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WRA Final Exam Review questions and answers
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WRA Final Exam Review questions andanswers
Which of the following is a duty ONLY to a client? - CORRECT ANSWER-Loyalty
represents interest.
Which of the following Services should NOT be performed for a buyer customer?
- CORRECT ANSWER-Creating a market analyst of the property the buyer
wishes to purchase.
Which of the following would a buyer's broker NOT be required to disclose to
their client buyer? - CORRECT ANSWER-That the sellers are getting divorced
and need to sell the house quickly.
Without the written consent of supervising broker, agents have the authority to do
which of the following..... - CORRECT ANSWER-Amend the excluded properties.
Multiple representation without designated agency is when: - CORRECT
ANSWER-Both seller and the buyer are clients of The Brokerage company in the
same transaction.
In which of the following situations would an agency disclosure NOT be required?
- CORRECT ANSWER-A listing agent answers a prospective buyers basic
questions at an open house.
Licensees are required to disclose: - CORRECT ANSWER-Both known and
possible material adverse facts.
Is selling agent has given the buyer information on the real estate market and
suggested a purchase price for the buyer's offer. The selling agent has likely
created what type of agency with the buyer? - CORRECT ANSWER-Implied
agency
In a typical listing contract, the seller is the: - CORRECT ANSWER-Client
, Which of the following creates an Express agency? - CORRECT
ANSWER-Property Management agreement.
All listing and sub-agents have a responsibility to seller under: - CORRECT
ANSWER-Law of agency
Broker Moore heavy listing contract with Sarah. Nancy goes to Sarah's open
house and decides she wants to make an offer on the house. Nancy who does
not have an agency agreement with any other broker, ask Broker Moore to write
the offer. Which of the following CORRECTLY identifies the relationship between
Broker Moore and Nancy? - CORRECT ANSWER-Nancy is Broker Moore's
customer.
All of the following are duties to all parties EXCEPT? - CORRECT
ANSWER-Duty to negotiate
When presenting an offer to a For Sale by Owner (FSBO), a Buyer's Broker will
be required to provide the seller which form? - CORRECT ANSWER-Broker
Disclosure to Customers
Which of the following Services May broker provide without an agency
agreement? - CORRECT ANSWER-Answer a buyer's questions about the
location of the property.
A broker is allowed to act in a multiple representation relationship when: -
CORRECT ANSWER-Both clients in the transaction consent in writing to the
multiple representation.
Which of the following is the type of agency model where the brokerage company
only has one client in the transaction? - CORRECT ANSWER-Single Agency
When marketing properties, licensee's liability of providing information regarding
lot lines or lot sizes or even room dimensions may lead to: - CORRECT
ANSWER-1. Lawsuits for substantial damages. 2. Recession of the transaction.
3. Possible filing of disciplinary complaints with the DSPS.
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