WRA Chapter 3 Questions with verified solutions | Already Passed

Protected Buyers Buyers for which a listing firm has a one year extension of the listing contract. Closing (Settlement) Completion of a real estate transaction where mortgage funds are given to a buyer who exchanges them with a seller for legal title to the property. Excluded Properties Properties that are excluded from a buyer agency agreement by the buyer. For a buyer's firm to receive money from the seller, the buyer must consent. True Explanation: The buyer may request, as a condition of the offer to purchase, that seller pay the buyer's firm fee at closing with the buyer's consent. The WB-36 Buyer Agency/Tenant Representation Agreement includes a provision authorizing the firm to receive compensation from the seller or the listing firm.