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Wisconsin Real Estate Exam- Licensing Exam Prep: Actual Certification Questions (Includes Latest Policies) 2025 Release!! $9.57
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Wisconsin Real Estate Exam- Licensing Exam Prep: Actual Certification Questions (Includes Latest Policies) 2025 Release!!

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Wisconsin Real Estate Exam- Licensing Exam Prep: Actual Certification Questions (Includes Latest Policies) 2025 Release!! The seller issues the buyer an amendment, which the buyer rejects. What happens to the original contract? NO CHANGE - The amendment only takes effect if both parties...

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  • December 8, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wisconsin real estate exam licensing exam prep

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  • Real Estate
  • Real Estate

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Wisconsin Real Estate Exam- Licensing
Exam Prep: Actual Certification Questions
(Includes Latest Policies) 2025 Release!!
The seller issues the buyer an amendment, which the buyer rejects. What happens to the original
contract?

NO CHANGE - The amendment only takes effect if both parties sign.



When a counteroffer is made in response to an original offer, what legal effect does it have?

Rejection of the original offer and presentation of a new offer.



How are counteroffers typically numbered in a series of negotiations?

Sequentially, reflecting the order of their presentation.



Which document is used by all parties to mutually terminate and release obligations from an
agreement?

WB-45 Cancellation Mutual Agreement Release.



Who is responsible for signing the WB-41 Notice Relating to the Offer to Purchase?

Only the party sending the notice.



Under the WB-24 Option to Purchase, which party is bound by the terms of the agreement?

Seller.



Which form is utilized to transfer personal property interest in a real estate transaction?

WB-25 Bill of Sale.



Provide an example of a bilateral agreement in real estate.


1

, Listing Contract, Offer to Purchase.



What is an example of a unilateral contract in a real estate context?

Option Agreement – only one party makes a binding promise (e.g., seller's promise).



If Mrs. Seller signs her name and her husband's name on an offer to purchase and delivers it to the
buyer, is the contract valid?

No, her husband’s signature was forged.



What remedies does a buyer have if a seller breaches a real estate contract?

Sue for specific performance, request return of earnest money, sue for damages, or pursue both
earnest money and damages.



Can a seller retain the buyer’s earnest money and sue for damages simultaneously if the buyer breaches
the contract?

No, accepting liquidated damages means forfeiting the right to sue for additional damages.



If the buyer fails to deposit earnest money as stated in the contract, what is the status of the agreement?

Voidable – the seller can choose whether to enforce or disregard the breach.



When must a broker deposit client funds into a trust account?

Within 48 hours of receipt.



Who is responsible for setting up an interest-bearing account for earnest money if the buyer benefits
from the interest?

The buyer and seller must arrange it independently.



If a property is listed, where must earnest money deposits be held?

In the listing firm's trust account.



2

, To whom is the interest from a real estate trust account remitted annually?

The Department of Administration.



If funds cannot be deposited into a trust account, what must the firm do?

Return the funds to the payer or forward them to the payee within one business day.



What should a licensee do if they receive non-monetary earnest items, such as a painting?

The licensee cannot hold such items as earnest money.



Which section of the WB-1 Residential Listing Contract requires disclosure of commission offered to
cooperating firms?

Compensation to Others.



A corner lot has been improved with new curbs and gutters funded by special assessments. Which
property is most likely charged the highest amount?

The corner lot.



If a borrower has a three-year fixed-rate period on an adjustable-rate mortgage (ARM), what determines
the initial payment?

The original interest rate at which the ARM was established.



Under the WB-11 Residential Offer to Purchase, how must title evidence be provided by the seller?

Through an owner's policy of title insurance.



Can a licensee draft an offer for a buyer without inspecting the property?

While not illegal, it is against the duty to inspect and strongly discouraged.



Who is responsible for paying special assessments levied after the date of the offer but before
acceptance, according to the WB-11 Residential Offer?

Buyer – the offer terms prevail.

3

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