WRA - final exam study questions with
correct answers
Which of the following is a duty owed ONLY to a client?
| | | | | | | | | | |
A:Objective presentation of contract proposals
| | | |
B:Loyally represents interests
| |
C:Safeguard trust funds | |
D:Disclose material adverse facts - CORRECT ANSWER✔✔-Loyally represents
| | | | | | | |
interests
The duties owed to a CLIENT include: Loyally represent the client's interest,
| | | | | | | | | | | |
provide information and advice on matters that are material to the client's
| | | | | | | | | | | |
transaction, disclose all material information, fulfill any obligation required by the
| | | | | | | | | |
agency agreement that is not in conflict with the law, and the duty to negotiate
| | | | | | | | | | | | | | | |
on behalf of the client, unless waived.
| | | | | |
A seller lists a house with Salesperson A. The buyer attends Salesperson A's open
| | | | | | | | | | | | | |
house and decides to write an offer. The buyer does not have an agency
| | | | | | | | | | | | | |
agreement with Salesperson A and she asks Salesperson A to write the offer.
| | | | | | | | | | | | |
Which of the following CORRECTLY identifies the relationship between the buyer
| | | | | | | | | | |
and Salesperson A?
| |
A:The buyer is the principal of Salesperson A
| | | | | | |
,B:The buyer is Salesperson A's customer
| | | | |
C:The buyer is Salesperson A's client
| | | | |
D:Salesperson A is the buyer's agent - CORRECT ANSWER✔✔-The buyer is
| | | | | | | | | | |
Salesperson A's customer | |
Salesperson A has a listing contract with the seller. The buyer does not sign a
| | | | | | | | | | | | | | |
buyer agency agreement with Salesperson A. Salesperson A provides brokerage
| | | | | | | | | |
services to the buyer as a customer.
| | | | | |
When trying to determine if an advertisement violates the Fair Housing Act, what
| | | | | | | | | | | | |
test(s) is applied?
| |
A:Extraordinary Reader Test | |
B:Ordinary Reader Test | |
C:Extraordinary Human Being Test | | |
D:Ordinary Day Test - CORRECT ANSWER✔✔-Ordinary Reader Test
| | | | | | |
In determining if an advertisement violates fair housing, the ordinary reader test
| | | | | | | | | | | |
is applied. Essentially, if the add appears to prefer or "dis-prefer" individuals
| | | | | | | | | | | |
because of their membership in a protected class, it might be discriminatory.
| | | | | | | | | | |
Which of the following allows a property owner to use property in a way that was
| | | | | | | | | | | | | | |
once allowed but is no longer permitted under current zoning regulations?
| | | | | | | | | | |
A:Spot zoning |
,B:Nonconforming use |
C:Conditional use |
D:Variance - CORRECT ANSWER✔✔-Nonconforming use
| | | |
A nonconforming use is a use of property was once permitted but is no longer
| | | | | | | | | | | | | | |
permitted under current zoning regulations. The use is considered
| | | | | | | |
|"grandfathered" in and the property owner can preserve nonconforming use
| | | | | | | | | |
status by continuing to use the property in the nonconforming way. An agent can
| | | | | | | | | | | | | |
list and sell a nonconforming use and the new owner typically needs to use the
| | | | | | | | | | | | | | |
property in the same way to preserve the status as a nonconforming use.
| | | | | | | | | | | |
A rural property is currently being used as cropland. However, the assessed value
| | | | | | | | | | | | |
reflects the property's worth as if it was being used for residential housing. The
| | | | | | | | | | | | | |
principle of value being applied is:
| | | | |
A:conformity
B:highest and best use | | |
C:progression
D:increasing returns - CORRECT ANSWER✔✔-highest and best use
| | | | | | |
The principle of value being used is highest and best use, which is the most
| | | | | | | | | | | | | | |
profitable use to which a property is adapted. The use must be legally permitted,
| | | | | | | | | | | | | |
financially feasible, physically possible, and maximally productive.
| | | | | |
Which of the following situations requires a written earnest money disbursement
| | | | | | | | | | |
agreement prior to disbursement of funds when the earnest money is held by the
| | | | | | | | | | | | |
listing firm?
| |
, A:A party makes a counter-offer not acceptable to the other party
| | | | | | | | | |
B:The seller has not accepted the offer and the offer has expired
| | | | | | | | | | |
C:A buyer is not able to obtain financing
| | | | | | |
D:The seller rejects the offer - CORRECT ANSWER✔✔-A buyer is not able to
| | | | | | | | | | | | |
obtain financing |
The listing firm cannot do anything with the earnest money for 60 days after the
| | | | | | | | | | | | | | |
scheduled closing date unless the parties reach a written agreement for the
| | | | | | | | | | | |
disbursement of the earnest money. The listing firm may wish to write a
| | | | | | | | | | | | |
memorandum or letter to the buyer and seller and their respective attorneys, if
| | | | | | | | | | | | |
any, pointing out lines 71-81 of the WB-11 Residential Offer to Purchase and
| | | | | | | | | | | | |
explaining that this is how the earnest money disbursement must be handled. It
| | | | | | | | | | | | |
is then up to the parties to work out their differences by negotiation or by going
| | | | | | | | | | | | | | | |
to small claims court.
| | |
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:
| | | | | | | |
A:abstract of title | |
B:chain of title | |
C:title insurance commitment
| |
D:deed - CORRECT ANSWER✔✔-title insurance commitment
| | | | |
The title company notifies the buyer of the condition of title in writing with the
| | | | | | | | | | | | | | |
title insurance commitment. This document is also sometimes called a
| | | | | | | | | |
correct answers
Which of the following is a duty owed ONLY to a client?
| | | | | | | | | | |
A:Objective presentation of contract proposals
| | | |
B:Loyally represents interests
| |
C:Safeguard trust funds | |
D:Disclose material adverse facts - CORRECT ANSWER✔✔-Loyally represents
| | | | | | | |
interests
The duties owed to a CLIENT include: Loyally represent the client's interest,
| | | | | | | | | | | |
provide information and advice on matters that are material to the client's
| | | | | | | | | | | |
transaction, disclose all material information, fulfill any obligation required by the
| | | | | | | | | |
agency agreement that is not in conflict with the law, and the duty to negotiate
| | | | | | | | | | | | | | | |
on behalf of the client, unless waived.
| | | | | |
A seller lists a house with Salesperson A. The buyer attends Salesperson A's open
| | | | | | | | | | | | | |
house and decides to write an offer. The buyer does not have an agency
| | | | | | | | | | | | | |
agreement with Salesperson A and she asks Salesperson A to write the offer.
| | | | | | | | | | | | |
Which of the following CORRECTLY identifies the relationship between the buyer
| | | | | | | | | | |
and Salesperson A?
| |
A:The buyer is the principal of Salesperson A
| | | | | | |
,B:The buyer is Salesperson A's customer
| | | | |
C:The buyer is Salesperson A's client
| | | | |
D:Salesperson A is the buyer's agent - CORRECT ANSWER✔✔-The buyer is
| | | | | | | | | | |
Salesperson A's customer | |
Salesperson A has a listing contract with the seller. The buyer does not sign a
| | | | | | | | | | | | | | |
buyer agency agreement with Salesperson A. Salesperson A provides brokerage
| | | | | | | | | |
services to the buyer as a customer.
| | | | | |
When trying to determine if an advertisement violates the Fair Housing Act, what
| | | | | | | | | | | | |
test(s) is applied?
| |
A:Extraordinary Reader Test | |
B:Ordinary Reader Test | |
C:Extraordinary Human Being Test | | |
D:Ordinary Day Test - CORRECT ANSWER✔✔-Ordinary Reader Test
| | | | | | |
In determining if an advertisement violates fair housing, the ordinary reader test
| | | | | | | | | | | |
is applied. Essentially, if the add appears to prefer or "dis-prefer" individuals
| | | | | | | | | | | |
because of their membership in a protected class, it might be discriminatory.
| | | | | | | | | | |
Which of the following allows a property owner to use property in a way that was
| | | | | | | | | | | | | | |
once allowed but is no longer permitted under current zoning regulations?
| | | | | | | | | | |
A:Spot zoning |
,B:Nonconforming use |
C:Conditional use |
D:Variance - CORRECT ANSWER✔✔-Nonconforming use
| | | |
A nonconforming use is a use of property was once permitted but is no longer
| | | | | | | | | | | | | | |
permitted under current zoning regulations. The use is considered
| | | | | | | |
|"grandfathered" in and the property owner can preserve nonconforming use
| | | | | | | | | |
status by continuing to use the property in the nonconforming way. An agent can
| | | | | | | | | | | | | |
list and sell a nonconforming use and the new owner typically needs to use the
| | | | | | | | | | | | | | |
property in the same way to preserve the status as a nonconforming use.
| | | | | | | | | | | |
A rural property is currently being used as cropland. However, the assessed value
| | | | | | | | | | | | |
reflects the property's worth as if it was being used for residential housing. The
| | | | | | | | | | | | | |
principle of value being applied is:
| | | | |
A:conformity
B:highest and best use | | |
C:progression
D:increasing returns - CORRECT ANSWER✔✔-highest and best use
| | | | | | |
The principle of value being used is highest and best use, which is the most
| | | | | | | | | | | | | | |
profitable use to which a property is adapted. The use must be legally permitted,
| | | | | | | | | | | | | |
financially feasible, physically possible, and maximally productive.
| | | | | |
Which of the following situations requires a written earnest money disbursement
| | | | | | | | | | |
agreement prior to disbursement of funds when the earnest money is held by the
| | | | | | | | | | | | |
listing firm?
| |
, A:A party makes a counter-offer not acceptable to the other party
| | | | | | | | | |
B:The seller has not accepted the offer and the offer has expired
| | | | | | | | | | |
C:A buyer is not able to obtain financing
| | | | | | |
D:The seller rejects the offer - CORRECT ANSWER✔✔-A buyer is not able to
| | | | | | | | | | | | |
obtain financing |
The listing firm cannot do anything with the earnest money for 60 days after the
| | | | | | | | | | | | | | |
scheduled closing date unless the parties reach a written agreement for the
| | | | | | | | | | | |
disbursement of the earnest money. The listing firm may wish to write a
| | | | | | | | | | | | |
memorandum or letter to the buyer and seller and their respective attorneys, if
| | | | | | | | | | | | |
any, pointing out lines 71-81 of the WB-11 Residential Offer to Purchase and
| | | | | | | | | | | | |
explaining that this is how the earnest money disbursement must be handled. It
| | | | | | | | | | | | |
is then up to the parties to work out their differences by negotiation or by going
| | | | | | | | | | | | | | | |
to small claims court.
| | |
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:
| | | | | | | |
A:abstract of title | |
B:chain of title | |
C:title insurance commitment
| |
D:deed - CORRECT ANSWER✔✔-title insurance commitment
| | | | |
The title company notifies the buyer of the condition of title in writing with the
| | | | | | | | | | | | | | |
title insurance commitment. This document is also sometimes called a
| | | | | | | | | |
