WRA Chapter 1 Exam Questions With
Correct Answers
Cooperating Firm - CORRECT ANSWER✔✔-A firm that works in conjunction with
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another firm in procuring a buyer for the seller's property.
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Fiduciary - CORRECT ANSWER✔✔-One who is placed in a position of trust and
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confidence, normally responsible for the money or property of another.
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Agency - CORRECT ANSWER✔✔-A relationship in which one person acts for or
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represents another. |
Salesperson - CORRECT ANSWER✔✔-Any individual who is associated with a firm,
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other than a broker or a person who is not required to have a license.
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Buyer's Firm - CORRECT ANSWER✔✔-A firm that has entered into a buyer agency
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|agreement with the buyer indicating that the firm will be representing the
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interests of the buyer. | | |
Listing Firm - CORRECT ANSWER✔✔-The firm that the seller has employed under
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a listing contract.
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Designated Agency - CORRECT ANSWER✔✔-A multiple representation
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relationship in which both the buyer and the seller are clients of the same firm in
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,the same transaction and each client receives negotiation services from an agent
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of the firm.
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Listing Licensee - CORRECT ANSWER✔✔-The licensee associated with the listing
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firm who acquired the listing.
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Subagent - CORRECT ANSWER✔✔-A firm engaged by another firm to provide
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brokerage services in a transaction, but that is not associated with the firm.
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Buyer's Licensee - CORRECT ANSWER✔✔-The person within the buyer's firm that
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procured the buyer. | |
Option to Purchase - CORRECT ANSWER✔✔-An agreement to keep open, for a
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set period, an offer to sell or lease real property.
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Broker - CORRECT ANSWER✔✔-One who for another person, and for
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commission, money or other thing of value, negotiates or offers or attempts to
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negotiate a sale, exchange, purchase, or rental of or the granting or acceptance of
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an option to sell, exchange, purchase, or rent and interest or estate in real estate;
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one who shows real estate or a business or its inventory; or one who promotes
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the sale, exchange, purchase, option, rental, or leasing of a real estate, a time
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share, or a business or its goodwill, inventory or fixtures.
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1. Negotiation
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2. Pattern of Sales
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3. Shows Property
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4. Advertises Property
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,Material Adverse Fact - CORRECT ANSWER✔✔-An adverse fact that a party
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indicates is of such significance, or that is generally recognized by a competent
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licensee as being of such significance to a reasonable party, that it affects the
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party's decision to enter into a contract or the terms of a contract.
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Multiple Representation Relationship - CORRECT ANSWER✔✔-A relationship
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between a firm and two or more of the firm's clients where the clients are parties
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in the same transaction.
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Client - CORRECT ANSWER✔✔-The person who employs an agent to perform a
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service on the client's behalf.
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Exchange - CORRECT ANSWER✔✔-A way to defer capital gains tax by exchanging
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like property for like property.
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Licensee - CORRECT ANSWER✔✔-A salesperson, broker, or licensed business
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entity under Chapter 452 of the Wisconsin Statutes.
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Selling Firm - CORRECT ANSWER✔✔-The firm that found the buyer-customer for
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a property listed with another firm.
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Selling Licensee - CORRECT ANSWER✔✔-The licensee within the selling firm who
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found the buyer.| |
, Business Sale - CORRECT ANSWER✔✔-The sale or lease of a business and the
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business's good will, enterprise, or opportunity, including a sale of the majority of
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assets or stocks of the business.
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Customer - CORRECT ANSWER✔✔-A person who receives services given on
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behalf of and for the benefit of a client.
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Principal Firm - CORRECT ANSWER✔✔-A firm who engages a subagent to provide
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brokerage services in a transaction.
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Single Agency - CORRECT ANSWER✔✔-The practice of representing either the
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buyer or the seller but not both in the same transaction.
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Agent - CORRECT ANSWER✔✔-A person who is authorized to act on behalf of
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another.
A licensee must disclose all material facts to a customer in a real estate
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transaction. - CORRECT ANSWER✔✔-False | | |
A licensee must disclose all material adverse facts to all parties in a transaction
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but a licensee only has to disclose material facts to clients. Material adverse facts
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are all the important and negative facts. Material facts are important facts but
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can be positive.
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Licensees provide agency representation to clients and customers in a real estate
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transaction. - CORRECT ANSWER✔✔-False | | |
Correct Answers
Cooperating Firm - CORRECT ANSWER✔✔-A firm that works in conjunction with
| | | | | | | | | | |
another firm in procuring a buyer for the seller's property.
| | | | | | | | |
Fiduciary - CORRECT ANSWER✔✔-One who is placed in a position of trust and
| | | | | | | | | | | | |
confidence, normally responsible for the money or property of another.
| | | | | | | | |
Agency - CORRECT ANSWER✔✔-A relationship in which one person acts for or
| | | | | | | | | | | |
represents another. |
Salesperson - CORRECT ANSWER✔✔-Any individual who is associated with a firm,
| | | | | | | | | |
other than a broker or a person who is not required to have a license.
| | | | | | | | | | | | | | |
Buyer's Firm - CORRECT ANSWER✔✔-A firm that has entered into a buyer agency
| | | | | | | | | | | |
|agreement with the buyer indicating that the firm will be representing the
| | | | | | | | | | | |
interests of the buyer. | | |
Listing Firm - CORRECT ANSWER✔✔-The firm that the seller has employed under
| | | | | | | | | | | |
a listing contract.
| |
Designated Agency - CORRECT ANSWER✔✔-A multiple representation
| | | | | | |
relationship in which both the buyer and the seller are clients of the same firm in
| | | | | | | | | | | | | | | |
,the same transaction and each client receives negotiation services from an agent
| | | | | | | | | | | |
of the firm.
| |
Listing Licensee - CORRECT ANSWER✔✔-The licensee associated with the listing
| | | | | | | | | |
firm who acquired the listing.
| | | |
Subagent - CORRECT ANSWER✔✔-A firm engaged by another firm to provide
| | | | | | | | | | |
brokerage services in a transaction, but that is not associated with the firm.
| | | | | | | | | | | |
Buyer's Licensee - CORRECT ANSWER✔✔-The person within the buyer's firm that
| | | | | | | | | | |
procured the buyer. | |
Option to Purchase - CORRECT ANSWER✔✔-An agreement to keep open, for a
| | | | | | | | | | | |
set period, an offer to sell or lease real property.
| | | | | | | | |
Broker - CORRECT ANSWER✔✔-One who for another person, and for
| | | | | | | | | |
commission, money or other thing of value, negotiates or offers or attempts to
| | | | | | | | | | | | |
negotiate a sale, exchange, purchase, or rental of or the granting or acceptance of
| | | | | | | | | | | | |
an option to sell, exchange, purchase, or rent and interest or estate in real estate;
| | | | | | | | | | | | | | |
one who shows real estate or a business or its inventory; or one who promotes
| | | | | | | | | | | | | | | |
the sale, exchange, purchase, option, rental, or leasing of a real estate, a time
| | | | | | | | | | | | | |
share, or a business or its goodwill, inventory or fixtures.
| | | | | | | | |
1. Negotiation
|
2. Pattern of Sales
| | |
3. Shows Property
| |
4. Advertises Property
| |
,Material Adverse Fact - CORRECT ANSWER✔✔-An adverse fact that a party
| | | | | | | | | | |
indicates is of such significance, or that is generally recognized by a competent
| | | | | | | | | | | | |
licensee as being of such significance to a reasonable party, that it affects the
| | | | | | | | | | | | | |
party's decision to enter into a contract or the terms of a contract.
| | | | | | | | | | | |
Multiple Representation Relationship - CORRECT ANSWER✔✔-A relationship
| | | | | | |
between a firm and two or more of the firm's clients where the clients are parties
| | | | | | | | | | | | | | |
in the same transaction.
| | | |
Client - CORRECT ANSWER✔✔-The person who employs an agent to perform a
| | | | | | | | | | | |
service on the client's behalf.
| | | |
Exchange - CORRECT ANSWER✔✔-A way to defer capital gains tax by exchanging
| | | | | | | | | | | |
like property for like property.
| | | |
Licensee - CORRECT ANSWER✔✔-A salesperson, broker, or licensed business
| | | | | | | | |
entity under Chapter 452 of the Wisconsin Statutes.
| | | | | | |
Selling Firm - CORRECT ANSWER✔✔-The firm that found the buyer-customer for
| | | | | | | | | | |
a property listed with another firm.
| | | | |
Selling Licensee - CORRECT ANSWER✔✔-The licensee within the selling firm who
| | | | | | | | | | |
found the buyer.| |
, Business Sale - CORRECT ANSWER✔✔-The sale or lease of a business and the
| | | | | | | | | | | | |
business's good will, enterprise, or opportunity, including a sale of the majority of
| | | | | | | | | | | |
assets or stocks of the business.
| | | | | |
Customer - CORRECT ANSWER✔✔-A person who receives services given on
| | | | | | | | | |
behalf of and for the benefit of a client.
| | | | | | | |
Principal Firm - CORRECT ANSWER✔✔-A firm who engages a subagent to provide
| | | | | | | | | | |
brokerage services in a transaction.
| | | | |
Single Agency - CORRECT ANSWER✔✔-The practice of representing either the
| | | | | | | | | |
buyer or the seller but not both in the same transaction.
| | | | | | | | | |
Agent - CORRECT ANSWER✔✔-A person who is authorized to act on behalf of
| | | | | | | | | | | | |
another.
A licensee must disclose all material facts to a customer in a real estate
| | | | | | | | | | | | | |
transaction. - CORRECT ANSWER✔✔-False | | |
A licensee must disclose all material adverse facts to all parties in a transaction
| | | | | | | | | | | | | |
but a licensee only has to disclose material facts to clients. Material adverse facts
| | | | | | | | | | | | | |
are all the important and negative facts. Material facts are important facts but
| | | | | | | | | | | | |
can be positive.
| |
Licensees provide agency representation to clients and customers in a real estate
| | | | | | | | | | | |
transaction. - CORRECT ANSWER✔✔-False | | |
