WRA Real Estate Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+

Agency : Is the foundation upon which real estate brokerage is practiced. Agency describes a legal and ethical relationship between a real estate licensee and a party to a transaction. A party can be a buyer, a seller, a landlord, or a tenant. Licensee : Is any person licensed under state law to practice real estate. A licensee is any person licensed as a salesperson, an individual broker. or a broker business entity. Broker : Is someone who can be included in the 5 part definition. Negotiation, pattern of sales, shows property, or advertises property, issues a written report of property value that is prepared for another person that is not an appraisal. Negotiation : A broker is a person who, for another, person, and for commision, money or other thing of value, negotaties or offers or attempts to negotiate a sale or service. Negotiate means to provide assistance within the scope of knowledge, skills, and training. This includes 2 | P a g e a) Acting as an intermediary by facilitating or participating in communications between parties related to the parties' interests in a transaction. b) Completing, when requested by a party, appropriate board-approved forms or other writings to document the party's proposal consistent with the party's instruction. c)Presenting to a party the proposals of other parties to the transaction and giving the party a general explanation of the provisions of the proposal. Just providing information or showing a property is not negotiation. Determining when a person moves from just providing information about a property to acting as an intermediary is not always clear. Pattern of Sales : Presumptive evidence that a broker's license is required because one has participated in five sales in one year or 10 sales in five years. Ex for a builder, they would have to get their license or hirer a brokerage to represent them. Shows Property : Shows real estate, showing real property, does not include someone showing rental properties. If a property owner pays someone to show the person's home to potential buyers, the person who is showing the home needs to be licensed. If a rental property owner hires a person to show rental properties, who they hire does not need a license in a sense the owner can show it. Advertises Property : Promotes the sale, exchange, purchase, option, rental or leasing of real estate, a timeshare, or a business or its goodwill, inventory, or fixtures, whether or not the