Wisconsin Real Estate BUNDLED Exam 2023 with 100% correct answers

Acceleration Clause - correct answerA clause within a mortgage, permitting the lender to accelerate the amount due upon default and declare the entire balance due. Adjustable Rate Mortgage - correct answerA mortgage with a fluctuating interest rate usually limited to one adjustment each year. The...

Express Agency - correct answerAgency through a formal agreement Implied agency - correct answerDon't have a formal agreement but develop an agency agreement through one or both of the parties actions unintentionally Express or implied in Wi - correct answerExpress, must be written - a ct wil...

Client - correct answerThe person who employs an agent to perform a service on their behalf. Material Adverse Fact - correct answerAn adverse fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable ...

Fee Simple Defeasible Estate - correct answerAn estate of inheritance that may be nullified upon the occurrence or non-occurrence of a particular event. Escheat - correct answerThe reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate and...

WB-11 - correct answerResidential Offer to purchase WB-13 - correct answerVacant Land Offer to purchase WB-46 - correct answerMultiple Counter Proposal Wb-44 - correct answerCounter offer WB-41 - correct answerNotice relating to offer to purchase WB-40 - correct answerAmendment to off...

0 - bedroom Dwelling - correct answerefficieny and dormintory. Not target housing according to HUD. Exempt from needing to include the Lead Base Paint disclosure. Abstract of Title - correct answerA condensed history of a property's title showing, in chronological sequence, matters such as conve...

Agency - correct answerthe 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 - correct answerAny person licensed under state law to practice real estate. Broker - correct ans...

The foundation upon which real estate brokerage is practiced - correct answerAgency 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 - correct answerAgency Relationship A written agreement be...

Salespeople can use which of the following forms: - correct answera form prepared and approved by the Department Which of the following are NOT considered client funds? - correct answerPromissory Notes Zoning laws may NOT be used to regulate which of the following? - correct answerThe placemen...

A seller signs listing contract with firm. Who is the agent who is the principal? - correct answerSeller 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? - correct answerC...

Which of the following is NOT typically considered client funds? - correct answerSecurity 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? - correct answerThe firm cannot draft an es...

Transfer Fee - correct answerRound to the nearest hundred and multiply by .003. Bundle of Rights - correct answerRights & interest of having title such as possession, control, exclusion, sell, and of enjoyment. Real Property - correct answerGoes with the property. Generally immovable. Chatt...

Antitrust laws - correct answerlaws that make it illegal to conspire to restrain trade or the free flow of goods and services in a marketplace Buyer agency agreement - correct answera written employment agreements that creates an agency relationship between a broker and a buyer. They buyer employ...

The listing broker is the seller's - correct answeragent A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's - correct answercustomer When a firm is representing only one side of the transaction, the firm is practicing what type of agency? - correct...