WRA Exam Questions with 100% Correct Solutions Test Bundle

The definition of real estate includes many elements. Which of the following items would NOT be a part of real estate? - furniture What is a lessor's future interest in a property called? - A reversionary interest Christopher and Monica are getting married. Under Wisconsin law, any real...

Four condominium units are valued at $200,000; $215,000, $220,000; and $225,000. Together the annual property maintenance fees for the condominiums are $8,500. What is the total value of the units? A: $868,500 B: $465,000 C: $415,000 D: $860,000 - D: $860,000 The total value of the four con...

A property protected under the WB-36 Buyer Agency Agreement Extension of Agreement Term is protected for how long after the expiration of the contract? - One Year for a Property When trying to determine if an advertisement violates the Fair Housing Act, what test(s) is applied? - Ordinary R...

According to the terms of the WB-1 Residential Listing Contract, how many days does the seller have to provide a new listing firm with the former listing firm's list of protected buyers? - B:Seven days What document does a seller use to convey ownership of personal property to a buyer? - a...

Which of the following is NOT a protected class under the Wisconsin Fair Housing Laws? - Student The WB-11 Residential Offer to Purchase describes which of the following as the way an earnest money payment should be handled as a result of a sale involving cooperating firms where the listing fi...

What rights to property come with ownership? - Control; Disposition; Quiet enjoyment; Encumber; Exclude; Possession. What form of ownership allows title to a deceased spouse's property to pass to the surviving spouse without probate? - Survivorship marital property. A special form of joint tenan...

Delivery - A component of binding acceptance. Unenforceable Contract - A contract whereby neither party can sue the other for performance. Equitable Title - The right to obtain absolute ownership of a property when legal title is held in another's name. Offer to Purchase - A pr...

0-Bedroom Dwelling - Any Residentaial dwelling in which the living area is not separated from the sleeping area. Abstract of Title - a condensed history of the title to a particular piece of realestate showing, in chronological sequence, matters such as conveyances, liens, and the encumbran...

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 Propert...

trust - firms are required to maintain a _____ account if the firm is going to hold trust funds money - salespeople need to have a basic understanding of trust accounts to be able to discuss with buyers and sellers how earnest _____ is held 18 - REEB ____ is the trust account rule ...

Bilateral contract - A contract which binds to parties. Two promises are given, one in exchange for another. Breach - A failure to perform as promised in a contract. Competent parties - To be considered a competent party, it is required that all persons involved in a valid contract be...

Fee-Splitting - A fee or commission paid to an unlicensed person for performing a brokerage activity. Express Agency - An agency relationship created through spoken or written words. Ready, Willing, and Able Buyer - A prospective buyer of property who is legally capable and financiall...

Because the forms were drafted by an attorney and the drafter's name is on the form. - Licensees are permitted to use forms drafted by the WRA: Licensees may use approved forms when acting as an agent or principal in a transaction. - Which of the following is true of a licensee's use of a...