Wi Real-estate exam Correct Questions & Answers(RATED A+)

Which of the following is NOT typically considered client funds? - 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? - ANSWER The firm cannot draft an escrow agreement for the buyer and seller. Which of the following does NOT create a voidable contract? - ANSWER A counter-offer signed by an authorized power of attorney To ensure compliance with the lead-based paint (LBP) disclosure law, licensees: - ANSWER must inform the seller of the seller's obligations under the federal LBP laws When renting commercial property to tenants, the property owner or property manager: - ANSWER needs to be aware of any local equal opportunity ordinances that may affect commercial or industrial properties Chain of title refers to: - ANSWER the succession of conveyances from some starting point whereby the current owner derives title to the real estate 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? - ANSWER $2,600 When purchasing a condominium the buyer has the right to a copy of the condominium declaration bylaws within how many days prior to closing? - ANSWER 15 The duties to all parties include all of the following EXCEPT - ANSWER negotiation Discount points enable a borrower to - ANSWER reduce the initial interest rate of the loan A seller lists a house with Salesperson A. A buyer attends Salesperson A's open house and decides to write an offer after signing a buyer agency agreement with Salesperson A. Which of the following correctly identifies the relationship between the buyer, the seller, and Salesperson A? - ANSWER Salesperson A has a multiple representation relationship Which of the following would violate advertising rules for real estate licensees? - ANSWER Advertising a property that has already been sold The WB-11 Residential Offer to Purchase does NOT have any information at lines 557 and 558. This means that - ANSWER binding