WRA EXAM QUESTIONS &
ANSWERS | LATEST UPDATE
A buyers uses a buyers licensee to draft an offer. The WB-11
residential offer to purchase directs the buyer's licensee to make
the earnest money check payable to the:
A. Buyers firms trust account
B: selling firms trust account
C: sellers acco...
A buyers uses a buyers licensee to draft an offer. The WB -11
residential offer to purchase directs the b uyer's licensee to make
the earnest money check payable to the:
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?
A: Multiple representation with designated agency
B: Implied agency
C: Single agency
D: Mult iple representation without designated agency - ANSWER
: Single agency
Which of the following form of asbestos is likely to be considered
the largest health risk?
A: Deteriorating asbestos insulation wrapped around water pipes
B: Asbestos shingles foun d underneath fiberglass shingles
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C: Asbestos floor tiles that have been covered by new vinyl
flooring
D: Asbestos insulation that was friable and has been
encapsulated - ANSWER : Deteriorating asbestos insulation
wrapped around water piper
.
A buyer re ceives an inspection report that discloses defects as
defined by the inspection contingency. Under what circumstances
will buyer NOT be able to give a Notice of Defects?
A: The seller was not aware of the defects.
B: The defects can be readily cured by seller.
C: The defects existed when seller bought the house.
D: The buyer had knowledge of the defects at the time of the
offer. - ANSWER : The buyer had knowledge of the defects at the
time of the offer
What must firms provide to their licensees?
A: A written statement of procedures under which the firm and
licensees associated with the firm shall operate with respect to
transaction documents
B: Onsite supervising during normal business hours
C: An arbitration manual for alternative dispute resol ution
D: Training for how to develop and grow a real estate business -
ANSWER : A written statement of procedures under which the
firm and licensees associated with the firm shall operate with
respect to transaction documents
Which of the following is th e way that title appears on public
records?
A: Reduction
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B: Merchantable
C: Record
D: Marketable - ANSWER : record
A licensee wishes to sell the licensee's personally owned property
without the assistance of the licensee's real estate company. At
what point must the licensee disclose the licensee's licensed
status?
A: Prior to accepting the buyer's offer or counter -offer
B: As soon as possible whether that be a showing or first contact
with a buyer or agent of the buyer
C: At some point prior to c losing the transaction
D: At the time the buyer decides to write the offer - ANSWER : As
soon as possible whether that be a showing or first contact with a
buyer or agent of the buyer
In the WB -1 Exclusive Right to Sell Listing Contract, the firm
earns a commission when the:
A: listing licensee presents an offer to purchase
B: seller accepts an enforceable contract for the sale of all of the
property
C: transaction closes
D: damages have been liquidated - ANSWER : seller accepts an
enforceable contract for the sale of all of the property
What does private mortgage insurance do?
A: Insures the buyer for losses from defects in the title
B: Protects the lender from default s on FHA mortgages
C: Ensures that a borrower's loan will be paid in the event the
borrower runs into financial problems
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D: Protects the lenders from losses in conventional mortgage
defaults - ANSWER : protects the lenders from losses in
conventional mor tgage defaults
A builder completed a new home and is going to live in it for 3
weeks prior to closing of the sale to a buyer. Must the builder
complete a real estate condition report?
A: Yes, because the property will establish a pattern of sales for
the builder.
B: No, because the property is new construction and is exempt.
C: No, because the property is not listed with a firm.
D: Yes, because the property meets the definition of one -to-four
dwelling units - ANSWER : Yes, because the property meets t he
definition of one -to-four dwelling units
A tenant has vacated a property at the end of the tenant's lease
term. What is the landlord's deadline for returning a security
deposit less any amounts properly withheld?
A: 10 days after the tenant vacates t he unit
B: 21 days after the tenant gives notice that the tenant is moving
out
C: 28 days after the tenant gives notice that the tenant is moving
out
D: 21 days after the tenant vacates the unit - ANSWER : 21 days
after the tenant vacates the unit
A listing contract must include all of the following EXCEPT:
A: a description of the property
B: the signature of the seller
C: the term of the contract
D: the commission to be paid - ANSWER : the signature of the
seller Powered by TCPDF (www.tcpdf.org)
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