WRA Final Exam Questions and
Answers 100% Solved | Graded A+
The buyer, in an effort to meet the terms of the Financing Contingency
found in the WB-11 Residential Offer to Purchase, delivers a notice to the
seller indicating that 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. - ✔✔C
At closing, the seller needs to give a credit to the buyer for property taxes.
Last year's taxes were $3,700 and there are 242 days from the first of the
year through the day of closing. How much will the buyer's tax credit be?
A:$2,453.15
B:$2,587.03
C:$2,346.15
D:$2,443.02 - ✔✔D
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,How should a licensee number counter-offers?
A:Number the form according to how many counters have been made by
that party
B:Number the form according to how many counters have been made in
total by buyer and seller
C:Identify the form ID number assigned to that particular Counter-Offer
form
D:Show the date of the Counter-Offer in the blank provided in the upper
right hand corner - ✔✔B
Which of the following is NOT a federally protected class?
A:Color
B:Age
C:National origin
D:Gender - ✔✔B
A buyer wants to have the interest earned on their earnest money deposit.
Which of the following statements is most correct?
A:The firm cannot hold the earnest money but they may draft an escrow
agreement for the buyer and the seller
B:The firm can give the interest to the buyer if the offer to purchase states
that the buyer gets the interest.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,C:The firm cannot draft an escrow agreement for the buyer and seller.
D:The firm can give the interest to the buyer with written permission from
the seller. - ✔✔C
Jane is showing a home to prospective buyer Lester. Jane shows Lester
the warped steps of the back porch stairs, describing it as "country charm."
She then shows him the "beautifully landscaped herb garden," while
pointing to patch of overgrown weeds. Which term below describes Jane's
actions in describing the property to Lester?
A:Negligent misrepresentation
B:Fraud
C:Concealment
D:Puffing - ✔✔D
According to the WB-1 Residential Listing Contract, which of the following
parties is responsible to prepare the property to minimize the likelihood of
injury?
A:The seller
B:The selling firm
C:The listing licensee
D:The buyer's firm - ✔✔A
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Rental property is sold to a new owner. Tenants remain under a written
lease. The new owner wants to raise the rent. When can the new owner
raise the rent?
A:Within 24 hours after the closing
B:At the closing
C:Before closing, as long as it is no more than $25
D:When the lease with the current tenants expires - ✔✔D
All of the following are true regarding discount points EXCEPT:
A:all loans have discount points associated with them
B:they are paid to the lender to make up for the difference between the
market rate of a loan and the origination rate of a loan
C:they increase a lender's profit
D:discount points vary according to the specific loan program - ✔✔A
According to the terms of the WB-1 Residential Listing Contract which of
the following could be a protected buyer?
A:A buyer who attended an open house
B:A buyer who attended an individual showing
C:A buyer who called the listing firm for the number of bedrooms
D:A buyer who looked at the property on the MLS - ✔✔B
A listing contract must include all of the following EXCEPT:
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Answers 100% Solved | Graded A+
The buyer, in an effort to meet the terms of the Financing Contingency
found in the WB-11 Residential Offer to Purchase, delivers a notice to the
seller indicating that 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. - ✔✔C
At closing, the seller needs to give a credit to the buyer for property taxes.
Last year's taxes were $3,700 and there are 242 days from the first of the
year through the day of closing. How much will the buyer's tax credit be?
A:$2,453.15
B:$2,587.03
C:$2,346.15
D:$2,443.02 - ✔✔D
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,How should a licensee number counter-offers?
A:Number the form according to how many counters have been made by
that party
B:Number the form according to how many counters have been made in
total by buyer and seller
C:Identify the form ID number assigned to that particular Counter-Offer
form
D:Show the date of the Counter-Offer in the blank provided in the upper
right hand corner - ✔✔B
Which of the following is NOT a federally protected class?
A:Color
B:Age
C:National origin
D:Gender - ✔✔B
A buyer wants to have the interest earned on their earnest money deposit.
Which of the following statements is most correct?
A:The firm cannot hold the earnest money but they may draft an escrow
agreement for the buyer and the seller
B:The firm can give the interest to the buyer if the offer to purchase states
that the buyer gets the interest.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,C:The firm cannot draft an escrow agreement for the buyer and seller.
D:The firm can give the interest to the buyer with written permission from
the seller. - ✔✔C
Jane is showing a home to prospective buyer Lester. Jane shows Lester
the warped steps of the back porch stairs, describing it as "country charm."
She then shows him the "beautifully landscaped herb garden," while
pointing to patch of overgrown weeds. Which term below describes Jane's
actions in describing the property to Lester?
A:Negligent misrepresentation
B:Fraud
C:Concealment
D:Puffing - ✔✔D
According to the WB-1 Residential Listing Contract, which of the following
parties is responsible to prepare the property to minimize the likelihood of
injury?
A:The seller
B:The selling firm
C:The listing licensee
D:The buyer's firm - ✔✔A
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Rental property is sold to a new owner. Tenants remain under a written
lease. The new owner wants to raise the rent. When can the new owner
raise the rent?
A:Within 24 hours after the closing
B:At the closing
C:Before closing, as long as it is no more than $25
D:When the lease with the current tenants expires - ✔✔D
All of the following are true regarding discount points EXCEPT:
A:all loans have discount points associated with them
B:they are paid to the lender to make up for the difference between the
market rate of a loan and the origination rate of a loan
C:they increase a lender's profit
D:discount points vary according to the specific loan program - ✔✔A
According to the terms of the WB-1 Residential Listing Contract which of
the following could be a protected buyer?
A:A buyer who attended an open house
B:A buyer who attended an individual showing
C:A buyer who called the listing firm for the number of bedrooms
D:A buyer who looked at the property on the MLS - ✔✔B
A listing contract must include all of the following EXCEPT:
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
