WRA LICENSING EXAM QUESTIONS WITH
CORRECT ANSWERS
A seller signs a listing contract with a firm. Who is the agent and who is the
| | | | | | | | | | | | | | | | |
principal? - CORRECT ANSWER✔✔-The seller is the principal. The firm is the
| | | | | | | | | | | |
agent.
A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer
| | | | | | | | | | | | | | | | |
agency agreement. Is the buyer a customer or a client? - CORRECT ANSWER✔✔-
| | | | | | | | | | | |
he buyer is a customer.
| | | |
What kind of agency is a firm practicing if the firm represents just one party in
| | | | | | | | | | | | | | | |
the transaction? - CORRECT ANSWER✔✔-Single agency
| | | | |
When can a firm engage in multiple representation? - CORRECT ANSWER✔✔-
| | | | | | | | | |
Written consent of both parties, agency disclosure to both parties
| | | | | | | | |
In what kind of transactions must a firm provide agency disclosure? - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-All transactions (residential, commercial, vacant land etc.) | | | | | |
By when must a firm provide agency disclosure to a client? A customer? -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-Before or at the time of entering into the agency
| | | | | | | | | | |
agreement
,By when must a buyer's agent disclose the buyer agency relationship to the seller
| | | | | | | | | | | | | |
or the listing firm? - CORRECT ANSWER✔✔-The earliest of first contact, a
| | | | | | | | | | | |
showing, or any other negotiations with the seller or the listing firm.
| | | | | | | | | | |
What are a listing firm's agency disclosure obligations when working with a
| | | | | | | | | | | |
customer who wants to write an offer on a duplex? What if the buyer wants to
| | | | | | | | | | | | | | | |
write an offer on a commercial warehouse? - CORRECT ANSWER✔✔-Provide
| | | | | | | | | |
agency disclosure to buyer for duplex and ask that buyer to sign the agency
| | | | | | | | | | | | | |
disclosure because this is a 1-4 family transaction. Provide agency disclosure to
| | | | | | | | | | | |
buyer for commercial warehouse but you do not have to ask that buyer to sign
| | | | | | | | | | | | | | |
because it is not a 1-4 family property.
| | | | | | |
When does a property manager need to have a real estate license? - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-If signing or negotiating leases on behalf of the property owner. | | | | | | | | | |
If a licensee is representing a family member who is writing an offer on a
| | | | | | | | | | | | | | |
property, what are the licensee's disclosure obligations? customer? - CORRECT
| | | | | | | | | |
ANSWER✔✔-Disclose the relationship in writing and obtain consent of both | | | | | | | | | |
parties.
What are a licensee's disclosure obligations if the licensee is going to receive a
| | | | | | | | | | | | | |
fee from referring a lawn maintenance company? What if the licensee is a listing
| | | | | | | | | | | | | |
agent who is referring a client to a buyer's agent? - CORRECT ANSWER✔✔-For
| | | | | | | | | | | | |
the lawn maintenance company, disclose the potential referral fee in writing
| | | | | | | | | | |
before or at the time of making the referral. Referral fees from license to license
| | | | | | | | | | | | | | |
do not need to be disclosed.
| | | | |
When must a licensee disclose that the licensee holds a real estate license when
| | | | | | | | | | | | | |
selling the licensee's own home? What if the licensee is selling commercial
| | | | | | | | | | | |
, property owned by the licensee? - CORRECT ANSWER✔✔-The earliest of first
| | | | | | | | | | |
contact, a showing, or any other negotiations. The disclosure shall be in writing
| | | | | | | | | | | | |
and is the same whether selling personally owned home or commercial property.
| | | | | | | | | | |
What tie-in arrangements are legal? - CORRECT ANSWER✔✔-Legal tie-ins
| | | | | | | |
Condition the sale of vacant land owned by the licensee upon the buyer's
| | | | | | | | | | | | |
agreement to use a specific builder if the builder co-owns the property with the
| | | | | | | | | | | | | |
licensee.
Condition the sale of vacant land owned by the licensee upon the buyer's
| | | | | | | | | | | | |
agreement to use a specific builder if the builder and the licensee are the same
| | | | | | | | | | | | | | |
person.
Condition the sale of vacant land owned by the license upon the buyer's
| | | | | | | | | | | | |
agreement to use a specific builder if the agreement to use the builder is a
| | | | | | | | | | | | | | |
legitimate effort to maintain developmental quality/ architectural uniformity and
| | | | | | | | |
no compensation passes from the builder to the licensee.
| | | | | | | |
Who can retain an unlicensed personal assistant? Who can retain a licensed
| | | | | | | | | | | |
personal assistant? - CORRECT ANSWER✔✔-Unlicensed personal assistant -
| | | | | | | |
anyone. Licensed personal assistant - just the firm.
| | | | | | |
Which agency duty survives the transaction? - CORRECT ANSWER✔✔-
| | | | | | | |
Confidentially
What duties does a firm owe to all parties in a transaction? - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-Duties to all parties; | | |
Provide brokerage services to all parties honestly and fairly.
| | | | | | | |
Provide brokerage services with reasonable skill and care.
| | | | | | |
CORRECT ANSWERS
A seller signs a listing contract with a firm. Who is the agent and who is the
| | | | | | | | | | | | | | | | |
principal? - CORRECT ANSWER✔✔-The seller is the principal. The firm is the
| | | | | | | | | | | |
agent.
A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer
| | | | | | | | | | | | | | | | |
agency agreement. Is the buyer a customer or a client? - CORRECT ANSWER✔✔-
| | | | | | | | | | | |
he buyer is a customer.
| | | |
What kind of agency is a firm practicing if the firm represents just one party in
| | | | | | | | | | | | | | | |
the transaction? - CORRECT ANSWER✔✔-Single agency
| | | | |
When can a firm engage in multiple representation? - CORRECT ANSWER✔✔-
| | | | | | | | | |
Written consent of both parties, agency disclosure to both parties
| | | | | | | | |
In what kind of transactions must a firm provide agency disclosure? - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-All transactions (residential, commercial, vacant land etc.) | | | | | |
By when must a firm provide agency disclosure to a client? A customer? -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-Before or at the time of entering into the agency
| | | | | | | | | | |
agreement
,By when must a buyer's agent disclose the buyer agency relationship to the seller
| | | | | | | | | | | | | |
or the listing firm? - CORRECT ANSWER✔✔-The earliest of first contact, a
| | | | | | | | | | | |
showing, or any other negotiations with the seller or the listing firm.
| | | | | | | | | | |
What are a listing firm's agency disclosure obligations when working with a
| | | | | | | | | | | |
customer who wants to write an offer on a duplex? What if the buyer wants to
| | | | | | | | | | | | | | | |
write an offer on a commercial warehouse? - CORRECT ANSWER✔✔-Provide
| | | | | | | | | |
agency disclosure to buyer for duplex and ask that buyer to sign the agency
| | | | | | | | | | | | | |
disclosure because this is a 1-4 family transaction. Provide agency disclosure to
| | | | | | | | | | | |
buyer for commercial warehouse but you do not have to ask that buyer to sign
| | | | | | | | | | | | | | |
because it is not a 1-4 family property.
| | | | | | |
When does a property manager need to have a real estate license? - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-If signing or negotiating leases on behalf of the property owner. | | | | | | | | | |
If a licensee is representing a family member who is writing an offer on a
| | | | | | | | | | | | | | |
property, what are the licensee's disclosure obligations? customer? - CORRECT
| | | | | | | | | |
ANSWER✔✔-Disclose the relationship in writing and obtain consent of both | | | | | | | | | |
parties.
What are a licensee's disclosure obligations if the licensee is going to receive a
| | | | | | | | | | | | | |
fee from referring a lawn maintenance company? What if the licensee is a listing
| | | | | | | | | | | | | |
agent who is referring a client to a buyer's agent? - CORRECT ANSWER✔✔-For
| | | | | | | | | | | | |
the lawn maintenance company, disclose the potential referral fee in writing
| | | | | | | | | | |
before or at the time of making the referral. Referral fees from license to license
| | | | | | | | | | | | | | |
do not need to be disclosed.
| | | | |
When must a licensee disclose that the licensee holds a real estate license when
| | | | | | | | | | | | | |
selling the licensee's own home? What if the licensee is selling commercial
| | | | | | | | | | | |
, property owned by the licensee? - CORRECT ANSWER✔✔-The earliest of first
| | | | | | | | | | |
contact, a showing, or any other negotiations. The disclosure shall be in writing
| | | | | | | | | | | | |
and is the same whether selling personally owned home or commercial property.
| | | | | | | | | | |
What tie-in arrangements are legal? - CORRECT ANSWER✔✔-Legal tie-ins
| | | | | | | |
Condition the sale of vacant land owned by the licensee upon the buyer's
| | | | | | | | | | | | |
agreement to use a specific builder if the builder co-owns the property with the
| | | | | | | | | | | | | |
licensee.
Condition the sale of vacant land owned by the licensee upon the buyer's
| | | | | | | | | | | | |
agreement to use a specific builder if the builder and the licensee are the same
| | | | | | | | | | | | | | |
person.
Condition the sale of vacant land owned by the license upon the buyer's
| | | | | | | | | | | | |
agreement to use a specific builder if the agreement to use the builder is a
| | | | | | | | | | | | | | |
legitimate effort to maintain developmental quality/ architectural uniformity and
| | | | | | | | |
no compensation passes from the builder to the licensee.
| | | | | | | |
Who can retain an unlicensed personal assistant? Who can retain a licensed
| | | | | | | | | | | |
personal assistant? - CORRECT ANSWER✔✔-Unlicensed personal assistant -
| | | | | | | |
anyone. Licensed personal assistant - just the firm.
| | | | | | |
Which agency duty survives the transaction? - CORRECT ANSWER✔✔-
| | | | | | | |
Confidentially
What duties does a firm owe to all parties in a transaction? - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-Duties to all parties; | | |
Provide brokerage services to all parties honestly and fairly.
| | | | | | | |
Provide brokerage services with reasonable skill and care.
| | | | | | |
