WRA Final Exam Review Questions With
Correct Answers
Which of the following is a duty ONLY to a client? - CORRECT ANSWER✔✔-Loyalty
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represents interest.
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Which of the following Services should NOT be performed for a buyer customer?
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- CORRECT ANSWER✔✔-Creating a market analyst of the property the buyer
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wishes to purchase. | |
Which of the following would a buyer's broker NOT be required to disclose to
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their client buyer? - CORRECT ANSWER✔✔-That the sellers are getting divorced
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and need to sell the house quickly.
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Without the written consent of supervising broker, agents have the authority to
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do which of the following..... - CORRECT ANSWER✔✔-Amend the excluded
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properties.
Multiple representation without designated agency is when: - CORRECT
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ANSWER✔✔-Both seller and the buyer are clients of The Brokerage company in
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the same transaction.
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In which of the following situations would an agency disclosure NOT be required?
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|- CORRECT ANSWER✔✔-A listing agent answers a prospective buyers basic
| | | | | | | | | |
questions at an open house. | | | |
,Licensees are required to disclose: - CORRECT ANSWER✔✔-Both known and
| | | | | | | | | |
possible material adverse facts.| | |
Is selling agent has given the buyer information on the real estate market and
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suggested a purchase price for the buyer's offer. The selling agent has likely
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created what type of agency with the buyer? - CORRECT ANSWER✔✔-Implied
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agency
In a typical listing contract, the seller is the: - CORRECT ANSWER✔✔-Client
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Which of the following creates an Express agency? - CORRECT ANSWER✔✔-
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Property Management agreement. | |
All listing and sub-agents have a responsibility to seller under: - CORRECT
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ANSWER✔✔-Law of agency | |
Broker Moore heavy listing contract with Sarah. Nancy goes to Sarah's open
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house and decides she wants to make an offer on the house. Nancy who does not
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have an agency agreement with any other broker, ask Broker Moore to write the
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offer. Which of the following CORRECTLY identifies the relationship between
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Broker Moore and Nancy? - CORRECT ANSWER✔✔-Nancy is Broker Moore's
| | | | | | | | | |
customer.
All of the following are duties to all parties EXCEPT? - CORRECT ANSWER✔✔-Duty
| | | | | | | | | | | |
to negotiate
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, When presenting an offer to a For Sale by Owner (FSBO), a Buyer's Broker will be
| | | | | | | | | | | | | | | |
required to provide the seller which form? - CORRECT ANSWER✔✔-Broker
| | | | | | | | | |
Disclosure to Customers | |
Which of the following Services May broker provide without an agency
| | | | | | | | | | |
agreement? - CORRECT ANSWER✔✔-Answer a buyer's questions about the
| | | | | | | | |
location of the property. | | |
A broker is allowed to act in a multiple representation relationship when: -
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CORRECT ANSWER✔✔-Both clients in the transaction consent in writing to the
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multiple representation. |
Which of the following is the type of agency model where the brokerage
| | | | | | | | | | | | |
company only has one client in the transaction? - CORRECT ANSWER✔✔-Single
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Agency
When marketing properties, licensee's liability of providing information regarding
| | | | | | | | |
lot lines or lot sizes or even room dimensions may lead to: - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-1. Lawsuits for substantial damages. 2. Recession of the transaction.
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|3. Possible filing of disciplinary complaints with the DSPS.
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In the WB - 1 residential listing contract, who has the authority to accompany the
| | | | | | | | | | | | | |
|home inspector during a home inspection? - CORRECT ANSWER✔✔-The buyer
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Refer to the transactional story problem on the introduction page of the final
| | | | | | | | | | | | |
exam to answer the following question. Where on the WB - 1 residential listing
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contract does the broker put the name Randy Louis? - CORRECT ANSWER✔✔-
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Lines 31-32 |
Correct Answers
Which of the following is a duty ONLY to a client? - CORRECT ANSWER✔✔-Loyalty
| | | | | | | | | | | | |
represents interest.
| |
Which of the following Services should NOT be performed for a buyer customer?
| | | | | | | | | | | |
- CORRECT ANSWER✔✔-Creating a market analyst of the property the buyer
| | | | | | | | | | | |
wishes to purchase. | |
Which of the following would a buyer's broker NOT be required to disclose to
| | | | | | | | | | | | | |
their client buyer? - CORRECT ANSWER✔✔-That the sellers are getting divorced
| | | | | | | | | | |
and need to sell the house quickly.
| | | | | |
Without the written consent of supervising broker, agents have the authority to
| | | | | | | | | | | |
do which of the following..... - CORRECT ANSWER✔✔-Amend the excluded
| | | | | | | | | |
properties.
Multiple representation without designated agency is when: - CORRECT
| | | | | | | | |
ANSWER✔✔-Both seller and the buyer are clients of The Brokerage company in
| | | | | | | | | | | |
the same transaction.
| |
In which of the following situations would an agency disclosure NOT be required?
| | | | | | | | | | | |
|- CORRECT ANSWER✔✔-A listing agent answers a prospective buyers basic
| | | | | | | | | |
questions at an open house. | | | |
,Licensees are required to disclose: - CORRECT ANSWER✔✔-Both known and
| | | | | | | | | |
possible material adverse facts.| | |
Is selling agent has given the buyer information on the real estate market and
| | | | | | | | | | | | | |
suggested a purchase price for the buyer's offer. The selling agent has likely
| | | | | | | | | | | | |
created what type of agency with the buyer? - CORRECT ANSWER✔✔-Implied
| | | | | | | | | | |
agency
In a typical listing contract, the seller is the: - CORRECT ANSWER✔✔-Client
| | | | | | | | | | |
Which of the following creates an Express agency? - CORRECT ANSWER✔✔-
| | | | | | | | | |
Property Management agreement. | |
All listing and sub-agents have a responsibility to seller under: - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-Law of agency | |
Broker Moore heavy listing contract with Sarah. Nancy goes to Sarah's open
| | | | | | | | | | | |
house and decides she wants to make an offer on the house. Nancy who does not
| | | | | | | | | | | | | | |
have an agency agreement with any other broker, ask Broker Moore to write the
| | | | | | | | | | | | | | |
offer. Which of the following CORRECTLY identifies the relationship between
| | | | | | | | | |
Broker Moore and Nancy? - CORRECT ANSWER✔✔-Nancy is Broker Moore's
| | | | | | | | | |
customer.
All of the following are duties to all parties EXCEPT? - CORRECT ANSWER✔✔-Duty
| | | | | | | | | | | |
to negotiate
| |
, When presenting an offer to a For Sale by Owner (FSBO), a Buyer's Broker will be
| | | | | | | | | | | | | | | |
required to provide the seller which form? - CORRECT ANSWER✔✔-Broker
| | | | | | | | | |
Disclosure to Customers | |
Which of the following Services May broker provide without an agency
| | | | | | | | | | |
agreement? - CORRECT ANSWER✔✔-Answer a buyer's questions about the
| | | | | | | | |
location of the property. | | |
A broker is allowed to act in a multiple representation relationship when: -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-Both clients in the transaction consent in writing to the
| | | | | | | | | | |
multiple representation. |
Which of the following is the type of agency model where the brokerage
| | | | | | | | | | | | |
company only has one client in the transaction? - CORRECT ANSWER✔✔-Single
| | | | | | | | | | |
Agency
When marketing properties, licensee's liability of providing information regarding
| | | | | | | | |
lot lines or lot sizes or even room dimensions may lead to: - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-1. Lawsuits for substantial damages. 2. Recession of the transaction.
| | | | | | | | |
|3. Possible filing of disciplinary complaints with the DSPS.
| | | | | | | |
In the WB - 1 residential listing contract, who has the authority to accompany the
| | | | | | | | | | | | | |
|home inspector during a home inspection? - CORRECT ANSWER✔✔-The buyer
| | | | | | | | |
Refer to the transactional story problem on the introduction page of the final
| | | | | | | | | | | | |
exam to answer the following question. Where on the WB - 1 residential listing
| | | | | | | | | | | | | |
contract does the broker put the name Randy Louis? - CORRECT ANSWER✔✔-
| | | | | | | | | | |
Lines 31-32 |
