WRA EXAM QUESTIONS WITH ANSWERS

WRA EXAM QUESTIONS WITH |\ |\ |\ |\




ANSWERS

The WB-11 Residential Offer to Purchase describes which
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of the following as the way an earnest money payment
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should be handled as a result of a sale involving
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cooperating firms? - CORRECT ANSWERS ✔✔The selling |\ |\ |\ |\ |\ |\ |\



licensee should have all earnest money checks paid |\ |\ |\ |\ |\ |\ |\ |\



directly to the listing firm... Explanation: The Earnest
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Money section of the offer states: "Unless otherwise
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agreed, earnest money shall be paid to and held in the
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trust account of the listing broker."
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An appraisal would most likely be used in all of the
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following transactions or situations EXCEPT: - CORRECT |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔subletting an apartment unit.... Value does |\ |\ |\ |\ |\ |\ |\



not need to be established in order to sublet an
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apartment unit. |\




A buyer has an inspection contingency in the offer to
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purchase that does not give the seller the right to cure. |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



The home inspector finds a defect during the inspection.
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The buyer would like the seller to repair the defect
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according to the buyer's specifications. If the seller does |\ |\ |\ |\ |\ |\ |\ |\ |\



not want to repair the defect as specified by the buyer
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then the buyer is no longer interested in purchasing the
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,property. How would you accomplish this for the buyer? -
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CORRECT ANSWERS ✔✔Deliver an amendment to the |\ |\ |\ |\ |\ |\ |\



seller specifying the repairs that must be made and if the
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seller does not agree then deliver a notice of defects.
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...Explanation: Because the seller does not have the right
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to cure, delivering a notice of defects will terminate the
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offer. The buyer should first try and negotiate the repairs
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by amending the offer. If the seller does not agree to the
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amendment, then issuing the notice will terminate the |\ |\ |\ |\ |\ |\ |\ |\



offer.


Which of the following would violate advertising rules for
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real estate licensees? - CORRECT ANSWERS
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✔✔Advertising a property that has already been sold. |\ |\ |\ |\ |\ |\ |\



...Explanation: Wis. Admin. Code § REEB 24.04(1) states,
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"Licensees shall not advertise in a manner which is false,
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deceptive, or misleading." |\ |\




At closing, the seller needs to give a credit to the buyer
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for property taxes. Last year's taxes were $3,700 and
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there are 242 days from the first of the year through the
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day of closing. How much will the buyer's tax credit be? -
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CORRECT ANSWERS ✔✔$2,443.02... Explanation: $3,700 /
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365 day year = $10.1370 daily proration. $10.1370 x 241
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days between January 1 and the day prior to closing =
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$2,443.02.

,The right of a governmental body to take ownership of
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real estate for public use is called: - CORRECT ANSWERS
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✔✔eminent domain...Explanation: Eminent domain is one |\ |\ |\ |\ |\ |\



form of police power and is the power of a governmental
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body to take ownership of real estate for a public use.
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Rental property is sold to a new owner. Tenants remain
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under a written lease. The new owner wants to raise the
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rent. When can the new owner raise the rent? - CORRECT
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ANSWERS ✔✔When the lease with the current tenants |\ |\ |\ |\ |\ |\ |\ |\



expires Explanation: Unless the terms of the tenants'
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current lease permit an increase in rent, the new owner
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must wait until the lease expires and execute a new lease
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at the desired rent.
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Which of the following activities can an unlicensed
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personal assistant do? - CORRECT ANSWERS ✔✔Schedule|\ |\ |\ |\ |\ |\ |\



appointments. Explanation: An unlicensed personal |\ |\ |\ |\ |\



assistant cannot do any activities that would require a
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real estate license such as showings, open houses, or
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completing forms. An unlicensed assistant can complete |\ |\ |\ |\ |\ |\ |\



activities that do not require a license such as scheduling
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appointments.


A city zoning board changes the zoning for a single parcel
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of property to meet a public need. This would be called: -
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CORRECT ANSWERS ✔✔spot zoning...Explanation:Spot |\ |\ |\ |\



zoning occurs when a single parcel of land rezoned. A
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, variance allows a parcel to violate permanently a zoning
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law. Downzoning changes the use of all the properties
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within a zoning district. |\ |\ |\




A licensee is listing a 4-bedroom, two-story house. Which
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of the following would be the most suitable comparable
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property? - CORRECT ANSWERS ✔✔A 3-bedroom, two- |\ |\ |\ |\ |\ |\



story house that was recently sold in the same
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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
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established by value of similar properties that have |\ |\ |\ |\ |\ |\ |\ |\



recently sold. A foreclosed property does not provide a
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good comparison because it is not an arm's length sale.
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Evelyn and her boyfriend, Noah, are getting married, and
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are looking to purchase a new home. They have asked
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you as their real estate licensee for advice on how to take
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title. What advice can you give them regarding on how
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they should take title? - CORRECT ANSWERS ✔✔Suggest
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they speak to an attorney. Explanation: Real estate
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licensees cannot give legal advice such as how to take |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



title.


Which of the following is the way that title appears on
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public records? - CORRECT ANSWERS |\ |\ |\ |\ |\



✔✔Record....Explanation: Record title is the way that the |\ |\ |\ |\ |\ |\ |\ |\



title appears on public records.
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