Wra - Study guides, Class notes & Summaries

WRA EXAM STUDY GUIDE

WRA Final Exam Questions and Correct Answers 2024

WRA Chapter 8 Latest 2024 Already Passed Easement by Prescription An easement created by adverse use of a property over a statutory period. Chain of Title Chronological record of a property's ownership. Specific Lien A claim against a piece of property. Gap Endorsement When a title company will provide coverage for liens that occur between the title commitment and the recording of the deed. Warranty Deed A deed in which the grantor warrants clear title to the property. Personal Representat...

WRA Chapter 7 Exam

WRA FINAL EXAM

WRA Chapter 2 Questions and Answers Graded A 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 financially able to complete the transaction. Implied Agency An agency relationship created between parties by their actions. Exclusive Agency Listing Contract An agency agreement wh...

WRA Final Exam Review

WRA Exam Questions and Answers 100% Pass 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 ...

WRA Final Exam Questions with Verified Solutions The buyer, in an effort to meet the terms of the Financing Contingency found in the WB-11 Residential Offer to Purchase, delivers a notice to the seller indicating that the buyer is ready to proceed to closing. Has the buyer waived the Financing Commitment Contingency? A:No, because the buyer does not have a check from the bank. B:Yes, because the financing contingency has been removed. C:No, because the buyer did not deliver a loan commitment...

WRA Chapter 3 Questions and Answers Rated A 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 Properties Properties that are excluded from a buyer agency agreement by the buyer. For a buyer's firm to receive money from the seller, the buyer must consent. True Explanat...