WRES - Wyoming Real Estate Salesperson

Question 21: A buyer must sell an existing Rock Springs home before completing a new purchase, so the contract permits cancellation if that sale does not close in time. Sellers often pair this with a clause letting them accept another offer meanwhile. What is this buyer protection called?

An appraisal contingency

A liquidated damages clause

A sale-of-home contingency

A right of first refusal

Question 22: An elderly, frail widow relies entirely on her caregiver, who pressures her within that trusted relationship to sell her ranch far below value. She agreed, but only because the trusted party improperly dominated her judgment. Which defect in consent does this show?

Duress

Fraud

Mutual mistake

Undue influence

Question 23: A lender's appraisal on a Cody mountain cabin comes in below the agreed purchase price, and the buyer's contract lets the buyer renegotiate or withdraw when this happens. The clause protecting the buyer against overpaying relative to appraised value is which of the following?

A financing contingency

An appraisal contingency

An inspection contingency

An option contract

Question 24: A property owner in Riverton signs over a deed only after the other party threatens him with physical harm unless he signs immediately. His signature was compelled by an unlawful threat that overcame his free will. Which defect in consent is present?

Undue influence

Fraud

Duress

Innocent mistake

Question 25: A licensee negotiates and signs terms for a seller that exceed the authority originally granted, but after learning exactly what was done, the seller reviews everything and knowingly approves the completed agreement. Which method of creating or confirming agency does this after-the-fact approval represent?

Ratification

Estoppel

Express agreement

Renunciation

Question 26: A buyer's offer on a Gillette subdivision lot lets the buyer hire a professional to examine the roof, systems, and structure, and to cancel or renegotiate if serious defects surface within a stated window. Which contingency does this scenario best describe?

A financing contingency

A sale-of-home contingency

A liquidated damages clause

An inspection contingency

Question 27: A seller in Gillette knowingly conceals a cracked foundation and states in writing that the home has no structural defects, and the buyer relies on that false statement when purchasing the property. This intentional misrepresentation that induces agreement is called what?

Fraud

Duress

Undue influence

Mutual mistake

Question 28: Two parties in Rock Springs sign a detailed, fully mutual agreement to lease a warehouse solely for running an illegal drug operation. Even with offer, acceptance, and consideration present, courts will not enforce it. Which required element does this contract lack?

Consideration

Legal purpose

Mutual assent

Reality of consent

Question 29: A single brokerage ends up representing both the buyer and the seller in the same purchase, a situation that limits full advocacy to either side. Under general agency principles, what must the firm obtain from both parties before lawfully proceeding this way?

Consent from the seller only

A higher commission rate

Approval from the local board

Informed written consent from both

Question 30: A buyer under a signed purchase contract has equitable title but not yet legal title. If the seller wrongfully refuses to close, the buyer's equitable interest supports which court remedy that compels the reluctant seller to convey the agreed property?

Liquidated damages

Forfeiture of earnest money

Specific performance

A right of first refusal

Question 31: State law provides that certain agreements have no legal effect and cannot be enforced unless they are written and signed, including virtually every contract for the sale of real estate or land. Which long-standing legal doctrine imposes this writing requirement on the parties?

The statute of frauds

The parol evidence rule

The statute of limitations

The doctrine of laches

Question 32: Two brokers from competing firms in Cody meet for coffee and agree to charge all their sellers the same commission rate going forward. Because commission rates must be set independently by each firm, this agreement between competitors amounts to which illegal practice?

Lawful rate setting

Illegal price-fixing

Permissible fee sharing

Ordinary business competition

Question 33: Two competing brokerages in the same town secretly agree to charge all sellers the identical commission rate so that neither firm undercuts the other. Under federal antitrust law, this agreement between competitors is an illegal practice known as which of the following?

Market allocation

Tie-in arrangement

Steering

Price fixing

Question 34: A property manager schedules regular exterior painting and seasonal servicing of the heating and cooling systems to protect the building's long-range value before anything actually breaks down. This category of upkeep is best identified as which type of maintenance?

Corrective maintenance

Routine maintenance

Preventive maintenance

Deferred maintenance

Question 35: A salesperson wants to make marketing phone calls to potential home sellers but is warned about a federal system that lets ordinary consumers block unsolicited telemarketing calls. Before cold-calling anyone, she must check the numbers against which of the following federal resources?

The Fair Housing complaint line

The multiple listing service

The Equal Credit Opportunity list

The National Do-Not-Call Registry

Question 36: An investor who owns an apartment building in Casper hires a property manager under a written management contract to operate the building, collect the rents, and handle ongoing maintenance on the owner's behalf. This contract creates which kind of agency relationship?

A special agency

A general agency

A universal agency

A dual agency

Question 37: A mortgage lender refuses to approve home loans for properties located within a specific older section of a city, basing the denial on the area's racial composition rather than the individual applicants' creditworthiness. This discriminatory lending practice is called which of the following?

Redlining

Steering

Blockbusting

Appraising

Question 38: For personal profit, an agent tells homeowners on a block that families of a certain race are moving in and property values will soon collapse, urging them to sell quickly and cheaply. This fear-based tactic is best identified as which practice?

Steering

Redlining

Blockbusting

Conciliation

Question 39: A prospective purchaser in Sheridan signs a contract hiring a broker to locate a suitable property and represent his interests throughout the search and negotiations. Like a listing agreement, this document is a form of employment contract known by which name?

An exclusive right-to-sell listing

A buyer representation agreement

A property management agreement

An open listing agreement

Question 40: An agent consistently shows minority buyers homes only in certain neighborhoods while directing other buyers elsewhere, limiting each group's choices based on protected characteristics rather than the buyers' stated preferences. This illegal practice of channeling people to particular areas is known as which term?

Blockbusting

Redlining

Steering

Panic peddling

WRES Wyoming Real Estate Salesperson - Set 4 - Part 2

Question 21: A buyer must sell an existing Rock Springs home before completing a new purchase, so the contract permits cancellation if that sale does not close in time. Sellers often pair this with a clause letting them accept another offer meanwhile. What is this buyer protection called?

Question 22: An elderly, frail widow relies entirely on her caregiver, who pressures her within that trusted relationship to sell her ranch far below value. She agreed, but only because the trusted party improperly dominated her judgment. Which defect in consent does this show?

Question 23: A lender's appraisal on a Cody mountain cabin comes in below the agreed purchase price, and the buyer's contract lets the buyer renegotiate or withdraw when this happens. The clause protecting the buyer against overpaying relative to appraised value is which of the following?

Question 24: A property owner in Riverton signs over a deed only after the other party threatens him with physical harm unless he signs immediately. His signature was compelled by an unlawful threat that overcame his free will. Which defect in consent is present?

Question 26: A buyer's offer on a Gillette subdivision lot lets the buyer hire a professional to examine the roof, systems, and structure, and to cancel or renegotiate if serious defects surface within a stated window. Which contingency does this scenario best describe?

Question 27: A seller in Gillette knowingly conceals a cracked foundation and states in writing that the home has no structural defects, and the buyer relies on that false statement when purchasing the property. This intentional misrepresentation that induces agreement is called what?

Question 28: Two parties in Rock Springs sign a detailed, fully mutual agreement to lease a warehouse solely for running an illegal drug operation. Even with offer, acceptance, and consideration present, courts will not enforce it. Which required element does this contract lack?

Question 29: A single brokerage ends up representing both the buyer and the seller in the same purchase, a situation that limits full advocacy to either side. Under general agency principles, what must the firm obtain from both parties before lawfully proceeding this way?

Question 30: A buyer under a signed purchase contract has equitable title but not yet legal title. If the seller wrongfully refuses to close, the buyer's equitable interest supports which court remedy that compels the reluctant seller to convey the agreed property?

Question 31: State law provides that certain agreements have no legal effect and cannot be enforced unless they are written and signed, including virtually every contract for the sale of real estate or land. Which long-standing legal doctrine imposes this writing requirement on the parties?

Question 32: Two brokers from competing firms in Cody meet for coffee and agree to charge all their sellers the same commission rate going forward. Because commission rates must be set independently by each firm, this agreement between competitors amounts to which illegal practice?

Question 33: Two competing brokerages in the same town secretly agree to charge all sellers the identical commission rate so that neither firm undercuts the other. Under federal antitrust law, this agreement between competitors is an illegal practice known as which of the following?

Question 34: A property manager schedules regular exterior painting and seasonal servicing of the heating and cooling systems to protect the building's long-range value before anything actually breaks down. This category of upkeep is best identified as which type of maintenance?

Question 35: A salesperson wants to make marketing phone calls to potential home sellers but is warned about a federal system that lets ordinary consumers block unsolicited telemarketing calls. Before cold-calling anyone, she must check the numbers against which of the following federal resources?

Question 36: An investor who owns an apartment building in Casper hires a property manager under a written management contract to operate the building, collect the rents, and handle ongoing maintenance on the owner's behalf. This contract creates which kind of agency relationship?

Question 38: For personal profit, an agent tells homeowners on a block that families of a certain race are moving in and property values will soon collapse, urging them to sell quickly and cheaply. This fear-based tactic is best identified as which practice?

Question 39: A prospective purchaser in Sheridan signs a contract hiring a broker to locate a suitable property and represent his interests throughout the search and negotiations. Like a listing agreement, this document is a form of employment contract known by which name?

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