Wra exam questions - Study guides, Class notes & Summaries

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? The selling licensee should have all earnest money checks paid directly to the listing firm... Explanation: The Earnest Money section of the offer states: "Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker." An appraisal would most likely be used in all of ...

0-Bedroom Dwelling Any residential dwelling in which the living area is not separated from the sleeping area Abstract of Title A condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place Acceleration Clause A clause within a mortgage permitting a lender to accelerate the amount due upon default and declare t...

WRA Final Exam Practice Questions and Answers

How are the listing contract and the buyer agency agreement similar? : They satisfy the minimum requirements to create a lawful agency relationship and ensure that the firm has the right to enforce its commission with a court. Housing that meets the Fair Housing Act's definition of "housing for older persons" may legally exclude: : families with children A right or privilege to use a property that belongs to or passes with property would best be described as a/an: : A:easement Whi...

WRA Glossary Exam Questions and Answers

WRA Exam questions (1_2) With complete solution

WRA FINAL EXAM QUESTIONS AND ANSWERS. 0-Bedroom Dwelling ANSWER : Any residential dwelling in which the living area is not separated from the sleeping area Abstract of Title ANSWER : A condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place Acceleration Clause ANSWER : A clause within a mortgage permitti...

WRA Chapter 1 Exam Questions and Answers

WRA Exam questions (1/2) Questions and Answers Latest Updated 2024