- Study guides, Class notes & Summaries

Broker - correct answer One who asked for another for compensation in matters of real estate is the definition of: More than for sales in one year or 10 sales in five years - correct answer A builder can sell his spec homes without selling them under a brokers license as long as the builder does not sell : Option to purchase - correct answer An agreement whereby one of the parties acquires the right to purchase a parcel of real estate, but not the obligation to purchase such...

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12 pages

Written in 2024/2025

Grade A+

Rechga

What does Regulation Z require a lender to disclose to a consumer? - correct answer The amount of interest paid over the life of the loan. A property protected under the wb-36 buyer agency agreement extension of agreement term is protected for how long after the expiration of the contract? - correct answer One year A seller counters a buyers offer. the buyer rejects the sellers counter offer and the original period for binding acceptance has NOT expired. The seller accepts and de...

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2 pages

Written in 2024/2025

Grade A+

Rechga

A borrower is putting 5% down on a $100,000 property. On what amount will a lender require PMI? - correct answer $15,000 Which of the following is mortgage fraud? - correct answer A licensee drafts an amendment that gives a buyer credit at closing but the closing statement does not reflect this credit. The secondary loan market is for: - correct answer investors to purchase bundles of mortgages What federal legislation prohibits a real estate licensee from receiving fees ...

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3 pages

Written in 2024/2025

Grade A+

Rechga

The definition of real estate includes many elements. Which of the following items would NOT be a part of real estate? - correct answer furniture What is a lessor's future interest in a property called? - correct answer A reversionary interest Christopher and Monica are getting married. Under Wisconsin law, any real estate that either owns at the time of their marriage will remain that spouse's individual property. Property acquired by either after the wedding, except by gi...

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19 pages

Written in 2024/2025

Grade A+

Rechga

What rights to property come with ownership? - correct answer Control; Disposition; Quiet enjoyment; Encumber; Exclude; Possession. What form of ownership allows title to a deceased spouse's property to pass to the surviving spouse without probate? - correct answer Survivorship marital property. A special form of joint tenancy with right of survivorship. Just for married people. What are some examples of encumbrances? - correct answer Easement; Liens; Encroachments; Prope...

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18 pages

Written in 2024/2025

Grade A+

Rechga

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 cl...

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34 pages

Written in 2024/2025

Grade A+

Rechga

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:Show the date of the Counter-Offer in the blank provided in the upper right hand corner D:Identify the form ID number assigned to that particular Counter-Offer form - correct answer Number the form according to how many counters have been made in total by buyer and seller ...

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6 pages

Written in 2024/2025

Grade A+

Rechga

Property taxes are to be prorated through ... - correct answer The day prior to closing Exp: in WB-11 residential offer to purchase line 364 states: any income, taxes or expenses shall accrue to seller, and be prorated at closing, theough the day prior to closing When would a licensee NOT have to provide agency disclosure? A: a property manager negotiating a lease with a tenant B: a selling licensee is negotiating an offer to purchase with a buyer C: a listing licensee answer...

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3 pages

Written in 2024/2025

Grade A+

Rechga

Wra (Civil Law) Exam Questions And Answers 100% Correct And Rated A.

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29 pages

Written in 2024/2025

AcademicAllure

Wra (Civil Law) Final Exam Study Questions With Correctly Solved Solutions

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40 pages

Written in 2024/2025

AcademicAllure

Wra Exam Package Deal Questions And Answers 100% Solved | Already Graded A+ | Guaranteed Success

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4 items

JOSHCLAY

WRA Pre Exam Review Questions and Answers 100% Solved | Graded A+ What rights to property come with ownership? - Control; Disposition; Quiet enjoyment; Encumber; Exclude; Possession. What form of ownership allows title to a deceased spouse's property to pass to the surviving spouse without probate? - Survivorship marital property. A special form of joint tenancy with right of survivorship. Just for married people. What are some examples of encumbrances? - Easement; Liens; Encroachmen...

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30 pages

Written in 2024/2025

Grade A+

JOSHCLAY

WRA LICENSING EXAM Questions and Answers 100% Solved | Graded A+ A seller signs a listing contract with a firm. Who is the agent and who is the principal? - The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or a client? - he buyer is a customer. What kind of agency is a firm practicing if the firm represents just one party in the transaction? - Single agency When c...

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27 pages

Written in 2024/2025

Grade A+

JOSHCLAY

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...

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51 pages

Written in 2024/2025

Grade A+

JOSHCLAY

WRA Final Exam Questions and Answers 100% Solved | Graded A+ Which of the following statements is true of property held in joint tenancy? - If a joint tenant dies, the surviving tenant or tenants receive the interest of the deceased joint tenant Which of the following situations requires a written earnest money disbursement agreement prior to disbursement of funds when the earnest money is held by the listing firm? - A buyer is not able to obtain financing If the buyer would like the bu...

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10 pages

Written in 2024/2025

Grade A+

JOSHCLAY

WRA Final Exam Questions And Answers With Verified Solutions A property protected under the WB-36 Buyer Agency Agreement Extension of Agreement Term is protected for how long after the expiration of the contract? ANS One Year for a Property When trying to determine if an advertisement violates the Fair Housing Act, what test(s) is applied? ANS Ordinary Reader Test In the event a seller unilaterally cancels the listing contract before its expiration date, what can a listing firm do? ANS...

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4 pages

Written in 2024/2025

Grade A+

Labtech

WRA Final Exam Review Part 1 Questions And Answers With Latest Solutions Four condominium units are valued at $200,000; $215,000, $220,000; and $225,000. Together the annual property maintenance fees for the condominiums are $8,500. What is the total value of the units? A: $868,500 B: $465,000 C: $415,000 D: $860,000 ANS D: $860,000 The total value of the four condominiums is $860,000 An appraisal would most likely be used in all of the following transactions or situations EXCEPT: A:...

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23 pages

Written in 2024/2025

Grade A+

Labtech

WRA Final Salesperson Questions And Answers A listing contract must include all of the following EXCEPT: A:the commission to be paid B:the term of the contract C:a description of the property D:the signature of the seller ANS D: The Signature of the Seller Wis. Stat. § 240.10(1): Every contract to pay a commission to a real estate agent or broker or to any other person for selling or buying real estate shall be void unless such contract or note or memorandum thereof describes that re...

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7 pages

Written in 2024/2025

Grade A+

Labtech

WRA Practice Test Questions And Answers With Verified Solutions 2024/2025 Updates A buyers uses a buyers licensee to draft an offer. The WB-11 residential offer to purchase directs the buyer's licensee to make the earnest money check payable to the: A. Buyers firms trust account B: selling firms trust account C: sellers account D: Listing firms trust account ANS listing firms trust account Explanation: " Which of the following is the type of agency model where the firm re...

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34 pages

Written in 2024/2025

Grade A

Labtech

WRA Exam Questions And Answers With Verified Solutions According to the terms of the WB-1 Residential Listing Contract, how many days does the seller have to provide a new listing firm with the former listing firm's list of protected buyers? ANS B:Seven days What document does a seller use to convey ownership of personal property to a buyer? ANS a bill of sale Which of the following is a CORRECT statement regarding Antitrust Laws? ANS D:The Sherman Antitrust Act was designed to main...

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5 pages

Written in 2024/2025

Grade A+

Labtech