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WI Real Estate Final Exam Material
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WI Real Estate Final Exam Material
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WI Real Estate Final ExamMaterial
Salespeople can use which of the following forms: - -a form prepared and
approved by the Department
-Which of the following statements is true of property held in joint tenancy? -
-If a joint tenant dies, the surviving tenant or tenants receive the interest of
the deceased joint tenant
-When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee
will present what form to the seller? - -Disclosure to Customers
-Which of the following is NOT typically considered client funds? - -Security
deposits collected by a property owner
-How can a seller terminate a listing contract? - -In writing, delivered
according to the terms of the listing contract
-If a seller does not accept an offer that included earnest money, the listing
firm MUST: - -promptly disburse the money to the person(s) who paid the
money
-Which type of loan does the federal government guarantee? - -Department
of Veterans Affairs (VA) loan
-What is the legal effect of a counter-offer? - -Rejection of the offer and
presentation of a new offer
-When acting as a buyer's agent, a license must disclose buyer agency to all
parties or risk a claim of: - -misrepresentation
-The Distribution of Information section of the WB-11 Residential Offer to
Purchase states that: - -the listing firm may deliver a copy of the offer to the
title company
-Which statement best explains why instruments affecting real estate, such
as deeds or easements, are recorded in the register of deeds in the county
where the property is located? - -Recording gives constructive notice to the
world of the rights and interests in a parcel of real estate.
-When a depository institution remits the interest earned on a firm's
interest-bearing trust account to the Department they must inform the firm
of all the following EXCEPT the: - -
,-interest earned on account - -
-When marketing properties, a licensee's liability for providing information
regarding lot lines, lot sizes, or room dimensions may lead to all of the
following EXCEPT: - -a selling bonus
-Wallace lists his house with Kima. Preston goes to Kima's open house and
decides he wants to make an offer on the house. Preston signs a buyer
agency agreement with Kima. Kima drafts the offer to purchase for Preston.
Which of the following CORRECTLY identifies the relationship of Kima to
Preston and Wallace? - -Wallace is Kima's client, Preston is Kima's client
-In the WB-1 Residential Listing Contract, who has the authority to
accompany a home inspector during a home inspection? - -the buyer
-The WB-11 Residential Offer to Purchase does NOT have any information at
lines 38 and 39. This means that: - -binding acceptance can only occur by
delivery to the Party, not the agent
-How must a supervising broker delegate supervision to another broker? - -
In a written statement signed by both brokers
-When purchasing a condominium the buyer has the right to a copy of the
condominium declaration bylaws within how many days prior to closing? - -
15
-An offer is written and subsequently rejected. The buyer gave earnest
money with the offer. What would be the proper procedure to return the
earnest money? - -can be returned to the buyer
-A borrower is obtaining an adjustable rate loan where the initial rate is fixed
for three years. After the initial period, the loan will adjust every six months.
What is the borrower's initial principal and interest payment is based upon? -
-The interest rate at which the ARM is originated
-Jimmy and Sara, a married couple, are selling their primary residence. Both
Jimmy and Sara must sign all of the following EXCEPT: - -the listing contract
-A selling agent has given the buyer information on the real estate market
and suggested a purchase price for the buyer's offer. The selling agent has
likely created what type of agency with the buyer? - -implied
-Most commonly, price-fixing is a violation of: - -anti trust
, -Which of the following transactions must include a real estate condition
report? - -A seller selling a duplex that the seller has never lived in
-A seller counters a buyer's offer. The buyer rejects the seller's counter and
the original period for binding acceptance has not expired. The seller accepts
and delivers the original offer to the buyer. At this point: - -a sales contract
does not exist
-At what point in the real estate transaction does a buyer receive equitable
title? - -When all contingencies have been removed
-Which of the following is NOT viewed as an encumbrance that must be
disclosed to a buyer? - -Back taxes that the seller will be paying off at
closing
-If the buyer would like the buyer's firm to be paid by the seller, the buyer: -
-must authorize the payment of commission from seller to buyer's firm in the
buyer agency agreement
-Which of the following situations requires a written earnest money
disbursement agreement prior to disbursement of funds? - -A buyer is not
able to obtain financing
-The reason for including expired properties in a market analysis is to show
the sellers that: - -comparable properties could not support an above-market
list price
-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: - -title
insurance commitment
-According to the terms of the Extension of Listing section of the WB-1
Residential Listing Contract, how long is the listing contract extended for
protected buyers? - -1 year
-A buyer uses a buyer's licensee to draft an offer. The WB-11 Residential
Offer to Purchase directs the buyer's licensee to make the earnest money
check payable to the: - -listing firm's trust account
-Who of the following should NOT sign a seller's real estate condition report?
- -a listing licensee
-A licensee drafts an offer on behalf of some buyers. The husband is not
available to sign the offer so tells his wife to sign his name. The offer was
delivered back to the buyer. What is the status of the offer? - -void
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