WRA Online Course Final Exam
Questions With Correct Answers
In the WB-1 Residential Listing Contract, who has the authority to accompany a
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home inspector during a home inspection?
| | | | |
The buyer |
All of the following would be examples of public land use restrictions EXCEPT:
| | | | | | | | | | | |
A:bulk zoning |
B:deed conditions |
C:setbacks
D:spot zoning |
deed conditions |
When a depository institution remits the interest earned on a firm's interest-
| | | | | | | | | | |
bearing trust account to the Department they must inform the firm of all the
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following EXCEPT the: | |
A:Rate of interest applied to the account
| | | | | |
B:Account balance |
C:Interest earned on the account | | | |
D:Service charges on the account | | | |
Interest earned on the account | | | |
A licensee wishes to sell the licensee's personally owned property without the
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assistance of the licensee's real estate company. At what point must the licensee
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disclose the licensee's licensed status?
| | | |
A:At the time the buyer decides to write the offer
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,B:Prior to accepting the buyer's offer or counter-offer
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C:As soon as possible whether that be a showing or first contact with a buyer or
| | | | | | | | | | | | | | | |
agent of the buyer
| | |
D:At some point prior to closing the transaction
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As soon as possible whether that be a showing or first contact with a buyer or
| | | | | | | | | | | | | | | |
agent of the buyer
| | |
A licensee is going to list a property improved with a structure. Which of the
| | | | | | | | | | | | | | |
following statements best describes a licensee's inspection duties?
| | | | | | |
A:A licensee needs to complete a reasonably competent and diligent inspection
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only if requested by the parties.
| | | | |
B:A licensee needs to complete a reasonably competent and diligent inspection
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to detect observable, material facts.
| | | |
C:A licensee needs to complete a reasonably competent and diligent inspection
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to detect observable, material adverse facts.
| | | | |
D:A licensee does not have an inspection obligation.
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A licensee needs to complete a reasonably competent and diligent inspection to
| | | | | | | | | | | |
detect observable, material adverse facts.
| | | |
What state agency owns the interest earned on a firm's Interest Bearing Real
| | | | | | | | | | | | |
Estate Trust Account (IBRETA)?
| | |
A:The Department of Safety and Professional Services
| | | | | |
B:The Department of Agriculture, Trade and Consumer Protection
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C:The Department of Financial Institutions
| | | |
D:The Department of Administration
| | |
The Department of Administration
| | |
,A licensee is working with a deaf individual. The individual needs an interpreter
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to understand the real estate contracts. Who is required to pay for the
| | | | | | | | | | | | |
interpreter?
A:The seller |
B:The firm |
C:The buyer |
D:Housing and Urban Development | | |
The firm |
A city zoning board changes the zoning for a single parcel of property to meet a
| | | | | | | | | | | | | | | |
public need. This would be called:
| | | | |
A:a variance
|
B:downzoning
C:nonconforming use |
D:spot zoning |
spot zoning |
What document does a seller use to convey ownership of personal property to a
| | | | | | | | | | | | | |
buyer?
A:An abstract of title
| | |
B:An evidence of ownership
| | |
C:A warranty deed
| |
D:A bill of sale
| | |
A bill of sale
| | |
Compare the WB-13 Vacant Land Offer to Purchase to the WB-11 Residential
| | | | | | | | | | | |
Offer to Purchase. Which of the following statements is most correct?
| | | | | | | | | |
, A:The WB-13 financing contingency requires a well water and septic test whereas
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the WB-11 financing contingency does not.
| | | | | |
B:The WB-13 must have a legal description and the WB-11 does not.
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C:The WB-13 includes a map contingency.
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D:The WB-13 includes a provision requiring the seller to provide the buyer with a
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survey of the property and the WB-11 does not have any survey language.
| | | | | | | | | | | |
The WB-13 includes a map contingency.
| | | | |
Who signs a deed?
| | |
A:The seller and buyer
| | |
B:The buyer |
C:The seller |
D:The seller and seller's attorney
| | | |
The seller
|
The WB-11 Residential Offer to Purchase states that title evidence shall be given
| | | | | | | | | | | | |
by the seller in the form of a/an:
| | | | | | |
A:owner's policy of title insurance | | | |
B:deed
C:promissory note |
D:abstract
owner's policy of title insurance
| | | |
What type of mortgage law is recognized in Wisconsin?
| | | | | | | |
A:Title theory |
B:Abstract theory |
C:Lien theory |
Questions With Correct Answers
In the WB-1 Residential Listing Contract, who has the authority to accompany a
| | | | | | | | | | | | |
home inspector during a home inspection?
| | | | |
The buyer |
All of the following would be examples of public land use restrictions EXCEPT:
| | | | | | | | | | | |
A:bulk zoning |
B:deed conditions |
C:setbacks
D:spot zoning |
deed conditions |
When a depository institution remits the interest earned on a firm's interest-
| | | | | | | | | | |
bearing trust account to the Department they must inform the firm of all the
| | | | | | | | | | | | | |
following EXCEPT the: | |
A:Rate of interest applied to the account
| | | | | |
B:Account balance |
C:Interest earned on the account | | | |
D:Service charges on the account | | | |
Interest earned on the account | | | |
A licensee wishes to sell the licensee's personally owned property without the
| | | | | | | | | | | |
assistance of the licensee's real estate company. At what point must the licensee
| | | | | | | | | | | | |
disclose the licensee's licensed status?
| | | |
A:At the time the buyer decides to write the offer
| | | | | | | | |
,B:Prior to accepting the buyer's offer or counter-offer
| | | | | | |
C:As soon as possible whether that be a showing or first contact with a buyer or
| | | | | | | | | | | | | | | |
agent of the buyer
| | |
D:At some point prior to closing the transaction
| | | | | | |
As soon as possible whether that be a showing or first contact with a buyer or
| | | | | | | | | | | | | | | |
agent of the buyer
| | |
A licensee is going to list a property improved with a structure. Which of the
| | | | | | | | | | | | | | |
following statements best describes a licensee's inspection duties?
| | | | | | |
A:A licensee needs to complete a reasonably competent and diligent inspection
| | | | | | | | | | |
only if requested by the parties.
| | | | |
B:A licensee needs to complete a reasonably competent and diligent inspection
| | | | | | | | | | |
to detect observable, material facts.
| | | |
C:A licensee needs to complete a reasonably competent and diligent inspection
| | | | | | | | | | |
to detect observable, material adverse facts.
| | | | |
D:A licensee does not have an inspection obligation.
| | | | | | |
A licensee needs to complete a reasonably competent and diligent inspection to
| | | | | | | | | | | |
detect observable, material adverse facts.
| | | |
What state agency owns the interest earned on a firm's Interest Bearing Real
| | | | | | | | | | | | |
Estate Trust Account (IBRETA)?
| | |
A:The Department of Safety and Professional Services
| | | | | |
B:The Department of Agriculture, Trade and Consumer Protection
| | | | | | |
C:The Department of Financial Institutions
| | | |
D:The Department of Administration
| | |
The Department of Administration
| | |
,A licensee is working with a deaf individual. The individual needs an interpreter
| | | | | | | | | | | | |
to understand the real estate contracts. Who is required to pay for the
| | | | | | | | | | | | |
interpreter?
A:The seller |
B:The firm |
C:The buyer |
D:Housing and Urban Development | | |
The firm |
A city zoning board changes the zoning for a single parcel of property to meet a
| | | | | | | | | | | | | | | |
public need. This would be called:
| | | | |
A:a variance
|
B:downzoning
C:nonconforming use |
D:spot zoning |
spot zoning |
What document does a seller use to convey ownership of personal property to a
| | | | | | | | | | | | | |
buyer?
A:An abstract of title
| | |
B:An evidence of ownership
| | |
C:A warranty deed
| |
D:A bill of sale
| | |
A bill of sale
| | |
Compare the WB-13 Vacant Land Offer to Purchase to the WB-11 Residential
| | | | | | | | | | | |
Offer to Purchase. Which of the following statements is most correct?
| | | | | | | | | |
, A:The WB-13 financing contingency requires a well water and septic test whereas
| | | | | | | | | | |
the WB-11 financing contingency does not.
| | | | | |
B:The WB-13 must have a legal description and the WB-11 does not.
| | | | | | | | | | |
C:The WB-13 includes a map contingency.
| | | | |
D:The WB-13 includes a provision requiring the seller to provide the buyer with a
| | | | | | | | | | | | | |
survey of the property and the WB-11 does not have any survey language.
| | | | | | | | | | | |
The WB-13 includes a map contingency.
| | | | |
Who signs a deed?
| | |
A:The seller and buyer
| | |
B:The buyer |
C:The seller |
D:The seller and seller's attorney
| | | |
The seller
|
The WB-11 Residential Offer to Purchase states that title evidence shall be given
| | | | | | | | | | | | |
by the seller in the form of a/an:
| | | | | | |
A:owner's policy of title insurance | | | |
B:deed
C:promissory note |
D:abstract
owner's policy of title insurance
| | | |
What type of mortgage law is recognized in Wisconsin?
| | | | | | | |
A:Title theory |
B:Abstract theory |
C:Lien theory |
