WRA Final Exam ACTUAL QUESTIONS
AND CORRECT ANSWERS
There are fair housing laws recognized at the federal, state, and local levels of government. A licensee
should abide by the law: - CORRECT ANSWER that offers the most protection
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? - CORRECT ANSWER Single
agency
A buyer's licensee is representing two separate buyers. Each buyer is interested in the same property.
How should the buyer's licensee proceed? - CORRECT ANSWER The licensee should draft
competing offers on behalf of each buyer.
Layla has a large apple tree growing on her property. The branches of her tree extend across the lot
line into her neighbor's yard. Layla's tree is an example of an: - CORRECT ANSWER
encroachment
Shoreland zoning regulates land located within: - CORRECT ANSWER 1,000 feet of the
ordinary high water mark of a lake, pond, or flowage
Acceptance occurs when all: - CORRECT ANSWER buyers and sellers have signed an
identical copy of the offer
A licensee is listing a 4-bedroom, two-story house. Which of the following would be the most suitable
comparable property? - CORRECT ANSWER A 3-bedroom, two-story house that was recently
sold in the same neighborhood as the listed property
Which statement best explains why instruments affecting real estate, such as deeds or easements, are
recorded in the register of deeds in the county where the property is located? - CORRECT ANSWER
Recording gives constructive notice to the world of the rights and interests in a parcel of real
estate.
A tree growing near the corner of a lot is ordinarily considered: - CORRECT ANSWER real
property
, A licensee presents an offer to one spouse because the others spouse is not currently available. After
the licensee leaves, the couple decides to accept the offer for their homestead property. Only the
spouse to whom the licensee presented the offer signs it. It is delivered back to the buyer. What is the
status of the offer? - CORRECT ANSWER Void
For how long must a Wisconsin firm retain transaction documents related to a transaction that did not
close? - CORRECT ANSWER Two years from the date the listing contract expired
Which of the following would a licensee have to disclose to all parties in the transaction? -
CORRECT ANSWER A buyer's licensee is representing the licensee's sister in the purchase of
a property
What kind of agency relationship is created when a seller signs a listing contract and prohibits the
firm from representing the buyer too? - CORRECT ANSWER Express agency
A firm is allowed to act in a multiple representation relationship when: - CORRECT ANSWER
both clients in the transaction consent in writing to the multiple representation
Which of the following is not considered real property? - CORRECT ANSWER Farm
equipment
When trying to determine if an advertisement violates the Fair Housing Act, what test(s) is applied? -
CORRECT ANSWER Ordinary Reader Test
The market data approach when used by a licensee: - CORRECT ANSWER gives an opinion
of the price a property will most likely sell for on the open market
If, after receiving an offer from a prospective buyer, the seller makes a counter-offer, the prospective
buyer is: - CORRECT ANSWER relieved of further liability
Which of the following activities can an unlicensed personal assistant do? - CORRECT ANSWER
Schedule appointments
AND CORRECT ANSWERS
There are fair housing laws recognized at the federal, state, and local levels of government. A licensee
should abide by the law: - CORRECT ANSWER that offers the most protection
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? - CORRECT ANSWER Single
agency
A buyer's licensee is representing two separate buyers. Each buyer is interested in the same property.
How should the buyer's licensee proceed? - CORRECT ANSWER The licensee should draft
competing offers on behalf of each buyer.
Layla has a large apple tree growing on her property. The branches of her tree extend across the lot
line into her neighbor's yard. Layla's tree is an example of an: - CORRECT ANSWER
encroachment
Shoreland zoning regulates land located within: - CORRECT ANSWER 1,000 feet of the
ordinary high water mark of a lake, pond, or flowage
Acceptance occurs when all: - CORRECT ANSWER buyers and sellers have signed an
identical copy of the offer
A licensee is listing a 4-bedroom, two-story house. Which of the following would be the most suitable
comparable property? - CORRECT ANSWER A 3-bedroom, two-story house that was recently
sold in the same neighborhood as the listed property
Which statement best explains why instruments affecting real estate, such as deeds or easements, are
recorded in the register of deeds in the county where the property is located? - CORRECT ANSWER
Recording gives constructive notice to the world of the rights and interests in a parcel of real
estate.
A tree growing near the corner of a lot is ordinarily considered: - CORRECT ANSWER real
property
, A licensee presents an offer to one spouse because the others spouse is not currently available. After
the licensee leaves, the couple decides to accept the offer for their homestead property. Only the
spouse to whom the licensee presented the offer signs it. It is delivered back to the buyer. What is the
status of the offer? - CORRECT ANSWER Void
For how long must a Wisconsin firm retain transaction documents related to a transaction that did not
close? - CORRECT ANSWER Two years from the date the listing contract expired
Which of the following would a licensee have to disclose to all parties in the transaction? -
CORRECT ANSWER A buyer's licensee is representing the licensee's sister in the purchase of
a property
What kind of agency relationship is created when a seller signs a listing contract and prohibits the
firm from representing the buyer too? - CORRECT ANSWER Express agency
A firm is allowed to act in a multiple representation relationship when: - CORRECT ANSWER
both clients in the transaction consent in writing to the multiple representation
Which of the following is not considered real property? - CORRECT ANSWER Farm
equipment
When trying to determine if an advertisement violates the Fair Housing Act, what test(s) is applied? -
CORRECT ANSWER Ordinary Reader Test
The market data approach when used by a licensee: - CORRECT ANSWER gives an opinion
of the price a property will most likely sell for on the open market
If, after receiving an offer from a prospective buyer, the seller makes a counter-offer, the prospective
buyer is: - CORRECT ANSWER relieved of further liability
Which of the following activities can an unlicensed personal assistant do? - CORRECT ANSWER
Schedule appointments
