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Below are free Wyoming real estate practice exam questions that will closely resemble your licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.

1. Which of the following features is most likely to be the cause of an adjustment to a comparable when preparing a CMA?

  1. Busy street
  2. Color
  3. Demographics
  4. Interest rates

2. Assuming that dual agency is legal where these scenarios occur and that the licensees’ brokerages permit it, which of these situations demonstrates illegal dual agency?

  1. Jarrod represents the seller, Juan. A buyer, Alaina, approaches Jarrod about representing her in the purchase of Juan's house. Jarrod obtains Juan and Alaina's consent to dual agency.
  2. Kady's firm uses representation agreements that, when signed, provide consent to dual licensee dual agency. Kady's buyer makes an offer on one of Kady's colleague's listings.
  3. Levi’s customer, Renee, wants to make an offer on Levi’s seller client’s home. Levi presents Renee's offer to his client.
  4. Tom is holding an open house for his client. Ruby, a buyer, says she wants to make an offer. She details her situation; Tom waits until she finishes and then suggests that she offer a non-refundable earnest money deposit to strengthen her offer.

3. A seller wants to break even after the broker’s commission of 5% and loan balance of $300,000 are paid. At what price must the house sell?

  1. $150,000
  2. $300,000
  3. $315,789
  4. $450,000

4. Which offer would be the most appealing to a seller?

  1. A full-price offer waiving inspection, conventional financing with 20% down, closing in 45 days.
  2. An all-cash offer $15,000 below list price, closing in two weeks.
  3. An offer $10,000 over list price, contingent upon appraisal and inspection, conventional financing with 20% down, closing in 30 days.
  4. It depends on the seller's needs and motivations.

5. Lorena and Julio purchased a home for $205,950. Their loan amount was $164,760, and the assessed value is now $200,500. Their tax rate is 1.5%. How much will their monthly taxes be?

  1. $111.04
  2. $191.37
  3. $250.62
  4. $86.49

6. Buyer Daphne and seller Kurt signed a sales contract with a definite closing date of May 15. Daphne then learned that she needed to move the closing date to June 15. What document should she use to make this change?

  1. Addendum
  2. Amendment
  3. Annotation
  4. Appendix

7. Stan and Margo want to redevelop an old industrial site in order to create a microbrewery and event space. However, an environmental review found that hazardous chemicals were once used on site, and there is a possibility they will be released during redevelopment. Stan and Margo may not be liable for cleanup, under what federal law?

  1. CERCLA
  2. EIS
  3. SARA
  4. Wetlands Conservation Act

8. Bernie represented Oscar in the sale of Oscar’s home. They signed an exclusive right-to sell-listing agreement. If Oscar were able to find his own buyer, would he owe Bernie a commission?

  1. No, because he found his own buyer.
  2. No, because Oscar retained his exclusive right to sell.
  3. Yes, because ""exclusive right to sell"means Bernie gets paid no matter who finds the buyer.
  4. Yes, because Oscar is not a real estate licensee.
Answers: 1. A, 2. D, 3. C, 4. D, 5. C, 6. B, 7. C, 8. C

 

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