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 can a firm engage in multiple representation? - ✔✔Written consent
of both parties, agency disclosure to both parties
In what kind of transactions must a firm provide agency disclosure? - ✔✔All
transactions (residential, commercial, vacant land etc.)
By when must a firm provide agency disclosure to a client? A customer? -
✔✔Before or at the time of entering into the agency agreement
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,By when must a buyer's agent disclose the buyer agency relationship to the
seller or the listing firm? - ✔✔The earliest of first contact, a showing, or any
other negotiations with the seller or the listing firm.
What are a listing firm's agency disclosure obligations when working with a
customer who wants to write an offer on a duplex? What if the buyer wants
to write an offer on a commercial warehouse? - ✔✔Provide agency
disclosure to buyer for duplex and ask that buyer to sign the agency
disclosure because this is a 1-4 family transaction. Provide agency
disclosure to buyer for commercial warehouse but you do not have to ask
that buyer to sign because it is not a 1-4 family property.
When does a property manager need to have a real estate license? - ✔✔If
signing or negotiating leases on behalf of the property owner.
If a licensee is representing a family member who is writing an offer on a
property, what are the licensee's disclosure obligations? customer? -
✔✔Disclose the relationship in writing and obtain consent of both parties.
What are a licensee's disclosure obligations if the licensee is going to
receive a fee from referring a lawn maintenance company? What if the
licensee is a listing agent who is referring a client to a buyer's agent? -
✔✔For the lawn maintenance company, disclose the potential referral fee
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, in writing before or at the time of making the referral. Referral fees from
license to license do not need to be disclosed.
When must a licensee disclose that the licensee holds a real estate license
when selling the licensee's own home? What if the licensee is selling
commercial property owned by the licensee? - ✔✔The earliest of first
contact, a showing, or any other negotiations. The disclosure shall be in
writing and is the same whether selling personally owned home or
commercial property.
What tie-in arrangements are legal? - ✔✔Legal tie-ins
Condition the sale of vacant land owned by the licensee upon the buyer's
agreement to use a specific builder if the builder co-owns the property with
the licensee.
Condition the sale of vacant land owned by the licensee upon the buyer's
agreement to use a specific builder if the builder and the licensee are the
same person.
Condition the sale of vacant land owned by the license upon the buyer's
agreement to use a specific builder if the agreement to use the builder is a
legitimate effort to maintain developmental quality/ architectural uniformity
and no compensation passes from the builder to the licensee.
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
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 can a firm engage in multiple representation? - ✔✔Written consent
of both parties, agency disclosure to both parties
In what kind of transactions must a firm provide agency disclosure? - ✔✔All
transactions (residential, commercial, vacant land etc.)
By when must a firm provide agency disclosure to a client? A customer? -
✔✔Before or at the time of entering into the agency agreement
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,By when must a buyer's agent disclose the buyer agency relationship to the
seller or the listing firm? - ✔✔The earliest of first contact, a showing, or any
other negotiations with the seller or the listing firm.
What are a listing firm's agency disclosure obligations when working with a
customer who wants to write an offer on a duplex? What if the buyer wants
to write an offer on a commercial warehouse? - ✔✔Provide agency
disclosure to buyer for duplex and ask that buyer to sign the agency
disclosure because this is a 1-4 family transaction. Provide agency
disclosure to buyer for commercial warehouse but you do not have to ask
that buyer to sign because it is not a 1-4 family property.
When does a property manager need to have a real estate license? - ✔✔If
signing or negotiating leases on behalf of the property owner.
If a licensee is representing a family member who is writing an offer on a
property, what are the licensee's disclosure obligations? customer? -
✔✔Disclose the relationship in writing and obtain consent of both parties.
What are a licensee's disclosure obligations if the licensee is going to
receive a fee from referring a lawn maintenance company? What if the
licensee is a listing agent who is referring a client to a buyer's agent? -
✔✔For the lawn maintenance company, disclose the potential referral fee
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, in writing before or at the time of making the referral. Referral fees from
license to license do not need to be disclosed.
When must a licensee disclose that the licensee holds a real estate license
when selling the licensee's own home? What if the licensee is selling
commercial property owned by the licensee? - ✔✔The earliest of first
contact, a showing, or any other negotiations. The disclosure shall be in
writing and is the same whether selling personally owned home or
commercial property.
What tie-in arrangements are legal? - ✔✔Legal tie-ins
Condition the sale of vacant land owned by the licensee upon the buyer's
agreement to use a specific builder if the builder co-owns the property with
the licensee.
Condition the sale of vacant land owned by the licensee upon the buyer's
agreement to use a specific builder if the builder and the licensee are the
same person.
Condition the sale of vacant land owned by the license upon the buyer's
agreement to use a specific builder if the agreement to use the builder is a
legitimate effort to maintain developmental quality/ architectural uniformity
and no compensation passes from the builder to the licensee.
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
