WRES - Wyoming Real Estate Salesperson

Question 1: A buyer wants out of a signed contract and arranges for a third party to step in. The parties execute a new agreement that fully releases the original buyer and substitutes the newcomer. Which term BEST identifies this arrangement rather than a simple assignment?

Assignment

Rescission

Subrogation

Novation

Question 2: A seller becomes frustrated and fires his listing broker well before the term ends, telling the broker to stop all work immediately. Setting aside any liability for breach, the seller's unilateral act of ending the agency is termed which of the following?

Revocation by the principal

Renunciation by the agent

Termination by mutual agreement

Termination by operation of law

Question 3: A contract's liquidated damages clause says the seller's sole remedy if the buyer defaults is to retain the earnest money. The buyer then walks away, and actual losses far exceed the deposit. What best describes the seller's recovery under this clause?

Full actual losses plus the deposit

Nothing, since losses are unproven

Triple the earnest money amount

Limited to the retained earnest money

Question 4: A licensee must explain to a client the difference between a void contract and a voidable one. Considering how each is treated in law from the outset, which statement BEST captures the distinction between a void and a voidable contract?

Both can be enforced by either party

Void is cancelable; voidable never binds

Void has no effect; voidable is cancelable

Neither ever has any legal effect

Question 5: An owner repeatedly tells neighbors that a certain broker speaks for him on a sale, though no listing exists, and a buyer reasonably relies on those statements to her detriment. The owner is now barred from denying the agency under which doctrine?

Agency by ratification

Express agency

Agency coupled with an interest

Agency by estoppel

Question 6: A listing agent represents only the seller, yet a buyer with no representation asks the agent a direct question about the roof's condition. Although the buyer is merely a customer, the agent still owes that buyer which baseline standard of treatment?

Honesty and fair dealing

Full fiduciary loyalty

Undivided obedience

Confidential representation

Question 7: A tenant in a Sheridan duplex holds a right that lets her match any bona fide offer the landlord later accepts, but it does not let her force a sale on her own initiative. How does this right principally differ from an option?

It requires no triggering offer

It obligates her to buy

It cannot compel a sale

It transfers legal title immediately

Question 8: A seller in Cheyenne refuses to close on a signed contract, and the buyer, wanting the unique parcel rather than money, asks the court to order the seller to actually convey the property. Which remedy is the buyer seeking here?

Liquidated damages

Compensatory damages

Rescission

Specific performance

Question 9: A buyer's agent discovers that the seller of a home her client wants may accept a much lower price and that a competing offer just fell through. She must promptly share these facts with her buyer under which fiduciary duty?

Disclosure to the principal

Obedience to the principal

Confidentiality

Accounting to the principal

Question 10: A buyer under a contract for deed has been making payments and living in the Evanston home for two years, but has not yet received the deed. During this period, which statement about the titles held by the vendor and vendee is accurate?

Vendee holds legal, vendor holds equitable

Both hold legal title jointly

Vendor holds legal, vendee holds equitable

Neither holds any title yet

Question 11: After a listing ends, a broker mentions to a new prospect that the former seller had confided he was desperate and would have taken far less than asking. Which fiduciary duty, which survives the end of the agency, did the broker breach?

Obedience

Accounting

Disclosure to customers

Confidentiality

Question 12: An optionee pays two thousand dollars for a six-month option on a Riverton ranch but lets the period lapse without ever buying. Absent any contrary agreement, what generally happens to the option money that the optionee paid the property owner?

It is refunded to the optionee

The owner keeps it

It converts to a down payment

It becomes liquidated damages

Question 13: During a listing period, the seller files for bankruptcy and the property becomes subject to the bankruptcy estate, stripping the owner of control over the asset. Even though neither party quit, the agency ends. Which category of termination covers this outcome?

Revocation by the principal

Mutual agreement

Termination by operation of law

Completion of the purpose

Question 14: Two neighbors near Laramie made a fully valid oral agreement to sell a vacant lot, but neither put it in writing. The deal is real, yet a court will refuse to compel performance if one party denies it. What describes this contract?

Unenforceable

Void

Voidable

Executed

Question 15: While a listing is still active and the home unsold, the property owner unexpectedly dies. No renewal, no closing, and no cancellation had occurred beforehand. Under general agency principles, what happens to the listing agreement at the moment of the owner's death?

It transfers to the heirs

It terminates automatically by law

It continues until expiration

The broker inherits the listing

Question 16: A seventeen-year-old signs a contract to buy a mountain cabin near Jackson, and the law lets the minor disaffirm the deal while still holding the adult seller bound. This kind of contract that the protected party may cancel is called what?

Void

Unenforceable

Executed

Voidable

Question 17: Halfway through a listing period, a seller decides not to move and the broker agrees there is no point continuing, so both sit down and voluntarily agree to cancel the arrangement together. This termination of the agency is best characterized as what?

Termination by mutual agreement

Revocation by the principal

Renunciation by the agent

Termination by operation of law

Question 18: A purchase contract in Rawlins contains a clause declaring that meeting each stated deadline is essential and that failure to perform exactly on time is itself a material breach. This provision is commonly known by which of the following names?

A liquidated damages clause

A contingency clause

A time-is-of-the-essence clause

A right of first refusal

Question 19: A buyer under a signed purchase contract simply refuses to close without any contingency excusing performance, and the seller wants to be made whole. Which set of options generally reflects the remedies available to the non-breaching seller in this situation?

Retain deposit, sue, or rescind

Only refund the buyer's deposit

Only extend the closing date

Automatically waive every legal claim

Question 20: A buyer and seller near Green River both sign believing the parcel contains a producing water well, when in fact no well exists at all. Both were honestly wrong about the same essential fact. Which defect in consent does this describe?

Unilateral mistake

Mutual mistake

Fraud

Undue influence

WRES Wyoming Real Estate Salesperson - Set 4 - Part 1

Question 1: A buyer wants out of a signed contract and arranges for a third party to step in. The parties execute a new agreement that fully releases the original buyer and substitutes the newcomer. Which term BEST identifies this arrangement rather than a simple assignment?

Question 2: A seller becomes frustrated and fires his listing broker well before the term ends, telling the broker to stop all work immediately. Setting aside any liability for breach, the seller's unilateral act of ending the agency is termed which of the following?

Question 3: A contract's liquidated damages clause says the seller's sole remedy if the buyer defaults is to retain the earnest money. The buyer then walks away, and actual losses far exceed the deposit. What best describes the seller's recovery under this clause?

Question 4: A licensee must explain to a client the difference between a void contract and a voidable one. Considering how each is treated in law from the outset, which statement BEST captures the distinction between a void and a voidable contract?

Question 5: An owner repeatedly tells neighbors that a certain broker speaks for him on a sale, though no listing exists, and a buyer reasonably relies on those statements to her detriment. The owner is now barred from denying the agency under which doctrine?

Question 6: A listing agent represents only the seller, yet a buyer with no representation asks the agent a direct question about the roof's condition. Although the buyer is merely a customer, the agent still owes that buyer which baseline standard of treatment?

Question 7: A tenant in a Sheridan duplex holds a right that lets her match any bona fide offer the landlord later accepts, but it does not let her force a sale on her own initiative. How does this right principally differ from an option?

Question 8: A seller in Cheyenne refuses to close on a signed contract, and the buyer, wanting the unique parcel rather than money, asks the court to order the seller to actually convey the property. Which remedy is the buyer seeking here?

Question 9: A buyer's agent discovers that the seller of a home her client wants may accept a much lower price and that a competing offer just fell through. She must promptly share these facts with her buyer under which fiduciary duty?

Question 10: A buyer under a contract for deed has been making payments and living in the Evanston home for two years, but has not yet received the deed. During this period, which statement about the titles held by the vendor and vendee is accurate?

Question 11: After a listing ends, a broker mentions to a new prospect that the former seller had confided he was desperate and would have taken far less than asking. Which fiduciary duty, which survives the end of the agency, did the broker breach?

Question 12: An optionee pays two thousand dollars for a six-month option on a Riverton ranch but lets the period lapse without ever buying. Absent any contrary agreement, what generally happens to the option money that the optionee paid the property owner?

Question 13: During a listing period, the seller files for bankruptcy and the property becomes subject to the bankruptcy estate, stripping the owner of control over the asset. Even though neither party quit, the agency ends. Which category of termination covers this outcome?

Question 14: Two neighbors near Laramie made a fully valid oral agreement to sell a vacant lot, but neither put it in writing. The deal is real, yet a court will refuse to compel performance if one party denies it. What describes this contract?

Question 15: While a listing is still active and the home unsold, the property owner unexpectedly dies. No renewal, no closing, and no cancellation had occurred beforehand. Under general agency principles, what happens to the listing agreement at the moment of the owner's death?

Question 16: A seventeen-year-old signs a contract to buy a mountain cabin near Jackson, and the law lets the minor disaffirm the deal while still holding the adult seller bound. This kind of contract that the protected party may cancel is called what?

Question 17: Halfway through a listing period, a seller decides not to move and the broker agrees there is no point continuing, so both sit down and voluntarily agree to cancel the arrangement together. This termination of the agency is best characterized as what?

Question 18: A purchase contract in Rawlins contains a clause declaring that meeting each stated deadline is essential and that failure to perform exactly on time is itself a material breach. This provision is commonly known by which of the following names?

Question 19: A buyer under a signed purchase contract simply refuses to close without any contingency excusing performance, and the seller wants to be made whole. Which set of options generally reflects the remedies available to the non-breaching seller in this situation?

Question 20: A buyer and seller near Green River both sign believing the parcel contains a producing water well, when in fact no well exists at all. Both were honestly wrong about the same essential fact. Which defect in consent does this describe?

Need Guaranteed Results?