WI Real Estate Final Exam Material, Exams of Nursing

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WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Salespeople can use which of the following forms: - Correct Answers a form prepared and approved by the Department Which of the following statements is true of property held in joint tenancy? - Correct Answers 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? - Correct Answers Disclosure to Customers Which of the following is NOT typically considered client funds? - Correct Answers Security deposits collected by a property owner How can a seller terminate a listing contract? - Correct Answers 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: - Correct Answers promptly disburse the money to the person(s) who paid the money WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Which type of loan does the federal government guarantee? - Correct Answers Department of Veterans Affairs (VA) loan What is the legal effect of a counter-offer? - Correct Answers 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: - Correct Answers misrepresentation The Distribution of Information section of the WB-11 Residential Offer to Purchase states that: - Correct Answers 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? - Correct Answers Recording gives constructive notice to the world of the rights and interests in a parcel of real estate. WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Jimmy and Sara, a married couple, are selling their primary residence. Both Jimmy and Sara must sign all of the following EXCEPT: - Correct Answers 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? - Correct Answers implied Most commonly, price-fixing is a violation of: - Correct Answers anti trust Which of the following transactions must include a real estate condition report? - Correct Answers 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: - Correct Answers a sales contract does not exist WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ At what point in the real estate transaction does a buyer receive equitable title? - Correct Answers When all contingencies have been removed Which of the following is NOT viewed as an encumbrance that must be disclosed to a buyer? - Correct Answers 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: - Correct Answers 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? - Correct Answers A buyer is not able to obtain financing The reason for including expired properties in a market analysis is to show the sellers that: - Correct Answers comparable properties could not support an above- market list price WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ 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: - Correct Answers 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? - Correct Answers 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: - Correct Answers listing firm's trust account Who of the following should NOT sign a seller's real estate condition report? - Correct Answers 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? - Correct Answers void WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ The duties to all parties include all of the following EXCEPT: - Correct Answers negotiation Which of the following creates an express agency? - Correct Answers property management agreement Which of the following MUST a licensee disclose to a party in a transaction? - Correct Answers There have been improvements made to the property without proper building permits A licensee is purchasing a home. When completing the offer to purchase how should they handle the agency information on line 1? - Correct Answers All of the agency information should be stricken because the licensee is acting as a principal not an agent. According to the WB-36 Buyer Agency/Tenant Representation Agreement, a commission is earned by the buyer firm only if the: - Correct Answers buyer acquires an interest in property or enters into an enforceable contract that is acceptable to buyer WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Which of the following is NOT a duty owed to a customer? - Correct Answers Disclosure of material facts The WB-11 Residential Offer to Purchase describes which of the following as the way an earnest money payment should be handled as a result of a sale involving cooperating firms? - Correct Answers The selling licensee should have all earnest money checks paid directly to the listing firm. What term describes a debt secured by an item of personal property? - Correct Answers A security interest Which of the following is a duty ONLY to a client? - Correct Answers Loyally represents interests According to the terms of the WB-1 Residential Listing Contract, how many days does the seller have to provide a new listing firm with the former listing firm's list of protected buyers? - Correct Answers 7 days WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ A selling licensee can receive a commission from the: - Correct Answers selling firm When does acceptance occur? - Correct Answers when all parties have signed an offer to purchase Title insurance commitment - Correct Answers the title company's promise to issue a title insurance policy for the property after closing deed - Correct Answers written document which transfers title (ownership) or an interest in real property to another person Abstract of Title - Correct Answers everything recorded that may effect the property such as liens or easements cooperative vs condo ownership - Correct Answers co-op you own an a share of the property, not considered real property. WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ A buyer has an inspection contingency in the offer to purchase that does not give the seller the right to cure. The home inspector finds a defect during the inspection. The buyer would like the seller to repair the defect according to the buyer's specifications. If the seller does not want to repair the defect as specified by the buyer then the buyer is no longer interested in purchasing the property. How would you accomplish this for the buyer - Correct Answers deliver an amendment to the seller specifying the repairs that must be made and if the seller doesn't agree then deliver a notice of defects along with the inspection report - Correct Answers A selling licensee can receive a commission from the - Correct Answers selling firm Which of the following is NOT an essential term of a real estate sales contract? - Correct Answers inspection contingency After entering into a sales contract a seller discovers a defect on the property, - Correct Answers the seller must comply with the terms of the sales contract WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ A licensee is working with a deaf individual. An interpreter needs to be hired to help explain the real estate contracts. Who is required to pay for the interpreter? - Correct Answers the firm To be valid, a written listing contract must contain all of the following EXCEPT: - Correct Answers the signature of the seller The binding acceptance date is placed on line 28 of the WB-11 Residential Offer to Purchase. - Correct Answers line 28 The Statute of Frauds applies to all the following real estate transactions EXCEPT - Correct Answers leases for less than one year Which of the following is specific to the WB-4 Condominium Listing Contract? - Correct Answers The seller needs to indicate whether or not the sale is subject to a right of first refusal. WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ An agent representing the seller who discloses to a buyer the lowest price the seller will accept, without the seller's consent, breaches the duty of - Correct Answers loyalty - Correct Answers A buyer's firm writing an offer as a cooperating firm is an example of - Correct Answers single agency Which of the following would a buyer's licensee NOT be required to disclose to the buyer-client - Correct Answers The sellers are getting divorced and need to sell the house quickly. Four condominium units are valued at $200,000; $215,000; $220,000; and $225,000; a total value of $860,000. The four condominiums have an annual property maintenance fee $8,500. The amount of the property maintenance fee owed by each unit is based upon the unit's value; what is the monthly maintenance fee of the most expensive unit? - Correct Answers The most expensive unit is $225,000. The total value of all the units is $860,000. $225,000 / $860,000 = .2616 or 26%. The annual maintenance fee for all the units is $8,500. WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Standards. On which line on the Residential Offer to Purchase does the Rental Weatherization acknowledgment take place - Correct Answers 144 Which of the following creates an express agency - Correct Answers Property management agreement Which of the following is NOT automatically marital property? - Correct Answers appreciation from a duplex owned by one spouse When renting commercial property to tenants, the property owner or property manager: - Correct Answers needs to be aware of any local equal opportunity ordinances that may affect commercial or industrial properties Who signs a deed? - Correct Answers the seller Firm A's supervising broker and Firm B's supervising broker were overheard at lunch discussing raising their commission rates. This is a violation of: - Correct Answers antitrust laws WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Compare the WB-13 Vacant Land Offer to Purchase to the WB-11 Residential Offer to Purchase. Which of the following statements is most correct? - Correct Answers The WB-13 includes a map contingency. A seller accepts an offer for $91,575 with a $10,000 mortgage carried by the seller for the buyer. After adjustments between the parties were made on the closing statement, the buyer ended up owing the seller $78,500 in cash on closing day. What was the amount of transfer tax paid by the seller? - Correct Answers $91,600 x .003 = $274.80. If, after receiving an offer from a prospective buyer, the seller makes a counter- offer, the prospective buyer is: - Correct Answers relieved of further liability A licensee is required to disclose: - Correct Answers material inconsistent with or materially contradictory to the seller's statements or the inspection report of a third party When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will be required to provide the seller which form? - Correct Answers Disclosure to Customers WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Which of the following does NOT create a voidable contract? - Correct Answers a counter-offer signed by power of attorney The binding acceptance date is placed on line 28 of the WB-11 Residential Offer to Purchase - Correct Answers ... 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? - Correct Answers implied Which of the following is NOT a federally protected class? - Correct Answers AGE Which of the following is a duty ONLY to a client? - Correct Answers loyally represents interests A selling licensee can receive a commission from the: - Correct Answers selling firm WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ A seller accepts an offer for $175,000. Two weeks before closing a tornado causes $50,000 in damage to the property. What must the seller do? - Correct Answers notify the buyer in writing wait for the buyer to determine their next step A borrower is obtaining a loan for $130,000. The loan is 95% of the property's value. The interest rate on the loan is 5% after the borrower pays two points. How much do the two points cost the borrower?$ - Correct Answers 130,000 principal loan amount x .02 = $2,600 cost of points Deadlines expressed as a number of days from an event, such as acceptance, are calculated by excluding the day the event occurred and by counting subsequent calendar days. When does acceptance occur? - Correct Answers when all parties have signed a copy of the offer to purchase The WB-11 Residential Offer to Purchase does NOT have any information at lines 38 and 39. This means that: - Correct Answers Binding acceptance can only occur by delivery to the Party, not the agent A buyer's firm writing an offer as a cooperating firm is an example of: - Correct Answers single agency WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ When purchasing the property, the owner disclosed that they received permission from the local municipality to build their deck onto the setback lines. This is an example of a: - Correct Answers variance A buyer may be protected under a previous firm's listing contract in all of the following ways EXCEPT: - Correct Answers the buyer saw the property at an open house All of the following are duties to all parties EXCEPT? - Correct Answers duty to negotiate What form would be used to allow a seller to negotiate with more than one buyer at the same time? - Correct Answers Multiple Counter-Proposal Salespeople can use which of the following forms: - Correct Answers a form prepared and approved by the Department WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Which of the following services may a licensee provide without an agency agreement? - Correct Answers answer a buyer's questions about the location of a property On which of the following line(s) does the buyer indicate they wish the seller to pay for a gap endorsement as part of the title insurance policy? - Correct Answers 343 Which of the following is NOT true regarding a licensee who associates with a new firm? - Correct Answers must deliver the transfer application within 10 days of transfer A property protected under the WB-36 Buyer Agency Agreement Extension of Agreement Term is protected for how long after the expiration of the contract? - Correct Answers one year Most commonly, price-fixing is a violation of: - Correct Answers anti-trust WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Which of the following is NOT viewed as an encumbrance that must be disclosed to a buyer? - Correct Answers back taxes that the seller will be paying off at closing 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? - Correct Answers void When trying to determine if an advertisement violates the Fair Housing Act, what test(s) is applied? - Correct Answers Ordinary Reader Test The WB-36 Buyer Agency Agreement provides that the buyer's firm has the exclusive right to: - Correct Answers act as a buyer's agent What does Regulation Z require a lender to disclose to a consumer? - Correct Answers the amount of interest paid over the life of the loan WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ According to the WB-11 Residential Offer to Purchase who is responsible to pay special assessments levied against a seller's property after the date of the offer but prior to acceptance? - Correct Answers buyer A firm may charge for services in all of the following ways EXCEPT: - Correct Answers agreement with other firms in the area to charge a certain rate Which of the following is NOT true regarding a licensee who associates with a new firm? - Correct Answers must deliver the transfer application within 10 days of transfer Principal Firm: - Correct Answers A firm who engages a sub-agent to provide brokerage services in a transaction. Which of the following is true of multiple representation relationships with designated agency - Correct Answers Clients that select designated agency must consent in writing WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Exclusive Right to Sell Listing Contract: - Correct Answers An agency agreement where the seller promises to pay a commission to the listing firm if the terms of the contract are fulfilled no matter who finds the buyer. Exclusive Agency Listing Contract: - Correct Answers An agency agreement where the seller promises to pay a commission to the listing firm if the terms of the contract are fulfilled, except if the seller finds the buyer. A real estate firm that charges a high commission to create an impression that the firm is sophisticated and offers excellent customer service is price fixing in violation of the Sherman Antitrust Act - Correct Answers FALSE Parties to an agency agreement: - Correct Answers May sue a breaching party for damages in the event of a breach. Two cooperating firms evenly split a 7% commission on a sale. The listing firm paid the listing licensee $2,520 as the licensee's 60% share. What was the sale price of the property? - Correct Answers $2,520 / .60 = $4,200 x 2 = $8,400 total commission paid. $8,400 / .07 = $120,000 sale price WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Disposition: - Correct Answers The right held by a property owner to lease, sell, or will the property away. Freehold Estate: - Correct Answers An estate in land characterized by an interest in something immobile and of an indefinite duration. A freehold estate in land lasts for an unlimited duration and is a real property interest - Correct Answers true A leasehold estate will terminate upon the death of either the property owner or the tenant. - Correct Answers false Easement by Necessity: - Correct Answers An easement that is acquired through the operation of law allowing a purchaser of land ingress and egress. General Lien: - Correct Answers A claim on both real and personal property owned by an individual. WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ Judgment Lien: - Correct Answers A lien binding the real estate of one who is in debt to the holder of a judgment, giving the holder a right to foreclose on the land for the satisfaction of the judgment Constructive Notice: - Correct Answers Knowledge that the law presumes a person has because of documents that have been recorded as a matter of public record. Dominant Estate/Tenement: - Correct Answers A party to an easement who received an easement right to use another's property. Appurtenant easements will typically run with the land. - Correct Answers true A property has just sold for $125,000. It is currently assessed at $95,000. If the property is reassessed at 95% of market value what is the tax bill if the tax rate is 25 mills? - Correct Answers $125,000 x .95 = $118,750 assessed value. 25/1000 = .025mills. $118,750 x .025 mills = $2,968.75. WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ What interest does a quitclaim deed convey? - Correct Answers The grantor's interest. Which of the following deeds provides the highest guarantee of title? - Correct Answers General warranty deed Deed Conditions: - Correct Answers Stipulations imposed from grantor to grantee, usually with a fee simple defeasible estate Conditional Use Permit: - Correct Answers Land uses allowed under certain conditions that a government has decided are not well suited to all locations within the zoning district. Which of the following is a breach of the sales contract? - Correct Answers Buyer fails to pay additional earnest money payment included in the offer. Which of the following is correct in a residential transaction where a selling firm wrote the offer for the buyer? - Correct Answers The selling firm should have WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ From the grantee's point of view, the best deed to receive is a: - Correct Answers warranty deed A listing contract most likely creates what type of agency - Correct Answers express Which type of loan is guaranteed by the federal government? - Correct Answers VA Which of the following services should NOT be performed for a buyer customer? - Correct Answers creating a market analysis of the property the buyer wishes to purchase If a buyer wishes to give a Notice of Defects, the buyer MUST provide: - Correct Answers a copy of the home inspector's report with the Notice of Defects Changing the zoning from residential to scenic reserve would be an example of: - Correct Answers downzoning WI Real Estate Final Exam Material question and answers 2023 GRADED A+ WI Real Estate Final Exam Material question and answers 2024 GRADED A+ A landowner is allowed to change the zoning for an individual parcel to meet the needs of the public. This would be called - Correct Answers spotzoning WI Real Estate Final Exam Material question and answers 2023 GRADED A+