WRA EXAM QUESTIONS Flashcards

WRA EXAM QUESTIONS Flashcards An appraisal would most likely be used in all of the

following transactions or situations EXCEPT:

subletting an apartment unit.... Value does not need to be established in order to sublet an apartment unit.

a client...Explanation: In a listing contract, the seller is the

one who has hired the firm. Thus, the seller would be the principal/client in a listing contract.Which of the following sales would need to include a lead-based paint addendum to the Offer to Purchase?The seller receives a loan commitment subject to

conditions...Explanation: Lines 235-246 of the WB-11

Residential Offer to Purchase discuss the loan commitment. The loan commitment may be subject to conditions as stated on lines 243-246.According to the terms of the Extension of Listing section of the WB-1 Residential Listing Contract, how long is the listing contract extended for protected buyers?Question 14A licensee is purchasing a home. When completing the offer to purchase how should they handle the agency information on line 1?

$860,000...Explanation: The total value of the four

condominiums is $860,000.The WB-11 Residential Offer to Purchase states that title

evidence shall be given by the seller in the form of a/an:

reimburse the listing firm for all advertising if the property

does not sell...Explanation: The listing contract does not

require the seller to compensate the listing firm for any advertising.

A salesperson may practice real estate for:

conviction record...Explanation: Conviction record is not a

protected class under Wisconsin fair housing laws.A buyer orders a title insurance policy. The title insurance provider searches the public records for the title examination. The title company notifies the buyer in writing

of the condition of the title with the:

21 days after the tenant vacates the unit...Explanation: A

landlord must return the security deposit within 21 days of the tenant vacating the unit if the tenant vacates at the end of the tenant's lease term.A property is listed for $225,000 and is selling for $219,000.The seller is paying a 5% commission and $500 in points for the buyer. After paying these costs, what will the seller net?

The seller...Explanation: Lines 253-258 of the WB-1

Residential Listing Contract. Seller is aware that there is a potential risk of injury, damage and/or theft involving persons attending an "individual showing" or an "open house." Seller accepts responsibility for preparing the Property to minimize the likelihood of injury, damage and/or loss of personal property. Seller agrees to hold the Firm and its agents harmless for any losses or liability resulting from personal injury, property damage, or theft occurring during "individual showings" or "open houses" other than those caused by the negligence or intentional wrongdoing of the Firm or its agents.What event would NOT terminate a listing contract?A licensee is listing a 4-bedroom, two-story house. Which of the following would be the most suitable comparable

property?A 3-bedroom, two-story house that was recently sold in the

same neighborhood as the listed property. Explanation: A

comparable property is a similar property currently being sold. The maximum value of a property tends to be established by value of similar properties that have recently sold. A foreclosed property does not provide a good comparison because it is not an arm's length sale.

Promissory notes...Explanation: Wis. Stat. § 452.13(a)

"Client funds" means all downpayments, earnest money deposits, or other money related to a conveyance of real estate that is received by a licensee on behalf of a firm or any other person. "Client funds" does not include promissory notes.

"Use a form" means to:

The racial makeup of the neighborhood...Explanation:

Licensees are not allowed to discriminate and providing information about people groups would be a violation of the fair housing laws.Which of the following statements is INCORRECT regarding a licensee's duty to inspect real estate?provide the Department of Corrections' contact information

in writing...Explanation:Wis. Stat. § 452.24 Disclosure duty;

immunity for providing notice about the sex offender registry. (1) If, in connection with the sale, exchange, purchase or rental of real property, a licensee receives a request from a person to whom the licensee is providing brokerage services in connection with the sale, exchange, purchase or rental for information related to whether a particular person is required to register as a sex offender under s. 301.45 or any other information about the sex offender registry under s. 301.45, the licensee has a duty to disclose such information, if the licensee has actual knowledge of the information. Notwithstanding sub. (1), the licensee is immune from liability for any act or omission related to the disclosure of information under sub. (1) if the licensee in a timely manner provides to the person requesting the information written notice that the person may obtain information about the sex offender registry and persons registered with the registry by contacting the department of corrections. The notice shall include the appropriate telephone number and Internet site of the department of corrections.Which of the following is NOT a federally protected class?A buyer's licensee writes an offer for a buyer on a property

listed by the buyer's licensee's firm...Explanation: Multiple

representation occurs when a firm has an agency contract with both the buyer and the seller in the real estate transaction. The phrase "a buyer's licensee" tells us that the buyer has an agency agreement with the firm. "A property listed with the buyer's licensee's firm" tells us that the seller also has a listing contract with that firm. The

buyer's licensee's firm has an agreement with both the buyer and the seller.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?

a rise in interest rates...Explanation: A rise in interest rates

may make a property more difficult to market but it would not legally terminate the listing.How can a seller terminate a listing contract?

Loyalty...Explanation: The duty of loyalty requires an agent

to put the interests of the client ahead of everyone else.