licensees?
A: A written statement of procedures under which the firm and licensees
associated with the firm shall operate with respect to transaction
documents
B: Onsite supervising during normal business hours
C: An arbitration manual for alternative dispute resolution
D: Training for how to develop and grow a real estate business
Answer: A written statement of procedures under which the firm and
licensees associated with the firm shall operate with respect to
transaction documents
,●● Which of the following is the way that title appears on public
records?
A: Reduction
B: Merchantable
C: Record
D: Marketable
Answer: record
●● A licensee wishes to sell the licensee's personally owned property
without the assistance of the licensee's real estate company. At what
point must the licensee disclose the licensee's licensed status?
A: Prior to accepting the buyer's offer or counter-offer
B: As soon as possible whether that be a showing or first contact with a
buyer or agent of the buyer
C: At some point prior to closing the transaction
D: At the time the buyer decides to write the offer
Answer: As soon as possible whether that be a showing or first contact
with a buyer or agent of the buyer
●● In the WB-1 Exclusive Right to Sell Listing Contract, the firm earns
a commission when the:
, A: listing licensee presents an offer to purchase
B: seller accepts an enforceable contract for the sale of all of the
property
C: transaction closes
D: damages have been liquidated
Answer: seller accepts an enforceable contract for the sale of all of the
property
●● What does private mortgage insurance do?
A: Insures the buyer for losses from defects in the title
B: Protects the lender from defaults on FHA mortgages
C: Ensures that a borrower's loan will be paid in the event the borrower
runs into financial problems
D: Protects the lenders from losses in conventional mortgage defaults
Answer: protects the lenders from losses in conventional mortgage
defaults
●● A builder completed a new home and is going to live in it for 3
weeks prior to closing of the sale to a buyer. Must the builder complete a
real estate condition report?
A: Yes, because the property will establish a pattern of sales for the
builder.
CORRECT ANSWERS COMPLETE STUDY
GUIDE
●● Which of the following is the type of agency model where the firm
represents just the seller in the transaction according to the terms of the
listing contract?
A: Multiple representation with designated agency
B: Implied agency
C: Single agency
D: Multiple representation without designated agency
Answer: Single agency
●● Which of the following form of asbestos is likely to be considered
the largest health risk?
A: Deteriorating asbestos insulation wrapped around water pipes
B: Asbestos shingles found underneath fiberglass shingles
C: Asbestos floor tiles that have been covered by new vinyl flooring
D: Asbestos insulation that was friable and has been encapsulated
Answer: Deteriorating asbestos insulation wrapped around water piper
,.
●● A buyer receives an inspection report that discloses defects as
defined by the inspection contingency. Under what circumstances will
buyer NOT be able to give a Notice of Defects?
A: The seller was not aware of the defects.
B: The defects can be readily cured by seller.
C: The defects existed when seller bought the house.
D: The buyer had knowledge of the defects at the time of the offer.
Answer: The buyer had knowledge of the defects at the time of the offer
●● What must firms provide to their licensees?
A: A written statement of procedures under which the firm and licensees
associated with the firm shall operate with respect to transaction
documents
B: Onsite supervising during normal business hours
C: An arbitration manual for alternative dispute resolution
D: Training for how to develop and grow a real estate business
Answer: A written statement of procedures under which the firm and
licensees associated with the firm shall operate with respect to
transaction documents
,●● Which of the following is the way that title appears on public
records?
A: Reduction
B: Merchantable
C: Record
D: Marketable
Answer: record
●● A licensee wishes to sell the licensee's personally owned property
without the assistance of the licensee's real estate company. At what
point must the licensee disclose the licensee's licensed status?
A: Prior to accepting the buyer's offer or counter-offer
B: As soon as possible whether that be a showing or first contact with a
buyer or agent of the buyer
C: At some point prior to closing the transaction
D: At the time the buyer decides to write the offer
Answer: As soon as possible whether that be a showing or first contact
with a buyer or agent of the buyer
●● In the WB-1 Exclusive Right to Sell Listing Contract, the firm earns
a commission when the:
, A: listing licensee presents an offer to purchase
B: seller accepts an enforceable contract for the sale of all of the
property
C: transaction closes
D: damages have been liquidated
Answer: seller accepts an enforceable contract for the sale of all of the
property
●● What does private mortgage insurance do?
A: Insures the buyer for losses from defects in the title
B: Protects the lender from defaults on FHA mortgages
C: Ensures that a borrower's loan will be paid in the event the borrower
runs into financial problems
D: Protects the lenders from losses in conventional mortgage defaults
Answer: protects the lenders from losses in conventional mortgage
defaults
●● A builder completed a new home and is going to live in it for 3
weeks prior to closing of the sale to a buyer. Must the builder complete a
real estate condition report?
A: Yes, because the property will establish a pattern of sales for the
builder.
