Exam (elaborations)
WRA Chapter 4 Questions & answers with Complete solutions | Latest edition
WRA Chapter 4 Questions & answers with Complete solutions | Latest edition
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WRA Chapter 4Underground Storage Tank (UST) - CORRECT ANSWER-Tanks used in the
storage of fuel or heating oil for non-commercial purposes or consumptive use.
0-Bedroom Dwelling - CORRECT ANSWER-Any residential dwelling in which the
living area is not separated from the sleeping area.
Radon - CORRECT ANSWER-An odorless radioactive gas that can enter a
home through cracks in a foundation or drains in the floor.
Target Housing - CORRECT ANSWER-Housing where construction began or for
which a building permit was issued prior to January 1, 1978.
Asbestos - CORRECT ANSWER-A mineral fiber that has been used in a variety
of ways within homes, but usually as an insulator around plumbing.
Mold - CORRECT ANSWER-A variety of fungous growths that can cause
disintegration of organic matter.
Lead-Based Paint Hazard - CORRECT ANSWER-Any condition that causes
exposure to lead from contaminated dust, soil, or paint that is deteriorated or
present on accessible, friction, or impact surfaces that would result in adverse
human health effects.
Real Estate Condition Report (RECR) - CORRECT ANSWER-A report used by a
seller to disclose to a buyer any known defects.
Misrepresentation - CORRECT ANSWER-Any statement of fact by one person to
another, either by words or actions, which is not in accordance with the actual
facts.
The selling licensee becomes aware of an adverse fact because it is disclosed
on the buyer's home inspection report. The selling licensee has no duty to
disclose this information to the buyer or seller if the report is provided to all
parties. - CORRECT ANSWER-True
,Explanation:
Licensees may rely on the results of a home inspection prepared by a third party
that discloses information that may constitute a material adverse fact and that
has been received by the parties.
A personal representative is selling a single-family home. The personal
representative has not lived in the home. The personal representative must
complete a real estate condition report. - CORRECT ANSWER-False
Explanation:
Personal representatives who have not lived on the property for sale do not need
to complete a real estate condition report.
A seller must complete a real estate condition report for the sale of a duplex that
the seller has never occupied. - CORRECT ANSWER-True
Explanation:
The seller disclosure law applies to all persons who sell or otherwise transfer
Wisconsin real estate containing one to four dwelling units. There is not an
exemption from the seller disclosure law based solely on the fact that seller does
not live in the property.
A seller must provide a potential buyer with condominium disclosure documents
within 10 days of accepting the offer and not less than 15 days before closing.
After receiving the documents, the buyer has a five-business day right to rescind
the offer. - CORRECT ANSWER-True
Explanation:
Any buyer may rescind an offer to purchase a condominium unit, without stating
any reason, without liability within five business days following receipt of all
information.
Prior to listing a property, a listing licensee must inspect the property and ask the
seller about the condition of the property. - CORRECT ANSWER-True
Explanation:
, Both licensees who are listing a property and licensees who are drafting offers on
property must inspect a property for observable material adverse facts.
All USTs must have a tightness test done every two years. - CORRECT
ANSWER-False
Explanation:
Only residential USTs that have 1,100 gallon capacity or larger are required to
have a tightness test every two years.
A third-party inspector does not find any defects during a home inspection. The
licensee reviews the inspection report and it is consistent with the licensee's
knowledge of the property. The buyer delivers the report to the seller. If a buyer
finds a defect after closing, the listing licensee should not be held liable. -
CORRECT ANSWER-True
Explanation:
A licensee should not be held liable for latent defects.
The Department of Natural Resources regulates underground storage tanks. -
CORRECT ANSWER-False
Explanation:
The Department of Agriculture, Trade and Consumer Protection regulates
underground storage tanks.
A licensee becomes aware of a lead hazard in a property. The licensee must
disclose this to both the seller and the potential buyer in writing and in a timely
fashion. - CORRECT ANSWER-True
Explanation:
Federal law requires disclosure of known lead-based paint and/or lead-based
paint hazards by persons selling or leasing houses. Disclosure must be in writing.
The buyer receives a real estate condition report before writing an offer. The
report disclosed a leak in the basement. Before closing, the buyer wants to
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