Wra - Study guides, Class notes & Summaries

WRA EXAM QUESTIONS WITH CERTIFIED SOLUTIONS The WB-11 Residential Offer to Purchase describes which of the following as the way an earnest money payment should be handled as a result of a sale involving cooperating firms? The selling licensee should have all earnest money checks paid directly to the listing firm... Explanation: The Earnest Money section of the offer states: "Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker." An appra...

WRA Exam UPDATED Questions and CORRECT Answers 0-Bedroom Dwelling - CORRECT ANSWER- Any residential dwelling in which the living area is not separated from the sleeping area Abstract of Title - CORRECT ANSWER- A condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place

WRA Pre Exam Review UPDATED ACTUAL Questions and CORRECT Answers Which of the following is a duty ONLY to a client? - CORRECT ANSWER- Loyalty represents interest. Which of the following Services should NOT be performed for a buyer customer? - CORRECT ANSWER- Creating a market analyst of the property the buyer wishes to purchas

WRA Pre Exam Review UPDATED Questions and CORRECT Answers 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

WRA Chapter 7 UPDATED ACTUAL Questions and CORRECT Answers Probate - CORRECT ANSWER- Formal judicial proceedings to prove or confirm the validity of a will, to collect the assets of a decedent's estate, to pay debts and taxes, and to determine the persons to whom the remainder of the estate is to pass. Fixtures - CORRECT ANSWER- An article that was once personal property but has been so affixed to real estate that it has become real property

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...

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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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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