Wisconsin Real Estate Tests Bundle Set

The listing broker is the seller's CORRECT ANSWER agent A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's CORRECT ANSWER customer When a firm is representing only one side of the transaction, the firm is practicing what type of agency? CORRECT ANS...

Broker Alex, who has an agreement to list Lisa's house, finds a buyer that is ready, willing and able to purchase Lisa's home. Lisa accepts the buyer's offer, but a week later decides she doesn't really want to move and withdraws her acceptance Alex : CORRECT ANSWER is entitled to collect a comm...

Answer: C The writ of execution is a court order instructing the officer of the court to carry out the decision of the court. It is used in a judgment where the sheriff is told to seize a debtor's property so that it can be sold to pay off a debt. CORRECT ANSWER All of the following would be consi...

Salespeople can use which of the following forms: CORRECT ANWER a form prepared and approved by the Department Which of the following statements is true of property held in joint tenancy? CORRECT ANWER If a joint tenant dies, the surviving tenant or tenants receive the interest of the deceased jo...

A seller signs a listing contract with a firm. Who is the agent and who is the principal? ______________ CORRECT ANSWER The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or ...

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

Which of the following is NOT typically considered client funds? CORRECT ANSWER Security 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 ANSWER The firm cannot draft an escr...

A seller signs a listing contract with a firm. Who is the agent and who is the principal? CORRECT ANSWER The sales person who is associated with the firm is the agent and the principal is the client. If you are the listing agent and a buyer asks you to write an offer on one of your firm's listin...

The foundation upon which real estate brokerage is practiced CORRECT ANSWER Agency 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 ANSWER Agency Relationship A written agreement betw...

WB-11 CORRECT ANSWER Residential Offer to purchase WB-13 CORRECT ANSWER Vacant Land Offer to purchase WB-46 CORRECT ANSWER Multiple Counter Proposal Wb-44 CORRECT ANSWER Counter offer WB-41 CORRECT ANSWER Notice relating to offer to purchase WB-40 CORRECT ANSWER Amendment to offer to ...

Salespeople can use which of the following forms: CORRECT ANSWER a form prepared and approved by the Department Which of the following are NOT considered client funds? CORRECT ANSWER Promissory Notes Zoning laws may NOT be used to regulate which of the following? CORRECT ANSWER The placement o...

usts underground storage tanks used to hold hazardouse substances are exempt from regualtion when? CORRECT ANSWER 110 galloons are exempt from regulatory management- but if known it does need to be disclosed. 1.100 gallons used fro noncommercial use are exempt- septic tanks for waterway and or exces...

A conveyance by a minor CORRECT ANSWER Must be executed by an authorized guardian Adverse possession occurs if the use of the land is CORRECT ANSWER Actual and open The only way that an agent may sign a conveyance for another is if CORRECT ANSWER The agent has written authorization from the pr...

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