WRA STUDY GUIDE EXAM 2026/2027 QUESTIONS AND
SOLUTIONS RATED A+
✔✔If a buyer has properly given a Notice of Defects and the seller does NOT have the
right to cure, what is the status of the contract?
A: Null and void
B: Seller must cure
C: Unenforceable
D: Breach by the buyer - ✔✔Null and Void
✔✔A firm is responsible for:
A: brokerage services provided to sellers but not services provided to buyers
B: brokerage services that occurred within the last thirty days but not brokerage
services provided before that time
C: all acts of the firm's licensees
D: any brokerage service provided on behalf of the firm by its licensee - ✔✔any
brokerage service provided on behalf of the firm by its licensee
✔✔When trying to determine if an advertisement violates the Fair Housing Act, what
test(s) is applied?
A: Extraordinary Reader Test
B: Extraordinary Human Being Test
C: Ordinary Day Test
D: Ordinary Reader Test - ✔✔ordinary reader test
✔✔A borrower is obtaining a loan for $130,150. 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 did
the borrower pay for the property?
A: $135,500
B: $136,665
C: $137,000
D: $136,000
130,150/.95= - ✔✔137,000
✔✔An offer to purchase for the sale of a home meets all of the requirements
established in the listing agreement. Which of the following statements is true?
A: The owner must sign the offer to purchase or be sued for specific performance.
B: The listing contract would be terminated.
C: The owner may reject the offer.
,D: The owner must sell the property to the buyer. - ✔✔the owner may reject the offer
✔✔All of the following would be examples of public land use restrictions EXCEPT:
A: setbacks
B: spot zoning
C: deed conditions
D: bulk zoning - ✔✔deed conditions
✔✔Which of the following creates an express agency?
A: Disclosure to customers form
B: Offer to purchase
C: Property management agreement
D: Counter-offer - ✔✔property management agreement
✔✔When a depository institution remits the interest earned on a firm's interest-bearing
trust account to the Department they must inform the firm of all the following EXCEPT
the:
A: Interest earned on the account
B: Service charges on the account
C: Account balance
D: Rate of interest applied to the account - ✔✔interest earned on the account
✔✔A seller delivers an amendment to the buyer, which is not accepted. What is the
status of the offer?
A: The contract is voidable by the seller.
B: It becomes unenforceable against the buyer.
C: It is null and void.
D: The terms remain as they were before the amendment. - ✔✔the terms remain as
they were before the amendment
✔✔When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will
present what form to the seller?
A: The WB-36 Buyer Agency Agreement
B: Disclosure to Clients
C: Disclosure to Customers
D: The WB-1 Residential Listing Contract - ✔✔disclosure to customers
✔✔When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will
present what form to the seller?
, A: The WB-36 Buyer Agency Agreement
B: Disclosure to Clients
C: Disclosure to Customers
D: The WB-1 Residential Listing Contract - ✔✔The WB-1 residential listing contract
✔✔Which of the following is a CORRECT statement regarding Antitrust Laws?
A: A conspiracy exists whenever a competing company acts according to an
independent business decision.
B: A conspiracy to restrain trade occurs when a firm independently decides to offer only
buyer agency.
C: The Sherman Antitrust Act was designed to maintain and preserve business
competition.
D: When a company changes its commission structure the process should not be
documented. - ✔✔The Sherman Antitrust Act was designed to maintain and preserve
business competition
✔✔After entering into a sales contract a seller discovers a defect on the property, the:
A: buyer can direct the seller on how to repair the defect
B: seller must update the real estate condition report and give a copy to the buyer
C: seller must comply with the terms of the sales contract
D: contract becomes null and void at the buyer's discretion - ✔✔seller must comply with
the terms of the sales contract
✔✔How must a supervising broker delegate supervision to another broker?
A: The delegating broker must transfer all ownership in the company to the receiving
broker
B: In a written statement signed by both brokers
C: By email
D: With a notarized Delegation of Supervision statement from the Department of Safety
and Professional Services - ✔✔In A written statement signed by both brokers
✔✔Which of the following would a licensee have to disclose to all parties in the
transaction?
A: A buyer's licensee is representing the licensee's sister in the purchase of a property
B: Receiving a referral fee from another licensee for the referral of a listing
C: A seller is paying an incentive to a buyer at closing
D: A buyer's firm is receiving commission from the buyer - ✔✔A buyer's licensee is
representing the licensee's sister in the purchase of a property
✔✔A builder or developer consults the building codes to:
SOLUTIONS RATED A+
✔✔If a buyer has properly given a Notice of Defects and the seller does NOT have the
right to cure, what is the status of the contract?
A: Null and void
B: Seller must cure
C: Unenforceable
D: Breach by the buyer - ✔✔Null and Void
✔✔A firm is responsible for:
A: brokerage services provided to sellers but not services provided to buyers
B: brokerage services that occurred within the last thirty days but not brokerage
services provided before that time
C: all acts of the firm's licensees
D: any brokerage service provided on behalf of the firm by its licensee - ✔✔any
brokerage service provided on behalf of the firm by its licensee
✔✔When trying to determine if an advertisement violates the Fair Housing Act, what
test(s) is applied?
A: Extraordinary Reader Test
B: Extraordinary Human Being Test
C: Ordinary Day Test
D: Ordinary Reader Test - ✔✔ordinary reader test
✔✔A borrower is obtaining a loan for $130,150. 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 did
the borrower pay for the property?
A: $135,500
B: $136,665
C: $137,000
D: $136,000
130,150/.95= - ✔✔137,000
✔✔An offer to purchase for the sale of a home meets all of the requirements
established in the listing agreement. Which of the following statements is true?
A: The owner must sign the offer to purchase or be sued for specific performance.
B: The listing contract would be terminated.
C: The owner may reject the offer.
,D: The owner must sell the property to the buyer. - ✔✔the owner may reject the offer
✔✔All of the following would be examples of public land use restrictions EXCEPT:
A: setbacks
B: spot zoning
C: deed conditions
D: bulk zoning - ✔✔deed conditions
✔✔Which of the following creates an express agency?
A: Disclosure to customers form
B: Offer to purchase
C: Property management agreement
D: Counter-offer - ✔✔property management agreement
✔✔When a depository institution remits the interest earned on a firm's interest-bearing
trust account to the Department they must inform the firm of all the following EXCEPT
the:
A: Interest earned on the account
B: Service charges on the account
C: Account balance
D: Rate of interest applied to the account - ✔✔interest earned on the account
✔✔A seller delivers an amendment to the buyer, which is not accepted. What is the
status of the offer?
A: The contract is voidable by the seller.
B: It becomes unenforceable against the buyer.
C: It is null and void.
D: The terms remain as they were before the amendment. - ✔✔the terms remain as
they were before the amendment
✔✔When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will
present what form to the seller?
A: The WB-36 Buyer Agency Agreement
B: Disclosure to Clients
C: Disclosure to Customers
D: The WB-1 Residential Listing Contract - ✔✔disclosure to customers
✔✔When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will
present what form to the seller?
, A: The WB-36 Buyer Agency Agreement
B: Disclosure to Clients
C: Disclosure to Customers
D: The WB-1 Residential Listing Contract - ✔✔The WB-1 residential listing contract
✔✔Which of the following is a CORRECT statement regarding Antitrust Laws?
A: A conspiracy exists whenever a competing company acts according to an
independent business decision.
B: A conspiracy to restrain trade occurs when a firm independently decides to offer only
buyer agency.
C: The Sherman Antitrust Act was designed to maintain and preserve business
competition.
D: When a company changes its commission structure the process should not be
documented. - ✔✔The Sherman Antitrust Act was designed to maintain and preserve
business competition
✔✔After entering into a sales contract a seller discovers a defect on the property, the:
A: buyer can direct the seller on how to repair the defect
B: seller must update the real estate condition report and give a copy to the buyer
C: seller must comply with the terms of the sales contract
D: contract becomes null and void at the buyer's discretion - ✔✔seller must comply with
the terms of the sales contract
✔✔How must a supervising broker delegate supervision to another broker?
A: The delegating broker must transfer all ownership in the company to the receiving
broker
B: In a written statement signed by both brokers
C: By email
D: With a notarized Delegation of Supervision statement from the Department of Safety
and Professional Services - ✔✔In A written statement signed by both brokers
✔✔Which of the following would a licensee have to disclose to all parties in the
transaction?
A: A buyer's licensee is representing the licensee's sister in the purchase of a property
B: Receiving a referral fee from another licensee for the referral of a listing
C: A seller is paying an incentive to a buyer at closing
D: A buyer's firm is receiving commission from the buyer - ✔✔A buyer's licensee is
representing the licensee's sister in the purchase of a property
✔✔A builder or developer consults the building codes to:
