Wisconsin Real Estate Exam Full Pack (GRADED A)

Answer: C The writ of execution is a court order instructing the officer of the court to carry out the decision of the court. It is used in a judgment where the sheriff is told to seize a debtor's property so that it can be sold to pay off a debt. - ANSWER-All of the following would be considered ...

Which of the following is NOT typically considered client funds? - ANSWER-Security deposits collected by a property owner A buyer wants to have the interest earned on their earnest money deposit. Which of the following statements is most correct? - ANSWER-The firm cannot draft an escrow agreement...

Agency - ANSWER-the foundation upon which real estate brokerage is practiced. It describes a legal and ethical relationship between a real estate firm and a party to a transaction. Licensee - ANSWER-Any person licensed under state law to practice real estate. Broker - ANSWER-A person that, for...

A seller signs listing contract with firm. Who is the agent who is the principal? - ANSWER-Seller is the principal, firm is the agent. If you are the listing agent and a buyer asks you to write an offer but does not sign an agency agreement, how do you describe the buyer? - ANSWER-Customer Wha...

The foundation upon which real estate brokerage is practiced - ANSWER-Agency A legal and ethical relationship created between a real estate firm and a party to a transaction; the party may be a buyer, seller, landlord, or tenant - ANSWER-Agency Relationship A written agreement between a firm a...

Broker Alex, who has an agreement to list Lisa's house, finds a buyer that is ready, willing and able to purchase Lisa's home. Lisa accepts the buyer's offer, but a week later decides she doesn't really want to move and withdraws her acceptance Alex : - ANSWER-is entitled to collect a commission...

Salespeople can use which of the following forms: - ANSWER-a form prepared and approved by the Department Which of the following statements is true of property held in joint tenancy? - ANSWER-If a joint tenant dies, the surviving tenant or tenants receive the interest of the deceased joint tenant...

A conveyance by a minor - ANSWER-Must be executed by an authorized guardian Adverse possession occurs if the use of the land is - ANSWER-Actual and open The only way that an agent may sign a conveyance for another is if - ANSWER-The agent has written authorization from the principal Wiscons...

Salespeople can use which of the following forms: - ANSWER-a form prepared and approved by the Department Which of the following are NOT considered client funds? - ANSWER-Promissory Notes Zoning laws may NOT be used to regulate which of the following? - ANSWER-The placement of interior partiti...

A seller signs a listing contract with a firm. Who is the agent and who is the principal? ______________ - ANSWER-The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or a clie...