WRA EVALUATION EXAM 2026/2027 QUESTIONS AND
SOLUTIONS RATED A+
✔✔Which of the following transactions must include a real estate condition report? -
✔✔A seller selling a duplex that the seller has never lived in...Explanation:According to
Wis. Stat. Chapter § 709 transactions involving the following properties are exempt from
the real estate condition report requirements: property that has not been inhabited;
transfers exempt from the Wisconsin transfer fee; transfers by personal representative,
trustees, conservators, fiduciaries who are appointed by, or subject to the supervision
by the court as long as the person has never occupied the property. There is NOT an
exemption for a seller that does not live on the property or is not familiar with the
condition of the property.
✔✔A seller accepts an offer for $91,575 with a $10,000 mortgage carried by the seller
for the buyer. After adjustments between the parties were made on the closing
statement, the buyer ended up owing the seller $78,500 in cash on closing day. What
was the amount of transfer tax paid by the seller? - ✔✔$274.80...Explanation:$91,600 x
.003 = $274.80.
✔✔A buyer purchases a property for $129,550. How much is the transfer fee for this
transaction? - ✔✔$388.80...Explanation:The transfer fee on a $129,550 purchase is
$388.80. To calculate the transfer fee, round the purchase price up to the nearest $100
and multiply times .003. Round $129,550 up to $129,600 and multiply by .003 =
$388.80.
✔✔Lester lists his house with Orlando. Jimmy goes to Orlando's open house and
decides he wants to make an offer on the house. Jimmy signs a buyer agency
agreement with Orlando. Orlando then writes the offer to purchase. Which of the
following correctly identifies the relationship of Orlando to Lester and Jimmy? -
✔✔Orlando has a multiple representation relationship...Explanation:Lester and Jimmy
each have a signed agency agreement with Orlando, thus creating a multiple
representation relationship.
✔✔A purchaser of real estate is entering into a land contract with the seller. The
purchaser should expect legal title when: - ✔✔the seller has been paid in
full...Explanation:A land contract is different from other types of financing in that legal
title does not pass to the buyer during the term of the land contract. Legal title passes
only when the seller is paid in full.
✔✔Which of the following is specific to the WB-4 Condominium Listing Contract? -
✔✔The seller needs to indicate whether the sale is subject to a right of first
refusal...Explanation:The WB-4 provides an area for the seller to indicate whether the
condominium association has a right of first refusal on the unit.
, ✔✔Which of the following is the type of agency model where the firm represents just the
seller in the transaction according to the terms of the listing contract? - ✔✔Single
agency...Explanation:Single agency is the agency model where the firm only has one
client in the transaction. A Multiple Representation relationship exists when the same
firm has both the buyer and seller as clients in the same transaction. Multiple
Representation without Designated Agency means that both seller and buyer are clients
of the firm in the same transaction and the firm must remain neutral. Multiple
Representation with Designated Agency is when both the seller and buyer are clients of
the same firm in the same transaction but each agent is permitted to provide information
and advice to their respective client. There must be two agents involved to practice
designated agency.
✔✔Which of the following are used to allow for special exceptions in land use
regulations? - ✔✔Conditional use...Explanation:The purpose of conditional use permits
are to allow a use if the property owner meets other conditions.
✔✔What term describes a debt secured by an item of personal property? - ✔✔A
security interest...Explanation:A security interest is an interest a creditor holds in an item
of personal property when the debt is secured by that item of personal property. A
lender may have a security interest in a car, a tractor, machinery, or restaurant
equipment for example. A security interest is also know as a chattel mortgage though
security interest is the more common term.
✔✔A real estate agent signs a contract with a non-licensed individual. In that contract,
the real estate licensee agrees to pay the non-licensed individual $50 for every referred
person that signs a listing contract. What type of contract is this? -
✔✔Void...Explanation:A contract as described in this question is a contract to pay
referral fees to a non-licensed individual. Payment of real estate related fees including
commissions, finders fees, and referral fees is illegal fee-splitting in Wisconsin.
Therefore this contact is for an illegal purpose and is void.
✔✔A listing firm and a seller can modify an Exclusive Right to Sell Listing Contract to
create any of the following EXCEPT: - ✔✔net listing...Explanation:Wis. Admin. Code §
REEB 24.10: Licensees shall not obtain, negotiate or attempt to obtain or negotiate any
listing contract providing for a stipulated net price to the owner with the excess over the
stipulated net price to be received by the firm as commission. Wis. Admin. Code §
REEB 16.06(6): A licensee may alter an approved exclusive right to sell listing contract
to create an exclusive agency listing or an open listing.
✔✔Wallace lists his house with Kima. Preston goes to Kima's open house and decides
he wants to make an offer on the house. Preston signs a buyer agency agreement with
Kima. Kima drafts the offer to purchase for Preston. Which of the following
CORRECTLY identifies the relationship of Kima to Preston and Wallace? - ✔✔Wallace
is Kima's client, Preston is Kima's client...Explanation:Kima has a listing contract with
SOLUTIONS RATED A+
✔✔Which of the following transactions must include a real estate condition report? -
✔✔A seller selling a duplex that the seller has never lived in...Explanation:According to
Wis. Stat. Chapter § 709 transactions involving the following properties are exempt from
the real estate condition report requirements: property that has not been inhabited;
transfers exempt from the Wisconsin transfer fee; transfers by personal representative,
trustees, conservators, fiduciaries who are appointed by, or subject to the supervision
by the court as long as the person has never occupied the property. There is NOT an
exemption for a seller that does not live on the property or is not familiar with the
condition of the property.
✔✔A seller accepts an offer for $91,575 with a $10,000 mortgage carried by the seller
for the buyer. After adjustments between the parties were made on the closing
statement, the buyer ended up owing the seller $78,500 in cash on closing day. What
was the amount of transfer tax paid by the seller? - ✔✔$274.80...Explanation:$91,600 x
.003 = $274.80.
✔✔A buyer purchases a property for $129,550. How much is the transfer fee for this
transaction? - ✔✔$388.80...Explanation:The transfer fee on a $129,550 purchase is
$388.80. To calculate the transfer fee, round the purchase price up to the nearest $100
and multiply times .003. Round $129,550 up to $129,600 and multiply by .003 =
$388.80.
✔✔Lester lists his house with Orlando. Jimmy goes to Orlando's open house and
decides he wants to make an offer on the house. Jimmy signs a buyer agency
agreement with Orlando. Orlando then writes the offer to purchase. Which of the
following correctly identifies the relationship of Orlando to Lester and Jimmy? -
✔✔Orlando has a multiple representation relationship...Explanation:Lester and Jimmy
each have a signed agency agreement with Orlando, thus creating a multiple
representation relationship.
✔✔A purchaser of real estate is entering into a land contract with the seller. The
purchaser should expect legal title when: - ✔✔the seller has been paid in
full...Explanation:A land contract is different from other types of financing in that legal
title does not pass to the buyer during the term of the land contract. Legal title passes
only when the seller is paid in full.
✔✔Which of the following is specific to the WB-4 Condominium Listing Contract? -
✔✔The seller needs to indicate whether the sale is subject to a right of first
refusal...Explanation:The WB-4 provides an area for the seller to indicate whether the
condominium association has a right of first refusal on the unit.
, ✔✔Which of the following is the type of agency model where the firm represents just the
seller in the transaction according to the terms of the listing contract? - ✔✔Single
agency...Explanation:Single agency is the agency model where the firm only has one
client in the transaction. A Multiple Representation relationship exists when the same
firm has both the buyer and seller as clients in the same transaction. Multiple
Representation without Designated Agency means that both seller and buyer are clients
of the firm in the same transaction and the firm must remain neutral. Multiple
Representation with Designated Agency is when both the seller and buyer are clients of
the same firm in the same transaction but each agent is permitted to provide information
and advice to their respective client. There must be two agents involved to practice
designated agency.
✔✔Which of the following are used to allow for special exceptions in land use
regulations? - ✔✔Conditional use...Explanation:The purpose of conditional use permits
are to allow a use if the property owner meets other conditions.
✔✔What term describes a debt secured by an item of personal property? - ✔✔A
security interest...Explanation:A security interest is an interest a creditor holds in an item
of personal property when the debt is secured by that item of personal property. A
lender may have a security interest in a car, a tractor, machinery, or restaurant
equipment for example. A security interest is also know as a chattel mortgage though
security interest is the more common term.
✔✔A real estate agent signs a contract with a non-licensed individual. In that contract,
the real estate licensee agrees to pay the non-licensed individual $50 for every referred
person that signs a listing contract. What type of contract is this? -
✔✔Void...Explanation:A contract as described in this question is a contract to pay
referral fees to a non-licensed individual. Payment of real estate related fees including
commissions, finders fees, and referral fees is illegal fee-splitting in Wisconsin.
Therefore this contact is for an illegal purpose and is void.
✔✔A listing firm and a seller can modify an Exclusive Right to Sell Listing Contract to
create any of the following EXCEPT: - ✔✔net listing...Explanation:Wis. Admin. Code §
REEB 24.10: Licensees shall not obtain, negotiate or attempt to obtain or negotiate any
listing contract providing for a stipulated net price to the owner with the excess over the
stipulated net price to be received by the firm as commission. Wis. Admin. Code §
REEB 16.06(6): A licensee may alter an approved exclusive right to sell listing contract
to create an exclusive agency listing or an open listing.
✔✔Wallace lists his house with Kima. Preston goes to Kima's open house and decides
he wants to make an offer on the house. Preston signs a buyer agency agreement with
Kima. Kima drafts the offer to purchase for Preston. Which of the following
CORRECTLY identifies the relationship of Kima to Preston and Wallace? - ✔✔Wallace
is Kima's client, Preston is Kima's client...Explanation:Kima has a listing contract with
