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WRA FINAL EXAM - COMPREHENSIVE PRACTICE
RESOURCE PRACTICE SET ACTUAL STUDY GUIDE
EXAM 2026-27 VERSION
A complete practice guide covering the key topics for the Wisconsin REALTORS® Association (WRA)
Final Exam, including agency relationships, WB-11 and WB-1 contracts, property rights, disclosure
requirements, and fair housing laws. Correct answers in bold with elaborated explanations in italics.
Section 1: Agency Relationships & Duties
1. Which of the following is a duty ONLY to a client (not a customer)?
• A) Disclosure of material facts
• B) Loyalty
• C) Accounting of funds
• D) Reasonable care and skill
The duty of loyalty—putting the client's interests ahead of everyone
else—is owed only to a client in an agency relationship. Customers
receive honesty, disclosure, and accounting, but not loyalty .
2. A buyer's broker has been hired to locate a specific type of property for a
buyer. The buyer's broker, upon finding the property, does not make the
buyer aware of it and purchases it for himself. The broker has violated the
duty of:
• A) Loyalty
• B) Disclosure
• C) Confidentiality
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• D) Reasonable care
The duty of loyalty requires an agent to put the interests of the client
ahead of their own. Purchasing a property without telling the client
about it violates this fundamental duty .
3. Which of the following services should NOT be performed for a buyer-
customer?
• A) Showing properties
• B) Creating a market analysis of the property the buyer wishes to
purchase
• C) Providing property information
• D) Scheduling showings
A market analysis is a brokerage service that should be reserved for
clients. A customer receives only limited brokerage services .
4. A buyer's firm writing an offer as a cooperating firm is an example of:
• A) Single agency
• B) Dual agency
• C) Transaction brokerage
• D) Customer representation
When a buyer's firm represents only the buyer and the seller is
represented by another firm, this is single agency .
5. When acting as a buyer's agent, a licensee must disclose buyer agency to
all parties or risk a claim of:
• A) Misrepresentation
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• B) Fraud
• C) Negligence
• D) Breach of contract
Failing to disclose the agency relationship could lead to a claim of
misrepresentation if parties believed the licensee was representing
someone else .
6. What is the appropriate advice a salesperson can give regarding how a
couple should take title to property?
• A) Suggest they speak to an attorney
• B) Recommend tenancy in common
• C) Recommend joint tenancy
• D) Recommend survivorship marital property
Real estate licensees cannot give legal advice, including advice on how to
take title. They must refer clients to an attorney for legal advice .
Section 2: WB-11 Residential Offer to Purchase
7. In the WB-11 Residential Offer to Purchase, binding acceptance occurs:
• A) When all parties have signed an identical copy of the offer and it is
delivered to the party who made the offer
• B) When the seller signs the offer
• C) When the buyer receives verbal confirmation
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• D) When the earnest money is deposited
Binding acceptance requires all parties to sign an identical copy of the
offer with delivery to the offering party .
8. According to the WB-11 Residential Offer to Purchase, who is responsible
to pay special assessments levied against a seller's property after the date of
the offer but prior to acceptance?
• A) The buyer
• B) The seller
• C) Split equally
• D) The lender
Special assessments levied after the offer date but before acceptance are
the buyer's responsibility under the WB-11 .
9. A buyer, in an effort to meet the terms of the Financing Contingency found
in the WB-11, delivers a notice to the seller indicating the buyer is ready to
proceed to closing. Has the buyer waived the Financing Commitment
Contingency?
• A) No, because the buyer does not have a check from the bank
• B) Yes, because the financing contingency has been removed
• C) No, because the buyer did not deliver a loan commitment
• D) Yes, because the buyer wants to proceed to closing
The buyer must deliver a loan commitment to waive the financing
contingency. A simple notice of readiness is insufficient .
10. If a buyer wishes to give a notice of defects, the buyer MUST provide:
WRA FINAL EXAM - COMPREHENSIVE PRACTICE
RESOURCE PRACTICE SET ACTUAL STUDY GUIDE
EXAM 2026-27 VERSION
A complete practice guide covering the key topics for the Wisconsin REALTORS® Association (WRA)
Final Exam, including agency relationships, WB-11 and WB-1 contracts, property rights, disclosure
requirements, and fair housing laws. Correct answers in bold with elaborated explanations in italics.
Section 1: Agency Relationships & Duties
1. Which of the following is a duty ONLY to a client (not a customer)?
• A) Disclosure of material facts
• B) Loyalty
• C) Accounting of funds
• D) Reasonable care and skill
The duty of loyalty—putting the client's interests ahead of everyone
else—is owed only to a client in an agency relationship. Customers
receive honesty, disclosure, and accounting, but not loyalty .
2. A buyer's broker has been hired to locate a specific type of property for a
buyer. The buyer's broker, upon finding the property, does not make the
buyer aware of it and purchases it for himself. The broker has violated the
duty of:
• A) Loyalty
• B) Disclosure
• C) Confidentiality
,2
• D) Reasonable care
The duty of loyalty requires an agent to put the interests of the client
ahead of their own. Purchasing a property without telling the client
about it violates this fundamental duty .
3. Which of the following services should NOT be performed for a buyer-
customer?
• A) Showing properties
• B) Creating a market analysis of the property the buyer wishes to
purchase
• C) Providing property information
• D) Scheduling showings
A market analysis is a brokerage service that should be reserved for
clients. A customer receives only limited brokerage services .
4. A buyer's firm writing an offer as a cooperating firm is an example of:
• A) Single agency
• B) Dual agency
• C) Transaction brokerage
• D) Customer representation
When a buyer's firm represents only the buyer and the seller is
represented by another firm, this is single agency .
5. When acting as a buyer's agent, a licensee must disclose buyer agency to
all parties or risk a claim of:
• A) Misrepresentation
,3
• B) Fraud
• C) Negligence
• D) Breach of contract
Failing to disclose the agency relationship could lead to a claim of
misrepresentation if parties believed the licensee was representing
someone else .
6. What is the appropriate advice a salesperson can give regarding how a
couple should take title to property?
• A) Suggest they speak to an attorney
• B) Recommend tenancy in common
• C) Recommend joint tenancy
• D) Recommend survivorship marital property
Real estate licensees cannot give legal advice, including advice on how to
take title. They must refer clients to an attorney for legal advice .
Section 2: WB-11 Residential Offer to Purchase
7. In the WB-11 Residential Offer to Purchase, binding acceptance occurs:
• A) When all parties have signed an identical copy of the offer and it is
delivered to the party who made the offer
• B) When the seller signs the offer
• C) When the buyer receives verbal confirmation
, 4
• D) When the earnest money is deposited
Binding acceptance requires all parties to sign an identical copy of the
offer with delivery to the offering party .
8. According to the WB-11 Residential Offer to Purchase, who is responsible
to pay special assessments levied against a seller's property after the date of
the offer but prior to acceptance?
• A) The buyer
• B) The seller
• C) Split equally
• D) The lender
Special assessments levied after the offer date but before acceptance are
the buyer's responsibility under the WB-11 .
9. A buyer, in an effort to meet the terms of the Financing Contingency found
in the WB-11, delivers a notice to the seller indicating the buyer is ready to
proceed to closing. Has the buyer waived the Financing Commitment
Contingency?
• A) No, because the buyer does not have a check from the bank
• B) Yes, because the financing contingency has been removed
• C) No, because the buyer did not deliver a loan commitment
• D) Yes, because the buyer wants to proceed to closing
The buyer must deliver a loan commitment to waive the financing
contingency. A simple notice of readiness is insufficient .
10. If a buyer wishes to give a notice of defects, the buyer MUST provide:
