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WRA Real Estate Exam 2024/2025 Exam Questions and Corresponding Answers with Surety of 100% Pass Mark
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WRA Real Estate Exam 2024/2025 Exam Questions and Corresponding Answers with Surety of 100% Pass Mark Agency -

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  • March 16, 2025
  • 195
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Real Estate
  • Real Estate

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WRA Real Estate Exam 2024/2025 Exam
Questions and Corresponding Answers
with Surety of 100% Pass Mark



Agency - 🧠 ANSWER ✔✔Is the foundation upon which real estate

brokerage is practiced. Agency describes a legal and ethical relationship

between a real estate licensee and a party to a transaction. A party can be

a buyer, a seller, a landlord, or a tenant.


Licensee - 🧠 ANSWER ✔✔Is any person licensed under state law to

practice real estate. A licensee is any person licensed as a salesperson, an

individual broker. or a broker business entity.


Broker - 🧠 ANSWER ✔✔Is someone who can be included in the 5 part

definition. Negotiation, pattern of sales, shows property, or advertises

property, issues a written report of property value that is prepared for

another person that is not an appraisal.


Negotiation - 🧠 ANSWER ✔✔A broker is a person who, for another,

person, and for commision, money or other thing of value, negotaties or

offers or attempts to negotiate a sale or service.

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,Negotiate means to provide assistance within the scope of knowledge,

skills, and training. This includes




a) Acting as an intermediary by facilitating or participating in

communications between parties related to the parties' interests in a

transaction.




b) Completing, when requested by a party, appropriate board-approved

forms or other writings to document the party's proposal consistent with the

party's instruction.




c)Presenting to a party the proposals of other parties to the transaction and

giving the party a general explanation of the provisions of the proposal.




Just providing information or showing a property is not negotiation.

Determining when a person moves from just providing information about a

property to acting as an intermediary is not always clear.


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STATEMENT. ALL RIGHTS RESERVED

,Pattern of Sales - 🧠 ANSWER ✔✔Presumptive evidence that a broker's

license is required because one has participated in five sales in one year or

10 sales in five years. Ex for a builder, they would have to get their license

or hirer a brokerage to represent them.


Shows Property - 🧠 ANSWER ✔✔Shows real estate, showing real

property, does not include someone showing rental properties.




If a property owner pays someone to show the person's home to potential

buyers, the person who is showing the home needs to be licensed. If a

rental property owner hires a person to show rental properties, who they

hire does not need a license in a sense the owner can show it.


Advertises Property - 🧠 ANSWER ✔✔Promotes the sale, exchange,

purchase, option, rental or leasing of real estate, a timeshare, or a business

or its goodwill, inventory, or fixtures, whether or not the business includes

real property. This does not include publishing or disseminating verbatim

information provided by another person.




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STATEMENT. ALL RIGHTS RESERVED

, Issues a written report of property value - 🧠 ANSWER ✔✔A broker is a

person who issues a written report of property value that is prepared for

another person, such as a seller, and that is not an appraisal.


Exchange - 🧠 ANSWER ✔✔Sales of real property will probably make up

the largest part of a licensee's real estate practice, but licensees can also

assist parties in other transactions such as exchanges, options, and

business sales.




An exchange is a tax-planning tool for a property owner to exchange on

property for another and defer payment of the tax on the gain realized from

the transfer.


Option to Purchase - 🧠 ANSWER ✔✔An agreement to keep open, for a set

period, an offer to sell or lease real property. An option gives a buyer time

to resolve questions of financing, title, or zoning before committing to

purchase the property.


Business sale - 🧠 ANSWER ✔✔Any type of business that is for sale

including the goodwill of an existing business and all the assets. A business




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STATEMENT. ALL RIGHTS RESERVED

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