Wra Exam Questions With Certified Solutions

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: {Ans: title insurance commitment...Explanation: The title company notifies the buyer of the condition of title in writing with the title insurance commitment. This document is also sometimes call a preliminary report or the title insurance binder but in Wisconsin it is most commonly referred to as the title insurance commitment.}If, after receiving an offer from a prospective buyer, the seller makes a counter-offer, the prospective buyer is: {Ans: relieved of further liability...Explanation: A counter-offer is a rejection of a previous offer. The parties of a rejected offer are no longer bound by the original offer.}Bob changed his mind about purchasing 456 Right Here Avenue. The seller has accepted the offer. The offer has not been delivered to Bob. What is the effect on the transaction if Bob's license calls the seller and says the deal is off? {Ans: Withdrawal of the offer...Explanation: A buyer may withdraw an offer any time prior to binding acceptance.}A listing firm and a seller can modify an