WRA Exam Questions With Correct
Answers
0-Bedroom Dwelling - CORRECT ANSWER✔✔-Any residential dwelling in which
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the living area is not separated from the sleeping area
| | | | | | | | |
Abstract of Title - CORRECT ANSWER✔✔-A condensed history of a property's title
| | | | | | | | | | |
showing, in chronological sequence, matters such as conveyances, liens, and
| | | | | | | | | | |
encumbrances that have been recorded against the title in the office of the
| | | | | | | | | | | | |
register of deeds or other public recording place
| | | | | | |
Acceleration Clause - CORRECT ANSWER✔✔-A clause within a mortgage
| | | | | | | | |
permitting a lender to accelerate the amount due upon default and declare the
| | | | | | | | | | | | |
entire balance due
| |
Acceptance - CORRECT ANSWER✔✔-Acceptance occurs when all buyers and
| | | | | | | | |
sellers have signed an identical copy or separate but identical copies of the offer
| | | | | | | | | | | | |
Accession - CORRECT ANSWER✔✔-The right of a property owner to become
| | | | | | | | | | |
entitled to all that a property produces and to all that is added to it, either
| | | | | | | | | | | | | | | |
naturally or artificially
| |
Active Property - CORRECT ANSWER✔✔-Property currently for sale
| | | | | | |
,Actual Notice - CORRECT ANSWER✔✔-The actual knowledge a person has about
| | | | | | | | | | |
the existence of a particular fact when notice is expressly and actually given
| | | | | | | | | | | |
Ad Valorem - CORRECT ANSWER✔✔-Latin for according to valuation. Refers to a
| | | | | | | | | | | |
tax based on a property's value, not the income of the property owner
| | | | | | | | | | | |
Addenda - CORRECT ANSWER✔✔-Additional material attached to and made part
| | | | | | | | | |
of a document
| |
Adjustable Rate Loan - CORRECT ANSWER✔✔-A loan with a fluctuating interest
| | | | | | | | | | |
rate
Advance Fee - CORRECT ANSWER✔✔-A fee paid to a firm before any services are
| | | | | | | | | | | | | |
rendered
Adverse Fact - CORRECT ANSWER✔✔-Something that significantly and adversely
| | | | | | | | |
affects the value of a property, significantly reduces the structural integrity of
| | | | | | | | | | | |
improvements to real estate, presents a health risk to occupants of the property,
| | | | | | | | | | | | |
or information that indicates that a party to a transaction is not able to or does
| | | | | | | | | | | | | | | |
not intend to meet the obligations under a contract made concerning a
| | | | | | | | | | | |
transaction
Age - CORRECT ANSWER✔✔-A protected class under Wisconsin fair housing laws
| | | | | | | | | | |
that refers to any person at least 18 years of age
| | | | | | | | | |
Agency - CORRECT ANSWER✔✔-A relationship in which one person acts for or
| | | | | | | | | | | |
represents another |
,Agent - CORRECT ANSWER✔✔-A person who is authorized to act on behalf of
| | | | | | | | | | | | |
another
Amendment - CORRECT ANSWER✔✔-Used to change terms of a contract
| | | | | | | | |
Amenities - CORRECT ANSWER✔✔-Features of a property that add value or
| | | | | | | | | | |
desirability. Can be either tangible, such as a skylight, or intangible, such as an
| | | | | | | | | | | | | |
ocean view |
American with Disabilities Act (ADA) - CORRECT ANSWER✔✔-A federal law
| | | | | | | | | |
designed to eliminate discrimination against individuals with disabilities by
| | | | | | | | |
mandating equal access to jobs, public accommodations, government services,
| | | | | | | | |
public transportation, and telecommunications
| | |
Amortization - CORRECT ANSWER✔✔-The gradual paying of a debt through
| | | | | | | | | |
systematic payments of principal and interest over a predetermined period of
| | | | | | | | | | |
time
Ancestry - CORRECT ANSWER✔✔-A person's racial and ethnic background
| | | | | | | |
Annexation - CORRECT ANSWER✔✔-An addition to property by the act of joining
| | | | | | | | | | | |
one thing to another
| | |
Annual Percentage Rate (APR) - CORRECT ANSWER✔✔-The relationship of the
| | | | | | | | | |
total finance charge to the total amount to be financed as required under the
| | | | | | | | | | | | | |
federal Truth in Lending Act
| | | |
, Anticipation - CORRECT ANSWER✔✔-Future physical, economic, social, or
| | | | | | | |
political changes that may affect present value of property
| | | | | | | |
Antitrust Laws - CORRECT ANSWER✔✔-Laws that make it illegal to conspire to
| | | | | | | | | | | |
restrain trade or the free flow of goods and services in a market place
| | | | | | | | | | | | |
Appraisal - CORRECT ANSWER✔✔-An estimate or opinion of value based on
| | | | | | | | | | |
supportable evidence and approved methods | | | |
Appraiser - CORRECT ANSWER✔✔-An independent person trained to provide an
| | | | | | | | | |
unbiased estimate of value for a fee
| | | | | |
Approved Form - CORRECT ANSWER✔✔-A contractual or conveyance form that is
| | | | | | | | | |
prepared and approved by the Real Estate Examining Board (REEB)
| | | | | | | | | |
Appurtenant Easement - CORRECT ANSWER✔✔-Exists between two adjacent
| | | | | | | |
property owners where one is the dominant estate and the other is the servient
| | | | | | | | | | | | | |
estate. Attaches to the land and transfers to future owners.
| | | | | | | | |
Arbitration - CORRECT ANSWER✔✔-The non-judicial submission of a controversy
| | | | | | | | |
to third parties for determination in a manner provided by agreement or by law
| | | | | | | | | | | | |
Arsenic - CORRECT ANSWER✔✔-An element found in soil and rock that is thought
| | | | | | | | | | | |
to increase the likelihood of several types of cancers
| | | | | | | | |
Answers
0-Bedroom Dwelling - CORRECT ANSWER✔✔-Any residential dwelling in which
| | | | | | | | |
the living area is not separated from the sleeping area
| | | | | | | | |
Abstract of Title - CORRECT ANSWER✔✔-A condensed history of a property's title
| | | | | | | | | | |
showing, in chronological sequence, matters such as conveyances, liens, and
| | | | | | | | | | |
encumbrances that have been recorded against the title in the office of the
| | | | | | | | | | | | |
register of deeds or other public recording place
| | | | | | |
Acceleration Clause - CORRECT ANSWER✔✔-A clause within a mortgage
| | | | | | | | |
permitting a lender to accelerate the amount due upon default and declare the
| | | | | | | | | | | | |
entire balance due
| |
Acceptance - CORRECT ANSWER✔✔-Acceptance occurs when all buyers and
| | | | | | | | |
sellers have signed an identical copy or separate but identical copies of the offer
| | | | | | | | | | | | |
Accession - CORRECT ANSWER✔✔-The right of a property owner to become
| | | | | | | | | | |
entitled to all that a property produces and to all that is added to it, either
| | | | | | | | | | | | | | | |
naturally or artificially
| |
Active Property - CORRECT ANSWER✔✔-Property currently for sale
| | | | | | |
,Actual Notice - CORRECT ANSWER✔✔-The actual knowledge a person has about
| | | | | | | | | | |
the existence of a particular fact when notice is expressly and actually given
| | | | | | | | | | | |
Ad Valorem - CORRECT ANSWER✔✔-Latin for according to valuation. Refers to a
| | | | | | | | | | | |
tax based on a property's value, not the income of the property owner
| | | | | | | | | | | |
Addenda - CORRECT ANSWER✔✔-Additional material attached to and made part
| | | | | | | | | |
of a document
| |
Adjustable Rate Loan - CORRECT ANSWER✔✔-A loan with a fluctuating interest
| | | | | | | | | | |
rate
Advance Fee - CORRECT ANSWER✔✔-A fee paid to a firm before any services are
| | | | | | | | | | | | | |
rendered
Adverse Fact - CORRECT ANSWER✔✔-Something that significantly and adversely
| | | | | | | | |
affects the value of a property, significantly reduces the structural integrity of
| | | | | | | | | | | |
improvements to real estate, presents a health risk to occupants of the property,
| | | | | | | | | | | | |
or information that indicates that a party to a transaction is not able to or does
| | | | | | | | | | | | | | | |
not intend to meet the obligations under a contract made concerning a
| | | | | | | | | | | |
transaction
Age - CORRECT ANSWER✔✔-A protected class under Wisconsin fair housing laws
| | | | | | | | | | |
that refers to any person at least 18 years of age
| | | | | | | | | |
Agency - CORRECT ANSWER✔✔-A relationship in which one person acts for or
| | | | | | | | | | | |
represents another |
,Agent - CORRECT ANSWER✔✔-A person who is authorized to act on behalf of
| | | | | | | | | | | | |
another
Amendment - CORRECT ANSWER✔✔-Used to change terms of a contract
| | | | | | | | |
Amenities - CORRECT ANSWER✔✔-Features of a property that add value or
| | | | | | | | | | |
desirability. Can be either tangible, such as a skylight, or intangible, such as an
| | | | | | | | | | | | | |
ocean view |
American with Disabilities Act (ADA) - CORRECT ANSWER✔✔-A federal law
| | | | | | | | | |
designed to eliminate discrimination against individuals with disabilities by
| | | | | | | | |
mandating equal access to jobs, public accommodations, government services,
| | | | | | | | |
public transportation, and telecommunications
| | |
Amortization - CORRECT ANSWER✔✔-The gradual paying of a debt through
| | | | | | | | | |
systematic payments of principal and interest over a predetermined period of
| | | | | | | | | | |
time
Ancestry - CORRECT ANSWER✔✔-A person's racial and ethnic background
| | | | | | | |
Annexation - CORRECT ANSWER✔✔-An addition to property by the act of joining
| | | | | | | | | | | |
one thing to another
| | |
Annual Percentage Rate (APR) - CORRECT ANSWER✔✔-The relationship of the
| | | | | | | | | |
total finance charge to the total amount to be financed as required under the
| | | | | | | | | | | | | |
federal Truth in Lending Act
| | | |
, Anticipation - CORRECT ANSWER✔✔-Future physical, economic, social, or
| | | | | | | |
political changes that may affect present value of property
| | | | | | | |
Antitrust Laws - CORRECT ANSWER✔✔-Laws that make it illegal to conspire to
| | | | | | | | | | | |
restrain trade or the free flow of goods and services in a market place
| | | | | | | | | | | | |
Appraisal - CORRECT ANSWER✔✔-An estimate or opinion of value based on
| | | | | | | | | | |
supportable evidence and approved methods | | | |
Appraiser - CORRECT ANSWER✔✔-An independent person trained to provide an
| | | | | | | | | |
unbiased estimate of value for a fee
| | | | | |
Approved Form - CORRECT ANSWER✔✔-A contractual or conveyance form that is
| | | | | | | | | |
prepared and approved by the Real Estate Examining Board (REEB)
| | | | | | | | | |
Appurtenant Easement - CORRECT ANSWER✔✔-Exists between two adjacent
| | | | | | | |
property owners where one is the dominant estate and the other is the servient
| | | | | | | | | | | | | |
estate. Attaches to the land and transfers to future owners.
| | | | | | | | |
Arbitration - CORRECT ANSWER✔✔-The non-judicial submission of a controversy
| | | | | | | | |
to third parties for determination in a manner provided by agreement or by law
| | | | | | | | | | | | |
Arsenic - CORRECT ANSWER✔✔-An element found in soil and rock that is thought
| | | | | | | | | | | |
to increase the likelihood of several types of cancers
| | | | | | | | |
